Michael Egorov (michwill), founder of stablecoin exchange protocol Curve, had his CRV lending position liquidated for $140 million in CRV.
(The founder of Curve was liquidated just for appearing in CRV, and the emperor was not in a hurry at all)
UPDATE: Michael Egorov was liquidated for $140 Million in CRV.The price of CRV fell through Egorov’s liquidation threshold this morning, with his entire 9-figure lending position liquidated across 5 protocols.Two of his accounts incurred together over a million dollars of bad… https://t.co/gT37oBy82Z pic.twitter.com/41np1Gkh0S
— Arkham (@ArkhamIntel) June 13, 2024
Michael Egorov finally spoke out:
"The Curve Finance team and I have been working hard to address the liquidation risk issue that occurred today. As many of you know, all of my loans were liquidated. My position size was too large for the market to handle and resulted in a 10 million Of bad debts. Only the lend.curve.fi market has been affected the most. I have paid back 93% and I plan to pay back the rest soon. ”
Ethereum developer @sassal0x said sarcastically: Wouldn’t it be great if you didn’t buy a luxury house?
The Curve Finance team and I have been working to solve the liquidation risk issue which happened today. Many of you are aware that I had all my loans liquidated. Size of my positions was too large for markets to handle and caused 10M of bad debt. Only CRV market on…
— Michael Egorov (@newmichwill) June 13, 2024
This article Curve founder speaks out: Liquidation resulted in US$10 million in bad debts, 93% of which has been repaid, first appeared on Chain News ABMedia.
