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Curve Founder Michael Egorov Deposits $35M CRV to Settle Debt on Aave

Egorov now has $132 million worth of collateral and $42 million in debt across all other DeFi lenders.

By Oliver Knight|Edited by Parikshit Mishra

Updated Sep 28, 2023, 3:33 p.m. Published Sep 27, 2023, 12:05 p.m.

Curve founder Michael Egorov has deposited 68 million CRV tokens ($35 million) to settle his entire debt position on DeFi lending platform Aave, according to blockchain analytics firm Lookonchain.

After depositing CRV, Egorov converted 10.77 million crvUSD to tether (USDT) to repay all of the debt on Aave.

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CRV is currently trading at 53 cents having risen by 3.48% in the past 24-hours, according to CoinDesk data.

In August, Egorov raised $42 million through over-the-counter (OTC) sales of CRV tokens to pay off $80 million of on-chain debt, this came after a market-wide tumble in asset prices which put Egorov's CRV positions on DeFi lenders dangerously close to liquidation.

In the event of liquidation, Aave would have had to sell the CRV put up as collateral to the open market, which would have had a cascading effect due to a lack of liquidity.

Now, Egorov has 253.67 million CRV tokens ($132.52 million) in collateral and $42 million in debt across four DeFi lenders, according to Debank.

Curve Aave DeFi

Oliver Knight

Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.