- Curve Finance founder faces mounting debt risks due to Fraxlend’s high APY.
- Delphi Digital warns of potential liquidation threat of $100M loan backed by CRV.
- CRV price is down nearly 20% over the week following a 10% decline in 24hrs.
Lookonchain, a renowned on-chain data resource, took to Twitter to highlight concerns regarding Michael Egorov, the founder of the recently exploited pool, Curve Finance. Lookonchain noted that Egorov faces mounting debt issues from the high Annual Percentage Yield (APY) of over 140% on Fraxlend.
The #Curvefi founder is trying to pay off the debt on #Fraxlend due to the high APY of +140%.He transferred 10M $CRV ($5.9M) to a new wallet and received 5M $USDT from 4 addresses.
Is he selling $CRV by OTC deals?https://t.co/stkFvDrlnv pic.twitter.com/K2zANHpow6
— Lookonchain (@lookonchain) August 1, 2023
According to Lookonchain’s tweet, the founder attempted to address the situation by transferring 10 million of the pool’s native token, CRV, equivalent to $5.9 million, to a new wallet. The founder received $5 million USDT from four different addresses. This transaction raises questions about the possibility of the founder selling …
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The post Exploited CurveFi Boss Faces Liquidation Threat Should CRV Crash 33% appeared first on Coin Edition.