Curve DAO Token

<ul><li>Curve DAO Token’s tanking price is threatening to liquidate loans taken by Curve Finance’s founder.</li><li>Founder Michael Egorov has used over 427 million CRV tokens to take $100 million worth of loans.</li><li>Tron founder Justin Sun and market makers on Binance have stepped in to prevent the liquidation.</li></ul>The tanking price of the Curve DAO Token (<a href="https://coinmarketcap.com/currencies/curve-dao-token/" rel="noopener noreferrer nofollow">CRV</a>) following the recent Curve Finance <a href="https://cryptotale.org/curve-finance-exploit-may-involve-state-sponsored-hackers-defi-expert/" rel="noopener noreferrer nofollow">exploits</a> is threatening to liquidate approximately $100 million in loans taken by the DeFi protocol’s founder Michael Egorov. The liquidation of the loans poses a threat to the broader DeFi space.Michael Egorov’s loans are backed by more than 427 million CRV, which represents 47% of the token’s circulating supply. Therefore, liquidation of the loans would be catastrophic for CRV holders, as well as other stakeholders in the DeFi market. CRV has already lost more than 13% of its value since the initial exploit that occurred over the weekend.Crypto research firm Delphi Digital took to Twitter earlier today to highlight Michael Egorov’s debt:<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/7aa439bafebd492392a72e27774ed97a.png" />Michael Egorov has posted a collateral of 305 million CRV on Aava to draw a loan of 63.2 million USDT at an annual percentage yield (APY) of 4%. The debt has a liquidation threshold of 55%, meaning that the loan will be liquidated if CRV’s price sinks to $0.37. With CRV currently trading at $0.60, only a 37% drop would be required to trigger liquidation.Read full article at<a href="https://cryptotale.org/curve-finance-founders-crv-backed-loans-threatens-the-defi-space/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

Curve Finance Founder’s CRV Backed Loans Threatens The DeFi Space

CryptoTale

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