Curve Founder Faces $140 Million Liquidation After CRV Price Plunges
The post Curve Founder Faces $140 Million Liquidation After CRV Price Plunges appeared on BitcoinEthereumNews.com.
We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports The founder of crypto lending protocol Curve, Michael Egorov, was liquidated for $140 million Thursday morning after the CRV token dropped as low as 30% Thursday morning. The platform allows users to swap like-assets, such as dollar-pegged stablecoins or various liquid staking tokens, for one another. Maximized to reduce slippage for large trades, Curve is something of an arbitrage trader’s paradise. Even micro-differences between stablecoins can mean massive profits for whales trading in large volumes. As of last night, Egorov was using $141 million worth of CRV tokens to secure a $95.7 million stablecoin loan. “If the price of CRV drops by ~10%,” wrote blockchain analytics platform Akrham on Twitter last night, “these positions may begin to be liquidated.” Since then the CRV price has sunk as low as $0.23—setting a new all-time low for the token—and has since rebounded slightly to $0.27 at the time of writing. UPDATE: Michael Egorov was liquidated for $140 Million in CRV. The price of CRV fell through Egorov’s liquidation threshold this morning, with his entire 9-figure lending position liquidated across 5 protocols. Two of his accounts incurred together over a million dollars of bad… https://t.co/gT37oBy82Z pic.twitter.com/41np1Gkh0S — Arkham (@ArkhamIntel) June 13, 2024 “The price of CRV fell through Egorov’s liquidation threshold this morning, with his entire 9-figure lending position liquidated across 5 protocols,” Arkham wrote in an update on Twitter. The firm added that two of his accounts on Curve’s Llamalend incurred more than $1 million worth of bad debt, which he’s been able to clear after receiving $6 million worth of Tether (USDT) from NextGen Venture Partner Christian…
Filed under: News - @ June 14, 2024 7:28 am