Curve founder Michael Egorov was liquidated for 918.83K CRV ($882,000) after CRV fell by more than 12% over the past 24 hours. Egorov, the head of the decentralized finance (DeFi) lending platform, suffered a series of massive liquidations earlier in 2024 after taking out loans to purchase CRV and boost the price.
A total of $140 million was liquidated in June. Egorov said at the time, “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.” The most recent purchase was worth $1.2 million on Dec. 17, when CRV was trading at $1.11.
It fell to around $0.91 on Thursday. Egorov stated that the liquidated CRV was tied to the uWu hack in June and that the liquidation was simply a “receipt of Sifu’s [uWu’s founder] promise to repay the hacked funds.” This didn’t prevent further selling, as CRV significantly underperformed against the CoinDesk 20 Index, which was down by 4.81% at the time of writing against CRV’s decline of 12%.
The total value locked (TVL) on the Curve platform is down from $3.5 billion on Dec. 16 to $3.25 billion on Thursday, although much of that can be attributed to dwindling asset prices.
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