{"id":624501,"date":"2024-06-13T22:00:48","date_gmt":"2024-06-13T22:00:48","guid":{"rendered":"https:\/\/uniquehot.com\/?p=624501"},"modified":"2024-06-13T17:50:49","modified_gmt":"2024-06-13T17:50:49","slug":"curve-founder-faces-massive-blow-as-crv-price-dives-40-multi-million-dollar-liquidations","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/curve-dao-crv\/curve-founder-faces-massive-blow-as-crv-price-dives-40-multi-million-dollar-liquidations\/","title":{"rendered":"Curve Founder Faces Massive Blow As CRV Price Dives 40%, Multi-Million Dollar Liquidations"},"content":{"rendered":"<p><span style=\"font-weight: 400\">A sudden and dramatic crash in the value of Curve Finance&#8217;s native token, CRV, has resulted in substantial losses for bullish investors and the platform&#8217;s founder, Michael Egorov. Blockchain analysis platform Arkham reported that Egorov faced <\/span><a href=\"https:\/\/uniquehot.com\/news\/dogecoin-under-pressure-and-going-to-zero-analyst-says-heres-why\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">liquidations <\/span><\/a><span style=\"font-weight: 400\">totaling $140 million in CRV.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Curve Finance Founder Egorov Liquidated<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In a social media <\/span><a href=\"https:\/\/x.com\/ArkhamIntel\/status\/75780658\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">post <\/span><\/a><span style=\"font-weight: 400\">on X (formerly Twitter), Arkham confirmed that Egorov&#8217;s lending position worth nine figures was liquidated across five protocols due to the price of CRV dropping below his liquidation threshold.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/solana\/solana-return-of-bullish-sentiment\/\" target=\"_blank\" rel=\"noopener \">Solana On-Chain Indicators Suggests A Return Of Bullish Sentiment, Is It Time To Buy SOL?<\/a><\/div>\n<p><span style=\"font-weight: 400\">Egorov&#8217;s accounts incurred over a million dollars of bad debt on Curve&#8217;s Llamalend, which he managed to clear by receiving $6 million USDT. Additionally, Egorov experienced a $5 million liquidation on UwU Lend while making <\/span><a href=\"https:\/\/uniquehot.com\/analysis\/uni\/uni-in-trouble-key-indicators-cites-potential-drop-amid-market-downturn\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">repayments <\/span><\/a><span style=\"font-weight: 400\">on Inverse to mitigate further losses.<\/span><\/p>\n<p><span style=\"font-weight: 400\">On June 13, Curve contributor Saint Rat <\/span><a href=\"https:\/\/thedefiant.io\/news\/defi\/curve-finance-founder-michael-egorov-suffers-massive-liquidations\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">revealed <\/span><\/a><span style=\"font-weight: 400\">that the protocol had incurred $11.5 million in bad debt, which could be resolved if the price of CRV rises to $0.33. Egorov expressed his commitment to working with the Curve Finance team to address the bad debt situation and protect users from its impact.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Proposal To Burn 10% Of CRV Tokens<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In <\/span><a href=\"https:\/\/x.com\/newmicchwill\/status\/84876343\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">response <\/span><\/a><span style=\"font-weight: 400\">to the crisis, Egorov proposed burning 10% of the total CRV supply to stabilize the token&#8217;s price. He also announced that active voters would receive a three-month boost on deposit rewards across all Curve platforms, aiming to incentivize participation and strengthen the ecosystem. Egorov also <\/span><a href=\"https:\/\/x.com\/newmichwill\/status\/37165390\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">stated<\/span><\/a><span style=\"font-weight: 400\">:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">The Curve Finance team and I have been working to solve the liquidation risk issue which happened today. 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. Only CRV market on lend.curve.fi (where the position was the biggest) was affected. I have already repaid 93%, and I intend to repay the rest very shortly. It will help users not to suffer from this situation.<\/span><\/p><\/blockquote>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/toncoin-ton-40-breakout-buy-at-this-price\/\" target=\"_blank\" rel=\"noopener \">Toncoin (TON) Set For 40% Breakout: Buy At This Price, Says Crypto Analyst<\/a><\/div>\n<p><span style=\"font-weight: 400\">Interestingly, this recent episode is not the first time Egorov has faced significant liquidations. Last year, he borrowed $60 million worth of loans from Aave, which posed a risk of bad debt in the event of liquidation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">To address this, Gauntlet, a risk management firm, recommended freezing Aave&#8217;s v2 CRV market to minimize <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin-volatility-reaches-historic-low\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">protocol risks<\/span><\/a><span style=\"font-weight: 400\">. In a subsequent private deal, Egorov sold 106 million CRV for $46 million to repay most of his debts on Aave and other lending platforms, ultimately settling his debt to Aave with an $11 million USDT deposit in September.