According to Coincu, Curve Finance founder Michael Egorov has taken action to repay loans on various DeFi platforms by depositing 23.26 million CRV tokens, equivalent to approximately $12.3 million, into Silo. On September 25, Lookonchain monitoring data revealed that Egorov borrowed 3.75 million crvUSD and subsequently repaid the same amount. He then switched to USDT to settle his debt on Aave. The recent recovery in the CRV token's value can be attributed to renewed interest in the asset after the Curve Finance hack, which had a ripple effect on DeFi protocols.
In the previous month, Egorov had borrowed over $100 million in stablecoins across various DeFi lending platforms, using his CRV holdings as collateral. Instead of selling his CRV directly, Egorov opted for this approach, which drew criticism from the crypto community. Reports also surfaced about his extravagant expenditures on multi-million-dollar mansions in Australia. This move follows an announcement from Silo Labs earlier in the day, reporting that the total value locked (TVL) in CRV tokens on Silo had reached an all-time high of $60 million. Many speculate that Egorov's significant token deposit played a pivotal role in this achievement.
Egorov has been diligently working to reduce his debt and utilization ratio, having already settled his FRAX debts. However, there are concerns among users who are rushing to withdraw their liquidity as he repays debts amid Curve's ongoing crisis.
