Aave

DOLA

Stake DAO

<p class="is-style-lead">Michael Egorov, the founder of Curve, has sold an additional 7.5 million CRV via an over-the-counter (OTC) transaction and paid a $3 million debt in USDT on Aave, a decentralized lending platform on Ethereum. </p> 
<p class="is-style-default">CRV is the native token of Curve, the stablecoin decentralized exchange.</p> 
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   <p lang="en" dir="ltr">Michael Egorov sold another 7.5M <a href="https://twitter.com/search?q=%24CRV&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$CRV</a> via OTC and repaid 3M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$USDT</a> on <a href="https://twitter.com/hashtag/Aave?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Aave</a> just now.<br><br>He currently has $82.6M in debt:<br><br>51.24M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$USDT</a> on <a href="https://twitter.com/hashtag/Aave?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Aave</a>;<br>12M <a href="https://twitter.com/search?q=%24MIM&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$MIM</a> on <a href="https://twitter.com/hashtag/Abracadabra?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Abracadabra</a>;<br>9.19M <a href="https://twitter.com/search?q=%24FRAX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$FRAX</a> on <a href="https://twitter.com/hashtag/Fraxlend?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Fraxlend</a>;<br>9.4 M <a href="https://twitter.com/search?q=%24DOLA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$DOLA</a> on <a href="https://twitter.com/hashtag/Inverse?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Inverse</a>;<br>740K <a href="https://twitter.com/search?q=%24XAI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$XAI</a> on <a href="https://twitter.com/hashtag/Silo?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Silo</a>.<a href="https://t.co/GBHVXzFuUx" target="_blank" rel="noopener noreferrer nofollow">https://t.co/GBHVXzFuUx</a> <a href="https://t.co/LrNHOpPTRn" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/LrNHOpPTRn</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1686773784760684544?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 2, 2023</a> 
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<p>Egorov still owes $82.6 million, spread across different platforms: $51.24 million in USDT on Aave, $12 million in MIM on Abracadabra, 9.19 million in FRAX on Fraxlend, $9.4 million in DOLA on Inverse, and 740,000 XAI on Silo.</p> 
<p> You might also like: <a href="https://crypto.news/aave-deploys-dai-stablecoin-competitor-on-ethereum/" rel="noopener noreferrer nofollow"> Aave deploys DAI stablecoin competitor on Ethereum </a> </p> 
<h2 class="wp-block-heading" id="curve-founder-has-more-debt-to-pay">Curve founder has more debt to pay</h2> 
<p>Lookonchain data also highlighted Egorov’s recent token sales to Yearn Treasury and Stake DAO Governance, totaling 59.5 million CRV sold to 13 institutions and investors in the last two days.&nbsp;</p> 
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   <p lang="en" dir="ltr">In the past 3 hours, the <a href="https://twitter.com/hashtag/Curvefi?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Curvefi</a> founder(Michale Egorov) sold 3.75M <a href="https://twitter.com/search?q=%24CRV&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$CRV</a> to Yearn Treasury and 1.25M <a href="https://twitter.com/search?q=%24CRV&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$CRV</a> to Stake DAO Governance via OTC again.<br><br>Michale Egorov has sold 59.5M <a href="https://twitter.com/search?q=%24CRV&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$CRV</a> to 13 institutions/investors for $23.8M in the past 2 days.<a href="https://t.co/FOj4rrHTYa" target="_blank" rel="noopener noreferrer nofollow">https://t.co/FOj4rrHTYa</a> <a href="https://t.co/VsZ0qsqAll" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/VsZ0qsqAll</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1686760423868272640?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 2, 2023</a> 
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<p>Community responses to this news vary, with some speculating that Egorov’s friends are bailing him out and others commenting on the rapid decline of CRV.&nbsp;</p> 
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   <p lang="en" dir="ltr">More and more institutions and investors bought <a href="https://twitter.com/search?q=%24CRV&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$CRV</a> via OTC!<br><br>Machi Big Brother bought 3.75M <a href="https://twitter.com/search?q=%24CRV&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$CRV</a>.<br>DWF Labs bought 2.5M <a href="https://twitter.com/search?q=%24CRV&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$CRV</a>.<a href="https://t.co/MQg382LigF" target="_blank" rel="noopener noreferrer nofollow">https://t.co/MQg382LigF</a> bought 2.5M <a href="https://twitter.com/search?q=%24CRV&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$CRV</a>.<br>…<br><br>Michael Egorov has sold a total of 39.25M <a href="https://twitter.com/search?q=%24CRV&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$CRV</a> via OTC and received 15.8M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$USDT</a>.<a href="https://t.co/hQBlW5WG6J" target="_blank" rel="noopener noreferrer nofollow">https://t.co/hQBlW5WG6J</a> <a href="https://t.co/NMIQ2p05ZL" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/NMIQ2p05ZL</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1686331352483082240?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 1, 2023</a> 
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<p>Recent blockchain data shows Tron founder Justin Sun and Jeffrey Huang, among other crypto players purchasing CRV at a discount via OTC in the last few days.</p> 
<p> You might also like: <a href="https://crypto.news/justin-sun-other-crypto-investors-buy-crv-token-in-attempt-to-help-curve-finance/" rel="noopener noreferrer nofollow"> Justin Sun, other crypto investors buy CRV token in attempt to help Curve Finance </a> </p> 
<h2 class="wp-block-heading" id="recovering-from-the-exploit">Recovering from the exploit&nbsp;</h2> 
<p>Curve Finance suffered a security breach on July 30 due to a programming bug that put around $100 million worth of cryptocurrency at risk.&nbsp;</p> 
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   <p lang="en" dir="ltr">A number of stablepools (alETH/msETH/pETH) using Vyper 0.2.15 have been exploited as a result of a malfunctioning reentrancy lock. We are assessing the situation and will update the community as things develop.<br><br>Other pools are safe. <a href="https://t.co/eWy2d3cDDj" target="_blank" rel="noopener noreferrer nofollow">https://t.co/eWy2d3cDDj</a></p>— Curve Finance (@CurveFinance) <a href="https://twitter.com/CurveFinance/status/1685693202722848768?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 30, 2023</a> 
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<p>This forced CRV prices lower, and it was highly likely that Curve’s founder, Michael Egorov, who holds significant outstanding debts, would have been liquidated. He held several large positions; one of the most notable was his $70 million borrowing position on Aave and $12 million on Abracadabra.</p> 
<p> Read more: <a href="https://crypto.news/abracadabra-proposes-200-loan-interest-rate-increase-to-mitigate-curvedao-risk/" rel="noopener noreferrer nofollow"> Abracadabra proposes 200% loan interest rate increase to mitigate CurveDAO risk </a> </p>

Curve’s founder sells 7.5 million CRV, settles $3 million debt on Aave

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