- The price of the CRV token fell more than 25% in the past 24 hours.
- Curve Finance founder Michael Egorov’s positions were liquidated.
- Three accounts belonging to Egorov account for 90% of the borrowed crvUSD.
Curve Finance’s CRV token has plunged in value after a series of liquidations tied to founder Michael Egorov’s substantial borrowing against the token.
Pointed out by WuBlockchain in an X post, Curve Finance founder Michael Egorov “borrowed $95.7 million in stablecoins (mainly crvUSD) through five accounts in five protocols, collateralized by $141 million worth of CRV.”
Blockchain intelligence platform Arkham stated that $50 million worth of crvUSD borrowed by Egorov is outstanding on LlamaLend, a DeFi lending protocol, and the transaction cost the crypto entrepreneur over 120% APY.
Arkham also stated that Egonov’s position began liquidating when CRV fell more than 10%, as “there is almost no remaining crvUSD available for borrowing against CRV on Llamalend,” adding:
“Three of Egorov’s accounts already make up over 90% of the borrowed crvUSD on the protocol.”
The price of CRV fell almost 25% in the past 24 hours, which…
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