“Curve founder Michael Egorov played down the $882,000 liquidation on X.”, — write: www.coindesk.com
The head honcho of the decentralized finance (DeFi) lending platform suffered a series of mammoth liquidations earlier in 2024 after taking out loans to purchase CRV and bolster the price. $140 million in total was liquidated in June.
“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,” Egorov wrote at the time.
The most recent of those purchases was worth $1.2 million on Dec. 17, at which point CRV was at trading at $1.11 before it tumbled to around $0.91 on Thursday.
Egorov took to X following Thursday’s liquidation, stating that the liquidated CRV was tied to the uWu hack in June and that the liquidation was simply a “receipt of Sifu’s [uWu’s founder] promise to repay the hacked funds.”
This didn’t prevent further selling, however, as CRV significantly underperformed against the CoinDesk 20 Index, which is down by 4.81% at the time of writing against CRV’s decline of 12%.
Total value locked (TVL) on the Curve platform is down from $3.5 billion on Dec. 16 to $3.25 billion on Thursday, although much of that can be attributed to dwindling asset prices.
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