DeFi

Arkham

Reversal

In an unprecedented turn of events, the Curve <a href="https://coingape.com/blog/what-is-a-decentralized-autonomous-organization/" rel="noopener noreferrer nofollow">DAO</a> (CRV) price recently crashed almost 30%, setting off bearish waves across the crypto industry. The token plummeted from a soaring $0.35 price level to a slumping low of $0.27 as massive liquidations triggered a domino of bearish events. Notably, Curve Finance’s founder, Michael Egorov, is being liquidated millions worth of CRV tokens on numerous DeFi platforms amid this crash, per data from numerous on-chain platforms. This follows Arkham’s revelation of a looming $140 million CRV liquidation.<h2 id="crv-liquidation-bearish-movement">CRV Liquidation &amp; Bearish Movement</h2>In Arkham’s post on X dated June 12, it was pointed out that $140 million in CRV liquidations were looming over the crypto horizon. Aligning with this, Curve founder Michael Egorov has borrowed $95.7M in stablecoins, mostly crvUSD, against his $141M CRV across five accounts on five protocols. The founder appears to be paying $60 million annually just to keep his positions open on Llamalend, Arkham revealed.Meanwhile, data by PeckshieldAlert illustrated that a Michael Egorov labeled address has already been liquidated 20.2 million CRV on UwU Lend, another <a href="https://coingape.com/glossary/defi-decentralized-finance/" rel="noopener noreferrer nofollow">DeFi</a> protocol, via the liquidator ‘sifuvision.eth.’ Amid the CRV price crashing almost 30% today, a whale address 0xF078…0f19E was also recorded as being liquidated 29.6 million CRV. Further, Lookonchain’s insights spotlighted a trader’s 10.58 million CRV liquidation on Fraxlend, surfacing amid this price crash.In the interim, Lookonchain’s data showcased that Egorov held 111.87M CRV in collateral and $20.6 million in debt on four defi platforms, including UwU Lend, Fraxlend, Curve LlamaLend, and Inverse.<img class="aligncenter wp-image-202137" src="https://coingape.com/wp-content/uploads/2024/06/Lookonchain-data-on-Curve-Finance-founder.png" alt="Lookonchain data on Curve Finance founder" width="499" height="290">Also Read: <a href="https://coingape.com/binance-conducts-first-in-person-law-enforcement-training/" rel="noopener noreferrer nofollow">Binance Conducts First In-Person Law Enforcement Training</a><h2 id="crv-price-action">CRV Price Action</h2>At the time of writing, the CRV token witnessed a massive plunge of 20.39%, reaching $0.2778. The token’s 24-hour lows and highs are $0.2236 and $0.3742, respectively.Notably, amid the abovementioned panic-creating saga, CryptoQuant CEO Ki Young Ju has further taken to X, highlighting a significant increase in CRV balance on exchanges. The exchange balance hit an ATH, spiking 57% in the later hours of June 13. This adds to the token’s downside pressure in the market as exchange supply grows.<img class="aligncenter wp-image-202140" src="https://coingape.com/wp-content/uploads/2024/06/CRV-Exchange-Balance.png" alt="CRV Exchange Balance" width="506" height="285">However, despite the abovementioned factors, Coinglass data showcased a 108.32% increase in the token’s Futures OI to $105.65 million, followed by a derivatives volume upswing of 472.96% to $1.33 billion, underscoring investors interest in the asset.Also Read: <a href="https://coingape.com/spot-bitcoin-etfs-saw-100m-inflow-reversal-but-risks-still-looms/" rel="noopener noreferrer nofollow">Spot Bitcoin ETFs Saw $100M Inflow Reversal But Risks Still Looms</a>The post <a href="https://coingape.com/crv-price-crashes-30-as-curve-founder-faces-massive-liquidation/" rel="noopener noreferrer nofollow">CRV Price Crashes 30% As Curve Founder Faces Massive Liquidation</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

CRV Price Crashes 30% As Curve Founder Faces Massive Liquidation

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