DeFi Boss Found a Solution for His Giant Position: Altcoin Price is Recovering!
A solution has finally been found for Curve Finance founder Michael Egorov's 140 million CRV position.
Michael Egorov's 140 million CRV position worth $33 million, which he has been carrying for more than a year, is completely closed. Egorov recently received a stablecoin loan of $95.7 million, backed by a CRV of $141 million. This debt was mostly taken out in crvUSD.
When the CRV price dropped by more than 25% in one day in line with the rumors of the hack, the founder's position led to a $10 million bad debt crisis.
93% of the debt has been paid
After what happened, Egorov shared it on his X account. “The size of my positions was too large for the markets to bear and resulted in 10 million bad debt,” he wrote in his post. said.
In response, he announced that he had paid 93% of the debt and would pay off the rest as soon as possible.
Everyone who sold CRV at $0.4 is at a loss
Since Michael Egorov had borrowed a lot of stablecoins with CRV as collateral, he was looking to repay the loan after the Curve attack on July 31, 2023. At that time, the price was around $0.45-0.50 and he had to sell CRV cheaply via OTC.
Egorov sold a total of 156.35 CRV via OTC at a price of $0.4 for $62.5 million. Among the names that bought CRV at this price were names such as TRON founder Justin Sun.
He bought himself a mansion last year
Although Michael Egorov seemed to have made a big loss, he managed to extract money from this position in April last year and in return he bought a mansion from Australia worth $41 million.
CRV, which fell to $0.22 in the futures market with the decline experienced yesterday, breathed a sigh of relief as the founder's position exploded.