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CRV token price recovers to $1 by December 31, 2024?
5
Resolution / Starting Odds
Yes • 50%
No • 50%
Publicly available cryptocurrency price data from exchanges such as CoinMarketCap, CoinGecko, etc.
Story
Curve Founder Faces $140M CRV Liquidation, $95.7M Borrowed, CRV Drops 12%
Jun 13, 2024, 03:04 AM
Curve founder Michael Egorov is facing significant financial challenges as $140 million worth of CRV is nearing liquidation. Egorov has borrowed $95.7 million in stablecoins, primarily crvUSD, across five accounts and five protocols, using $141 million in CRV as collateral. The current rates require Egorov to pay $60 million annually to maintain his positions. However, many of his positions are actively liquidating, causing some protocols to incur bad debt. The situation has led to a 12% drop in CRV's value within the last hour. The $CRV ticking timebomb has finally exploded, and many protocols with unsiloed liquidity are advised to exit.
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