Michael Egorov, a notable figure in the cryptocurrency space, has faced another significant liquidation event. According to Lookonchain, Egorov was liquidated for 2.67 million $CRV, equivalent to $677,000, a few hours ago. This marks another blow in a series of financial setbacks for Egorov.
After the market drop, #MichaelEgorov was liquidated 2.67M $CRV($677K) again 20 minutes ago.He still has 10M $CRV($2.5M) staked in #UwULend, with a health rate as low as 1.09.https://t.co/FOj4rrHTYa pic.twitter.com/2jVLfm9O1s
— Lookonchain (@lookonchain) July 25, 2024
Michael Egorov Still Holds $2.5M in $CRV Despite Liquidation
The dealings of Egorov have been closely watched by the crypto community particularly due to a rather volatile market at present in the past years. However, in this recent liquidation, Egorov continues to possess a significant amount of $CRV. He has 10 million $CRV, which valued about $2. 5 million, staked in UwULend.
Low Health Rate of Egorov’s Staked $CRV Sparks Fears
However, there is growing concern about the health of other companies owned by Michael Egorov. The health rate of his staked $CRV in UwULend is desperately low at 1.09. In terms of DeFi, if a health rate falls below a given level, it leads to automatic forced selling in order to secure its wealth. This health rate reflects the future possibility of further liquidation if the market trends persistently deteriorate.
The example provided by Lookonchain reflects the dangers and unpredictable character of the DeFi market, which can result in serious losses due to high fluctuations in price. The crypto community will be careful observing how Egorov is going to deal with these tough times and whether he will be able to consolidate his statuses in an unpredictable market.
