tl;dr
The price of the CRV token fell over 25% in the past 24 hours, leading to the liquidation of Curve Finance founder Michael Egorov’s positions. Three accounts linked to Egorov make up 90% of the borrowed crvUSD. Egorov borrowed $95.7 million in stablecoins, mainly crvUSD, collateralized by $141 milli...
The price of the CRV token fell over 25% in the past 24 hours, leading to the liquidation of Curve Finance founder Michael Egorov’s positions. Three accounts linked to Egorov make up 90% of the borrowed crvUSD. Egorov borrowed $95.7 million in stablecoins, mainly crvUSD, collateralized by $141 million worth of CRV. His positions began liquidating when CRV fell over 10%, resulting in the liquidation of $22.6 million worth of CRV collateral positions in the last 4 hours, including $15 million in the past hour. CRV's price currently stands at $0.268, down over 25% in the last 24 hours, with a 42.37% drop in the last seven days and a 58.51% decrease since June 2023. The trading volume of the CRV token has increased by 568.96%, and its market capitalization is at $331 million, with a ranking of 181st in the digital asset space. Curve Finance’s CRV token has plunged in value after a series of liquidations tied to founder Michael Egorov’s substantial borrowing against the token. Pointed out by WuBlockchain in an X post, Curve Finance founder Michael Egorov “borrowed $95.7 million in stablecoins (mainly crvUSD) through five accounts in five protocols, collateralized by $141 million worth of CRV.” Blockchain intelligence platform Arkham stated that $50 million worth of crvUSD borrowed by Egorov is outstanding on LlamaLend, a DeFi lending protocol, and the transaction cost the crypto entrepreneur over 120% APY. Arkham also stated that Egonov’s position began liquidating when CRV fell more than 10%, as “there is almost no remaining crvUSD available for borrowing against CRV on Llamalend,” adding: “Three of Egorov’s accounts already make up over 90% of the borrowed crvUSD on the protocol.” The price of CRV fell almost 25% in the past 24 hours, which resulted in Egorov’s positions being liquidated. Data from Parsec shows that in the last 4 hours, $22.6 million worth of CRV collateral positions were liquidated, which includes the liquidation of $15 million worth of CRV positions in the past hour. According to the data from CoinMarketCap, the price of CRV currently stands at $0.268, down by more than 25%, followed by a 42.37% drop in the last seven days. Moreover, the cryptocurrency is down 58.51% since June 2023. Additionally, the trading volume of the CRV token increased by a massive 568.96%, even as the market capitalization stands at $331 million. The cryptocurrency has fallen to the 181st position in the digital asset space.