DOLA

UwU Lend

DeFi

Arkham

Notable

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/michael-egorov-faces-increased-liquidation-risk/" data-wpel-link="internal">Michael Egorov Faces Increased Liquidation Risk</a><br></p>
<p class="p1" style="text-align: justify"><strong>Curve Finance</strong> founder Michael Egorov faced increased liquidation risk early on June 13 after part of his positions were liquidated. According to Tradingview data, the <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">price</a> of Curve DAO token, associated with the <a href="https://en.coin-turk.com/former-ftx-executive-constance-wang-joins-sino-global-as-the-company-prepares-to-reopen/" data-wpel-link="internal">decentralized exchange</a>, dropped by 25% in the last 24 hours, trading at $0.262 at the time of writing.</p> 
<h2 class="p1" style="text-align: justify" id="notable-development-for-curve">Notable Development for Curve</h2> 
<p class="p1" style="text-align: justify">According to the blockchain <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data analysis</a> platform <strong>Lookonchain</strong>, Egorov currently has collateral of 111.87 million CRV tokens worth $33.87 million and a debt of $20.6 million across four platforms. Egorov used CRV tokens as collateral to borrow various stablecoins from DeFi platforms Inverse, UwU Lend, Fraxlend, and Curve’s LlamaLend. Early today, Egorov started to be liquidated on Inverse but later took measures to mitigate other risks.</p> 
<p class="p1" style="text-align: justify">Egorov’s underwater position currently has a health ratio of 1.07, where liquidation is typically triggered when the number reaches one. On-chain data shows that Egorov has started repaying the borrowed stablecoin <strong>DOLA</strong>. The loan taken from UwU Lend remains underwater.</p> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-curve-front">What’s Happening on the Curve Front?</h2> 
<p class="p1" style="text-align: justify">Blockchain data analysis firm <strong>Arkham</strong> predicted early on June 12 that Egorov’s $140 million CRV positions were approaching liquidation and added that the Curve founder would pay $60 million annually to maintain his positions on LlamaLend.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-361957 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/crv.webp" alt="" width="1373" height="684"></p> 
<p class="p1" style="text-align: justify">The blockchain data analysis firm estimated that a roughly 10% drop in CRV’s value would trigger the liquidation of Egorov’s positions. In August 2023, Egorov sold 106 million CRV for $46 million in deals to mitigate potential liquidation risks associated with his outstanding debt on various DeFi platforms, including Aave.</p> 
<p class="p1" style="text-align: justify">This process clearly shows that many blockchain platforms could be in the same situation. Recently, the crisis within Curve deepened, especially after a hack attack, which could lead to many developments for the platform soon.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/michael-egorov-faces-increased-liquidation-risk/" data-wpel-link="internal">Michael Egorov Faces Increased Liquidation Risk</a></h5>

Michael Egorov Faces Increased Liquidation Risk

Table of Contents

COINTURK NEWS

Other articles published on Jun 13, 2024

Jason Analyzes Cryptocurrency Trends

Crypto Price Prediction: Where Will Cardano's ADA And Ripple's XRP Be If They Get Spot ETFs?

Bitcoin (BTC) Reacts to Fed, Ethereum (ETH)’s Battle at $3500, and Furrever Token (FURR)’s Pawsit...

Solana Sees Significant Price Movements in 2023

Elon Musk Lauds Getting Majority Voting In $56B Pay Package From Tesla Shareholders

Raydium Integrates with Serum DEX

Join our free newsletter for daily crypto updates!