<\/span><\/p>\n<figure style=\"width: 1815px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/TZMRhljR\/\" alt=\"Curve\" width=\"1815\" height=\"858\"><figcaption class=\"wp-caption-text\">The daily chart shows CRV&#8217;s price crash. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">CRVUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Before the market crash, CRV was trading at $0.3582. However, it plummeted nearly 40%, hitting an <\/span><a href=\"https:\/\/uniquehot.com\/news\/banks-bust-bitcoin-booms-price-skyrockets-40-during-us-banking-crisis\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">all-time low <\/span><\/a><span style=\"font-weight: 400\">of $0.2220.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Since then, the token has recovered and is currently trading at $0.2880. This recovery has helped to mitigate the losses incurred within the 24-hour timeframe, reducing them to 22%.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Featured image from DALL-E, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A sudden and dramatic crash in the value of Curve Finance&#8217;s native token, CRV, has resulted in substantial losses for bullish investors and the platform&#8217;s founder, Michael Egorov. Blockchain analysis platform Arkham reported that Egorov faced liquidations totaling $140 million in CRV. Curve Finance Founder Egorov Liquidated In a social media post on X (formerly Twitter), Arkham confirmed that Egorov&#8217;s lending position worth nine figures was liquidated across five protocols due to the price of CRV dropping below his liquidation threshold.\u00a0 Related Reading: Solana On-Chain Indicators Suggests A Return Of Bullish Sentiment, Is It Time To Buy SOL? Egorov&#8217;s accounts incurred over a million dollars of bad debt on Curve&#8217;s Llamalend, which he managed to clear by receiving $6 million USDT. Additionally, Egorov experienced a $5 million liquidation on UwU Lend while making repayments on Inverse to mitigate further losses. On June 13, Curve contributor Saint Rat revealed that the protocol had incurred $11.5 million in bad debt, which could be resolved if the price of CRV rises to $0.33. Egorov expressed his commitment to working with the Curve Finance team to address the bad debt situation and protect users from its impact. Proposal To Burn 10% Of CRV Tokens In response to the crisis, Egorov proposed burning 10% of the total CRV supply to stabilize the token&#8217;s price. He also announced that active voters would receive a three-month boost on deposit rewards across all Curve platforms, aiming to incentivize participation and strengthen the ecosystem. Egorov also stated: The Curve Finance team and I have been working to solve the liquidation risk issue which happened today. 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. Only CRV market on lend.curve.fi (where the position was the biggest) was affected. I have already repaid 93%, and I intend to repay the rest very shortly. It will help users not to suffer from this situation. Related Reading: Toncoin (TON) Set For 40% Breakout: Buy At This Price, Says Crypto Analyst Interestingly, this recent episode is not the first time Egorov has faced significant liquidations. Last year, he borrowed $60 million worth of loans from Aave, which posed a risk of bad debt in the event of liquidation.\u00a0 To address this, Gauntlet, a risk management firm, recommended freezing Aave&#8217;s v2 CRV market to minimize protocol risks. In a subsequent private deal, Egorov sold 106 million CRV for $46 million to repay most of his debts on Aave and other lending platforms, ultimately settling his debt to Aave with an $11 million USDT deposit in September. Before the market crash, CRV was trading at $0.3582. However, it plummeted nearly 40%, hitting an all-time low of $0.2220.\u00a0 Since then, the token has recovered and is currently trading at $0.2880. This recovery has helped to mitigate the losses incurred within the 24-hour timeframe, reducing them to 22%. Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":624502,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[89026],"tags":[83432,87517,81093,86416,6664,14690,81092,83460,87524,88738,89496],"class_list":["post-624501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-curve-dao-crv","tag-crv","tag-crv-price","tag-crvusd","tag-crvusdt","tag-crypto","tag-crypto-news","tag-curve","tag-curve-finance","tag-curve-finance-price","tag-curve-protocol","tag-michael-egorov"],"acf":[],"yoast_head":"\n<title>Curve Founder Faces Massive Blow As CRV Price Dives 40%, Multi-Million Dollar Liquidations<\/title>\n<meta name=\"description\" content=\"A dramatic crash in the value of Curve Finance&#039;s native token, CRV, has resulted in 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As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. 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