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Curve Founder's Lending Position Enters Danger Zone As CRV Price Drops

14/04/2024 11:54

According to PANews, the lending position of Michael Egorov, the founder of Curve, has entered a dangerous zone due to the recent market downturn and the subsequent drop in the price of CRV to $0.42. Egorov has collateralized a total of 371 million CRV, equivalent to $1.56 million, across six lending platforms through five addresses, borrowing $92.54 million in stablecoins. The drop in CRV price has put Egorov's lending position on various platforms at risk. The health rate of multiple lending positions has dropped to around 1.1, meaning that if the CRV price continues to drop by 10% without any additional collateral or repayment, liquidation will begin. In August last year, to avoid liquidation due to a drop in CRV price, Egorov sold 159.4 million CRV to 33 investors/institutions via over-the-counter (OTC) trades. He received 63.76 million stablecoins to repay the loan, with the selling price at $0.4 per CRV.

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