DeFi

<ul class="news-points">
 <li>The price of the CRV token fell more than 25% in the past 24 hours.&nbsp;</li>
 <li>Curve Finance founder Michael Egorov’s positions were liquidated.</li>
 <li>Three accounts belonging to Egorov account for 90% of the borrowed crvUSD.</li>
</ul>
Curve Finance’s CRV token has plunged in value after a series of liquidations tied to founder Michael Egorov’s substantial borrowing against the token.&nbsp;
Pointed out by WuBlockchain in an X<a href="https://x.com/WuBlockchain/status/1801084151761944895" target="_blank" rel="noopener noreferrer nofollow"> post</a>, Curve Finance founder Michael Egorov “borrowed $95.7 million in stablecoins (mainly crvUSD) through five accounts in five protocols, collateralized by $141 million worth of CRV.”
Blockchain intelligence platform Arkham <a href="https://x.com/ArkhamIntel/status/1800943114334470531" target="_blank" rel="noopener noreferrer nofollow">stated</a> that $50 million worth of crvUSD borrowed by Egorov is outstanding on LlamaLend, a DeFi lending protocol, and the transaction cost the crypto entrepreneur over 120% APY.&nbsp;
Arkham also stated that Egonov’s position began liquidating when CRV fell more than 10%, as “there is almost no remaining crvUSD available for borrowing against CRV on Llamalend,” adding:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “Three of Egorov’s accounts already make up over 90% of the borrowed crvUSD on the protocol.”
</blockquote>
The price of CRV fell almost 25% in the past 24 hours, which…
The post <a href="https://coinedition.com/founders-borrowing-sparks-liquidation-crisis-for-curve-finance/" rel="noopener noreferrer nofollow">Founder’s Borrowing Sparks Liquidation Crisis for Curve Finance</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Founder’s Borrowing Sparks Liquidation Crisis for Curve Finance

Coin Edition

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