Dollars

Millions

Michael Egorov, founder of Curve Finance, faces significant liquidation risk as the price of the Curve DAO (CRV) token has fallen by over 25% in the last 24 hours.
<h2 id="curve-finance-founder-faces-liquidation-amid-sharp-drop-in-crv-token-price">Curve Finance Founder Faces Liquidation Amid Sharp Drop in CRV Token Price</h2>
Egorov currently holds a significant amount of on-chain credit, with 111.87 million CRV tokens worth $33.87 million used as collateral against $20.6 million in debt across four platforms.
Blockchain intelligence firm Arkham had previously estimated that Egorov's CRV positions, worth approximately $140 million, were approaching liquidation.
The firm emphasized that Egorov spent $60 million annually to maintain his positions in LlamaLend and that a 10% decrease in the value of CRV would trigger the liquidation of these positions.
Related News: <a href="https://en.bitcoinsistemi.com/groundbreaking-xrp-announcement-by-ripple-ceo-and-official-x-account/" target="_blank" rel="noopener noreferrer nofollow">Groundbreaking XRP Announcement by Ripple CEO and Official X Account</a>
Earlier today, Egorov began facing liquidation on Inverse but quickly took measures to mitigate the risk.
The status of their positions on Inverse had a ratio of 1.07, and liquidation was usually triggered when this ratio reached one.
On-chain data shows that Egorov has begun paying back the stablecoin DOLA he borrowed to reduce his exposure to risk.
Egorov's ongoing efforts to manage his debt and mitigate liquidation risks underscore the volatility and challenges inherent in the decentralized finance (DeFi) sector.
The recent sharp decline in CRV's price serves as a stark reminder of the risks involved in leveraging crypto assets for secured loans.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/michael-egorov-founder-of-decentralized-finance-protocol-is-about-to-lose-millions-of-dollars-in-futures-trading-here-are-the-details/" rel="noopener noreferrer nofollow">Michael Egorov, Founder of Decentralized Finance Protocol, Is About to Lose Millions of Dollars in Futures Trading! Here are the Details</a>

Michael Egorov, Founder of Decentralized Finance Protocol, Is About to Lose Millions of Dollars in Futures Trading! Here are the Details

Table of Contents

Bitcoin Sistemi EN

Other articles published on Jun 13, 2024

Crypto Marketing: Comprehensive Guide to the Crypto Marketing Ecosystem

Lido (LDO) Poised For Explosive Surge To $17, Expert Forecasts ‘Massive Breakout’

Terraform Labs Settlement Worth $4.47 Billion With The SEC Cannot Be Completed

Biden Campaign Reportedly Working On Crypto Donations: 'They Think We're Going To Donate?,' Barks...

Human vs. AI-Generated Music Explained

Bitcoin price tracks $68K as ‘chicken’ crypto market shrugs off US PPI

Join our free newsletter for daily crypto updates!