Curve Finance Founder’s Liquidation Triggers 34% $CRV Price Drop: On-Chain Highlights
The post Curve Finance Founder’s Liquidation Triggers 34% $CRV Price Drop: On-Chain Highlights appeared on BitcoinEthereumNews.com.
The price of $CRV plummeted by up to 34% within three hours following the news that Curve Finance founder Michael Egorov had been liquidated. On-chain data reveals several critical points about the situation. The $CRV price dropped up to 34% (3H) after the news of the #Curvefi founder (Michale Egorov) being liquidated broke out! Here are the on-chain highlights 👇1. Michale Egorov (@newmichwill) currently has 139M $CRV ($37M) in collateral and $27M in debt across 3… pic.twitter.com/tJLtmLUqLo — Spot On Chain (@spotonchain) June 13, 2024 Michael Egorov (@newmichwill) currently holds 139 million $CRV ($37 million) as collateral and has $27 million in debt spread across three different platforms and wallets. In response to the liquidation on Fraxlend, Whale 0xF07 deposited 29.62 million $CRV ($7.68 million) to Binance. Additionally, another 6 million $CRVUSD was added to extend his liquidation. These tokens were swapped from 6 million $USDT, which he had withdrawn from Binance. Another 6M $CRVUSD is added to extend his liquidation Those tokens are swapped from 6M $USDT which he withdrew from Binance in the past 30 minutes. pic.twitter.com/q8mftr8Bz2 — Spot On Chain (@spotonchain) June 13, 2024 On-chain reports from Spotonchain highlighted that Egorov has been selling $CRV and $UWU to manage his liquidation risks. In the past few hours, he has: Swapped approximately 3.1 million $CRV for 810,000 $USDT Swapped 2,100 $UWU for 5,680 $CRVUSD Swapped 10,300 $UWU for 27,000 $USDT All $USDT was subsequently converted to $CRVUSD to extend his liquidation. Michael Egorov is selling $CRV and $UWU to extend the liquidation. In the past 3 hours:– swapped ~3.1M $CRV to 810K $USDT– swapped 2.1k $UWU to 5.68K $CRVUSD– swapped 10.3K $UWU to 27K $USDT Then he converted all $USDT to $CRVUSD and extended his liquidation. More details:… https://t.co/yQX81F1dFD pic.twitter.com/h5IG1h12im — Spot On Chain (@spotonchain) June 13, 2024…
Filed under: News - @ June 14, 2024 6:24 am