DeFi Crash Avoided: CRV Price Soars 10% As Curve Founder Pays Debt And Hacker Returns Funds
Curve Founder Expedite To Pay Off Debt Curve Finance founder Michael Egorov is almost halfway to paying off his $80 million debt through OTC sales of CRV tokens. advertisement According to a post by on-chain data analyst Ember on August 5, Curve Finance founder Michael Egorov sold 8 million CRV to 5 investors again in the past few hours. Since the sale of CRV through OTC began on August 1, Curve founder has sold 114.025 million CRV to 24 investors and institutions in exchange for $45.61 million in funds. Source: EmberCN Investors and institutions including Wintermute Trading, DWF Labs, Tron founder Justin Sun, yearn.finance, and Cream Finance have purchased CRV tokens in OTC from Michael Egorov. It helps him pay off some of his borrowing from Aave, Abracadabra, FraxLend, and Inverse Finance, as per DeBank data. Michael Egorov is under liquidation pressure if CRV price hits $0.368. It will cause DeFi platforms such as Aave to sell CRV collaterals, which co...