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Founder of DeFi Giant Curve Gets Liquidated Again as CRV Slumps
Curve founder Michael Egorov played down the $882,000 liquidation on X.
What to know:
- A CRV position worth $882,000 was liquidated on Thursday after CRV dropped by 12%.
- Curve founder Michael Egorov said that the liquidated position was tied to the uWu hack in June and that the liquidation was a "receipt of Sifu's [uWu's founder] promise to repay the hacked funds."
- TVL on Curve Finance is down from $3.5 billion to $3.25 billion in the past 72-hours.
Curve founder Michael Egorov was liquidated for 918.83K CRV ($882,000) after CRV fell by more than 12% over the past 24-hours.
The head honcho of the decentralized finance (DeFi) lending platform suffered a series of mammoth liquidations earlier in 2024 after taking out loans to purchase CRV and bolster the price. $140 million in total was liquidated in June.
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"Many of you are aware that I had all my loans liquidated. Size of my positions was too large for markets to handle and caused 10M of bad debt," Egorov wrote at the time.
The most recent of those purchases was worth $1.2 million on Dec. 17, at which point CRV was at trading at $1.11 before it tumbled to around $0.91 on Thursday.
Egorov took to X following Thursday's liquidation, stating that the liquidated CRV was tied to the uWu hack in June and that the liquidation was simply a "receipt of Sifu's [uWu's founder] promise to repay the hacked funds."
This didn't prevent further selling, however, as CRV significantly underperformed against the CoinDesk 20 Index, which is down by 4.81% at the time of writing against CRV's decline of 12%.
Total value locked (TVL) on the Curve platform is down from $3.5 billion on Dec. 16 to $3.25 billion on Thursday, although much of that can be attributed to dwindling asset prices.
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.
