Curve DAO Token (CRV) Price Plunges 30% Amid Founder’s Liquidation
The post Curve DAO Token (CRV) Price Plunges 30% Amid Founder’s Liquidation appeared on BitcoinEthereumNews.com.
TLDR The price of Curve DAO token (CRV) fell by nearly 30% in the past 24 hours, trading at around $0.26. Curve Finance founder Michael Egorov faced liquidation on his on-chain loan positions, as he used CRV tokens as collateral. Egorov has over 111 million CRV tokens ($33.87 million) as collateral and $20.6 million in debt across four DeFi platforms: Inverse, UwU Lend, Fraxlend, and Curve’s LlamaLend. Egorov has started repaying borrowed stablecoins to mitigate further liquidation risks, but additional liquidations worth over $5 million occurred on UwU Lend. The decentralized finance (DeFi) space has been rocked by the recent plunge in the price of Curve DAO token (CRV), which has fallen by nearly 30% in the past 24 hours. The sharp decline in CRV’s value has been linked to the liquidation of on-chain loan positions held by Curve Finance founder Michael Egorov, who used CRV tokens as collateral. According to data from blockchain analytics firms Lookonchain and Arkham, Egorov currently has 111.87 million CRV tokens, worth approximately $33.87 million, as collateral against $20.6 million in debt across four DeFi platforms: Inverse, UwU Lend, Fraxlend, and Curve’s LlamaLend. As the price of CRV continues to fall, Egorov’s loan positions are facing increased liquidation risk. The #Curvefi founder(Michale Egorov) is being liquidated! He currently has 111.87M $CRV($33.87M) in collateral and $20.6M in debt on 4 platforms.https://t.co/WM1nW8JKwU pic.twitter.com/huwgetBXuS — Lookonchain (@lookonchain) June 13, 2024 Earlier on Thursday, Egorov began to face liquidations on his position with Inverse, prompting him to take measures to mitigate further risks. On-chain data shows that the Curve founder has started repaying borrowed stablecoins, such as DOLA, to maintain his loan health. However, despite these efforts, Egorov’s loan positions for USDT and DAI stablecoins on UwU Lend saw additional liquidations worth over $5 million. Curve price at Coingecko…
Filed under: News - @ June 14, 2024 3:26 am