Public announcements, blockchain transaction records, and financial reports from the protocols involved

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.