The founder of Curve, Mikhail Egorov, announced the full repayment of a $10 million debt incurred after a hacking attempt on June 13. 📉

- After the incident, Egorov explained that his positions were too large for the market, which led to “bad debt.”

- The hacking attempt led to soft liquidations of Egorov’s positions due to a sharp, temporary increase in borrowing rates.

- Curve's token, CRV, plummeted 28% during the incident.

- Egorov proposed burning 10% of CRV tokens, valued at $37 million, in order to stabilize the price of the token.

Despite the pressure on the Curve platform, the soft liquidation mechanism of LLAMMA worked as expected, Egorov explained.