Altcoin Founder at Risk of Liquidation Due to Drop in Price

The founder of Curve Finance, one of the largest DeFi platforms, faces the risk of liquidation.

The decline in Curve DAO (CRV) price put the positions of Curve Finance founder Michael Egorov in a difficult situation.

It is at risk of liquidation

Some of Michael Egorov's positions were liquidated in the early hours of the day. Egorov faced the risk of more positions being liquidated.

Curve DAO (CRV) price fell by 29.23% in the last 24 hours, dropping to $0.25.

“Egorov currently holds 111.87 million CRV ($33.87 million) in collateral and $20.6 million in debt across four different platforms,” blockchain analysis platform Lookonchain said.

Egorov borrowed in stablecoins from DeFi platforms such as Inverse, UwU Lend, Fraxlend, LlamaLend, using CRV tokens as collateral.

Trying to maintain his position

Egorov's position on the Inverse platform began to liquidate in the early hours. The Curve Finance founder has taken some measures to reduce the risk level.

Positions on Inverse are generally liquidated when the health point drops to 1. Egorov began repaying the stablecoin debt he received in DOLA after his own health score dropped to 1.07.

Blockchain analysis firm Arkham announced that Egorov's $140 million CRV position was at risk of liquidation and that he paid $60 million annually to maintain his position in LlamaLend.

Arkham stated that these positions could be liquidated if the CRV price falls another approximately 10%.