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Curve Finance Hack’s Update and Current High Debt Situation

Published 01/08/2023, 16:29
Updated 01/08/2023, 16:45
Curve Finance Hack’s Update and Current High Debt Situation

  • Curve Finance founder, Michael Egorov is facing huge debt risks as he has a $100M loan backed by 427.5m $CRV.

  • Egorov’s attempt to lower the utilization rate by launching a new liquidity pool worked.

  • The DeFi ecosystem could be impacted by a decline in CRV prices brought on by the possible liquidation.

Curve Finance’s founder, Michael Egorov, is facing a lot of debt risks. Due to his 15.8 million FRAX debt and 59 million Curve DAO (CRV) collaterals, Egorov is in a risky position, according to Delphi Digital, a company that conducts market research on digital assets.

Egorov has a $305 million CRV backing a 63.2 million USDT loan on Aave. His current position is eligible for liquidation at 0.37 CRV/USDT which would require approximately 33% drop in CRV price. Delphi Digital added that he should also pay nearly 4% annua…

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The post Curve Finance Hack’s Update and Current High Debt Situation appeared first on Coin Edition.

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