Curve, a DeFi protocol specializing in stablecoin trading, has experienced 23% price drop in the last 24 hours due to panic among CRV investors.

On June 12, 2024, Arkham reported that Curve founder Michael Egorov borrowed $95.7m in stablecoins, primarily crvUSD, using $141m in CRV collateral across five protocols.

Due to market turbulence and consecutive Egorov’s CRV position liquidation, crvUSD’s price surged to $1.07.

Wintermute sold 9.29m crvUSD for USDC at $1.06779, profiting around $630,000. Some crvUSD were bought yesterday at an average price of $0.9984.