Aave

Michael Egorov, the founder of Curve (CRV), is facing significant challenges due to a liquidity crisis caused by the “Reentrancy Hack” that <a href="https://news.todayq.com/curve-pool-exploits-what-actually-happened/" rel="noopener noreferrer nofollow">affected</a> the Curve Protocol. To protect his position and repay his debts, Egorov has been engaging in OTC deals, selling CRV tokens at a discounted price to various institutions. Since the hack, he has sold a total of 106 million CRV for $42.41 million. However, he still has $65.34 million in debt remaining. 
To replenish Curve’s liquidity pools after the hack, Egorov had taken loans from different crypto-lending platforms, using CRV as collateral. As of now, he still holds 346.93 million CRV ($220.4 million) on five platforms, which could be liquidated if token prices continue to drop. 
In his most recent OTC deal, Egorov sold 34 million CRV for approximately $19 million. The proceeds from this sale were used to repay 7.52 MIM on Abracadabra and 6.1 USDT on Aave (AAVE), contributing to settling a portion of his debts. 
Michael Egorov sold another 34M 
In a previous report by Todayq News, it was <a href="https://news.todayq.com/crv-linked-futures-experience-explosive-growth-as-the-curve-token-recovers-from-recent-attack/" rel="noopener noreferrer nofollow">observed</a> that Egorov had made a significant transfer to stabilize his DeFi position. He repaid a 5.13 million FRAX loan and reclaimed 12.5 million CRV as collateral. Additionally, he moved 12.5 million CRV from Fraxlend to a new wallet. Speculation arose about potential off-platform deals as he received Tether from anonymous wallets. Moreover, Tron founder Justin Sun withdrew $2 million in USDT from Aave and sent approximately 5 million CRV back to Egorov, raising questions about another off-platform arrangement. 
On August 4, 2023, Curve, along with two other DeFi platforms, Metronome, and Alchemix, announced a collaboration to retrieve $70 million stolen in a recent exploit. They are also offering a 10% bounty to the attacker if they voluntarily return 90% of the stolen funds by August 6. If not, the bounty increases for those who identify the perpetrator. 
Despite these efforts, Egorov still has a significant amount of debt to settle. His ongoing selling of CRV tokens and the overall market conditions are closely monitored as they impact investor confidence and the stability of the Curve Protocol. 
© Todayq News

Curve founder sells $19 million in CRV to settle debts amid crisis

Todayq News

Alte articole publicate pe 5 aug. 2023

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