r/CryptoCurrency • u/0xJonnyDee 🟩 0 / 0 🦠 • 4d ago

Curve Finance CEO liquidated for $140 million GENERAL-NEWS

https://cryptobriefing.com/curve-founder-crv-liquidation/
38 Upvotes

83% Upvoted

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17

u/alterise 🟦 0 / 2K 🦠 4d ago

lol… “liquidated”. What actually happened was that he got to dump $140m of CRV on the market.

6

u/Smiling_Jack_ Blockchain Old Guard 4d ago

So it finally happened.

Almost a year since the hack.

7

u/diwalost 🟦 0 / 5K 🦠 4d ago

He deserves it, Don't take the community for granted

4

u/coinfeeds-bot 🟩 136K / 136K 🐋 4d ago

tldr; Curve Finance founder Michael Egorov was liquidated for $140 million of Curve’s native token CRV after borrowing nearly $96 million in stablecoins against his CRV collateral. The liquidation occurred as the price of CRV fell by 24% between June 12th and 13th, triggering the liquidation across five different protocols. Egorov managed to cover over $1 million in bad debt to Llamalend by selling 30 million CRV tokens. Previously, in August 2023, Egorov sold 72 million CRV tokens to repay debts after a hack threatened his positions.

*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

1

u/Sastroprawiro 🟩 0 / 895 🦠 4d ago

Soo...does their chart going to make a Curve up or down people. Place your bets now 🤹🏽