The post Curve Finance’s Michael Egorov says $10M in bad debt fully paid appeared on BitcoinEthereumNews.com.

The founder reassured the Curve community that he was “committed to building Curve more than ever,” following a hack attempt. Curve founder Michael Egorov says he has fully repaid the $10 million in bad debt resulting from soft liquidations that were triggered due to a hacking attempt on June 13. Following the incident, Egorov took to social media to explain, “ [The] size of my positions was too large for markets to handle and caused $10M of bad debt,” before claiming he had already paid 93% of the debt. The June 13 hack attempt resulted in soft liquidations of Egorov’s positions due to a dramatic, temporary increase in borrowing costs. At the height of the crisis, Egorov faced $140 million in liquidations due to $95 million in stablecoin debt, and a $60 million annualized fee to keep his positions open. Read more Source: https://cointelegraph.com/news/curve-finance-michael-egorov-bad-debt-llamma

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Filed under: News - @ June 16, 2024 3:26 pm