Curve Founder Michael Egorov Clears Aave Loan, Reduces Total Debt To $42.7 Million

Name	Symbol	Market	Market Cap ($)	Algorithm
Curve DAO Token	CRVUSD	Crypto	1,333,568,924	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Curve DAO Token

CRVUSD

Crypto

1,333,568,924

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.020	-1.77%	1.11	1.11	1.11

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.020

-1.77%

1.11

High Price	Low Price	Open Price	Prev. Close	52 Week Range
1.22	1.08	1.12	1.13	0.180000 - 1.34

High Price

Low Price

Open Price

Prev. Close

52 Week Range

1.22

1.08

1.12

1.13

0.180000 - 1.34

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	17:11:55	1,810.90	1.11	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

17:11:55

1,810.90

1.11

USD

Price x Volume	Volume	Base Symbol	Related Pairs
15,181,897.31	13,284,208.34	CRV	CRVEUR	CRVGBP	CRVBTC

Price x Volume

Volume

Base Symbol

Related Pairs

15,181,897.31

13,284,208.34

Curve Founder Michael Egorov Clears Aave Loan, Reduces Total Debt To $42.7 Million

27/09/2023 10:30pm

NEWSBTC

Michael Egorov, founder of Curve Finance, has settled his loan on the Aave Protocol and cut his total debt to $42.7 million. Egorov’s DeFi debt profile was revealed on August 1 following a Curve Finance hack that extracted $73.5 million worth of assets across various liquidity pools. As expected, the exploit caused a significant decline in the price of CRV, with the Curve governance token losing over 24% of its value in a single day, based on data from CoinMarketCap. This fall in CRV’s market price brought much attention to Egorov’s multiple debt positions. According to a report by blockchain research firm Delphi Digital, it was revealed that the Curve Finance founder owed around $100 million across several DeFi protocols. Interestingly, these loans were collateralized by 427.5 million CRV tokens, representing 47% of the entire CRV circulating supply. Therefore, the dwindling price of CRV presented a threat of liquidation, which could have been dangerous to the entire DeFi ecosystem. Related Reading: Curve Finance Announces $1.85 Million Bounty For Stable Pool Exploiter Michael Egorov Closes Debt Profile On Aave Protocol According to a report on Wednesday by the on-chain analytics platform Lookonchain, Micheal Egorov has now cleared his debt on the Aave protocol. The report stated that the Curve Founder deposited 68 million CRV, worth $35.5 million, on DeFi lending protocol Silo before proceeding to borrow $10.77 million worth of the stablecoin crvUSD. After that, Egorov swapped the crvUSD tokens for USDT and finalized the repayment of his debt on the Aave Protocol. Related Reading: Curve Finance Exploiter Returns 61,000 ETH After Protocol’s Stern Warning Egorov’s Current Debt Profile Based on more data from Lookonchain, Michael Egorov’s total debt now stands at $42.7 million spread across 4 lending protocols: Fraxlend, Silo, Inverse Finance, and Cream Finance. In detail, the Curve Finance founder has his largest debt on Silo, where he owes 17.14 million crvUSD backed by 105.8 million CRV, worth $55.3 million. On Fraxlend, Egorov owes 13.08 million FRAX, collateralized by 68.7 million CRV, valued at $35.94 million. While on Inverse Finance, Michael Egorov has an outstanding debt of 10 million DOLA, backed by 66.18 million CRV, worth $34.5 million. The Curve Finance founder’s lowest debt can be found on Cream Finance, which comprises 2.02 million USDT and 506,000 USDC, secured by 13 million CRV, valued at $6.8 million. Altogether, Egorov’s $42.7 million debt is backed by 253.67 million CRV, worth $132.53 million, representing 28.87% of the total CRV circulating supply. CRV trades at $0.516 when writing, with a 2.99% gain on the last day. Meanwhile, the token’s daily trading volume is down by 0.73%, valued at $33.85 million. CRV ranks as the 70th largest cryptocurrency with a market cap value of $452.87 million. CRV trading at $0.5161 on the hourly chart | Source: CRVUSDT chart on Tradingview.com Featured image from Entrepreneur, chart from Tradingview

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