Aave

DOLA

Stake DAO

<div class="cryptonews"> 
 <p class="is-style-lead">Michael Egorov, the <a rel="noopener noreferrer nofollow" title="founder" href="https://thebittimes.com/tag/founder.html">founder</a> of Curve, has sold an additional 7.5 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> CRV via an over-the-counter (OTC) transaction and paid a $3 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> 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 $CRV via OTC and repaid 3M $USDT on #Aave just now.<br><br>He currently has $82.6M in debt:<br><br>51.24M $USDT on #Aave;<br>12M $MIM on #Abracadabra;<br>9.19M $FRAX on #Fraxlend;<br>9.4 M $DOLA on #Inverse;<br>740K $XAI on #Silo.https://t.co/GBHVXzFuUx pic.twitter.com/LrNHOpPTRn</p>— Lookonchain (@lookonchain) August 2, 2023 
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 <p>Egorov still owes $82.6 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>, spread across different platforms: $51.24 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> in USDT on Aave, $12 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> in MIM on Abracadabra, 9.19 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> in FRAX on Fraxlend, $9.4 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> in DOLA on Inverse, and 740,000 XAI on Silo.</p> 
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 <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 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> 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 #Curvefi founder(Michale Egorov) sold 3.75M $CRV to Yearn Treasury and 1.25M $CRV to Stake DAO Governance via OTC again.<br><br>Michale Egorov has sold 59.5M $CRV to 13 institutions/investors for $23.8M in the past 2 days.https://t.co/FOj4rrHTYa pic.twitter.com/VsZ0qsqAll</p>— Lookonchain (@lookonchain) August 2, 2023 
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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 $CRV via OTC!<br><br>Machi Big Brother bought 3.75M $CRV.<br>DWF Labs bought 2.5M $CRV.https://t.co/MQg382LigF bought 2.5M $CRV.<br>…<br><br>Michael Egorov has sold a total of 39.25M $CRV via OTC and received 15.8M $USDT.https://t.co/hQBlW5WG6J pic.twitter.com/NMIQ2p05ZL</p>— Lookonchain (@lookonchain) August 1, 2023 
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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> 
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Justin Sun, other crypto investors buy CRV token in attempt to help Curve Finance 
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 <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 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> 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. https://t.co/eWy2d3cDDj</p>— Curve Finance (@CurveFinance) July 30, 2023 
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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> 
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Curve’s founder sells 7.5 million CRV, settles $3 million debt on Aave

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