Lending protocol Curve's CRV token dropped 30% as some loan positions allegedly tied to its founder Michael Egorov began to be liquidated automatically, leading to sudden sales.

Data tracked by blockchain analytics firms Lookonchain and Arkham shows that Egorov's addresses hold approximately $100 million worth of stablecoins, mostly crvUSD, against $140 million in CRV collateral.

A Debank profile tracking Egorov's wallet shows that he received loans from Inverse, UwU Lend, Fraxlend and Curve's LlamaLend using CRV tokens as collateral. Total assets in tracked wallets dropped by 50% in the last 24 hours.$CRV