CRV Slides 30% as Loans Tied to Curve’s Founder Face Liquidation Risk
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Addresses tied to Curve founder Michael Egorov are borrowing nearly $100 million in various stablecoins against $140 million in curve tokens.
CRV plunges as Curve founder faces multi-million dollar liquidation risk.
Founder Micheal Egorov has taken a CRV-backed cumulative loan of nearly $100 million, data tracking firms said.
Lending protocol Curve’s CRV token plunged 30% in early Asian trading hours as some loan positions supposedly tied to its founder, Michael Egorov, started to automatically liquidate, leading to sudden selling activity.
Data tracked by blockchain analytics firms Lookonchain and Arkham show Egorov’s addresses have taken out a cumulative loan of nearly $100 million worth of stablecoins, mostly crvUSD, against $140 million in CRV collateral.
