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 <p class="is-style-lead">Michael Egorov, the co-<a rel="dofollow" title="founder" href="https://thebittimes.com/tag/founder.html">founder</a> of Curve Finance, has completely settled his debt on Aave after depositing 68 million CRV, equivalent to approximately $35 million, to Silo.</p> 
 <p>Egorov withdrew 10.7 million of crvUSD, Curve’s decentralized stablecoin, from the non-custodial lending protocol following his CRV deposit, according to on-chain analytics provider, Lookonchain. After that, he swapped them for USDT before repaying his debt on Aave, a decentralized lending and borrowing protocol on Ethereum.&nbsp;</p> 
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 <p>Still, the Curve <a rel="dofollow" title="founder" href="https://thebittimes.com/tag/founder.html">founder</a> still owed approximately $42 million to four defi <a rel="dofollow" title="lenders" href="https://thebittimes.com/tag/lenders.html">lenders</a>, including Silo, Fraxlend, Inverse, and Cream Finance, collateralized by 253.7 million CRV valued at $132 million.</p> 
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    <p lang="en" dir="ltr">Michael Egorov deposited 68M $CRV ($35.5M) to #Silo and borrowed 10.77M $crvUSD in the past 2 days.<br><br>Then swapped $crvUSD for $USDT and repaid the all debt on #Aave.<br><br>He currently has 253.67M $CRV($132.52M) in collateral and $42.7M in debt on 4 platforms.https://t.co/stkFvDrlnv pic.twitter.com/oBQ4yiT9Xs</p>— Lookonchain (@lookonchain) September 27, 2023
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 <p>Egorov’s Aave repayment comes nearly two months after CRV prices posted steep drops, threatening to liquidate his $80 million on-chain loan positions. </p> 
 <p>The price crash came after Curve Finance suffered a re-entrancy attack in late July 2023. Hackers exploited a bug in a version of Vyper’s code which is used by Curve for the protocols’ stable swap exchange, stealing tens of millions worth of coins.</p> 
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 <p>Maximal extractable value (MEV) bot operators raked in hundreds of Ether (ETH) during the ensuing on-chain tussle for block space and prioritized transactions.</p> 
 <p>Shortly after the attack, Egorov struck multiple over-the-counter (OTC) agreements with a pool of investors, including market maker Wintermute and Tron co-<a rel="dofollow" title="founder" href="https://thebittimes.com/tag/founder.html">founder</a>, Justin Sun, as he scrambled to raise funds.</p> 
 <p>The co-<a rel="dofollow" title="founder" href="https://thebittimes.com/tag/founder.html">founder</a> eventually secured $46 million and transferred 106 million CRV to select buyers, effectively quelling what would later be known as the Curve Wars.</p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/curve-founder-repays-aave-loan-still-owes-42m-to-defi-lenders-tbt64215.html">https://thebittimes.com/curve-founder-repays-aave-loan-still-owes-42m-to-defi-lenders-tbt64215.html</a></p>

Curve founder repays Aave loan, still owes $42m to defi lenders

TheBitTimes

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