Curve Finance founder Michael Egorov’s on-chain money owed to a number of lending platforms stand at roughly $80 million regardless of his frantic efforts this week to boost funds that would stave off a liquidation disaster.
Egorov raised at the very least $28.8 million by dumping 72 million CRV tokens at $0.40 cents a chunk by means of over-the-counter (OTC) gross sales, in accordance with on-chain information. That money has helped him pay down some – however not all – of his borrows from Aave, Abracadabra, FraxLend and Inverse Finance, information from blockchain analytics agency DeBank reveals.
On Aave, the place Egorov remains to be on the hook for a roughly $50 million mortgage, issues might get furry if the worth of CRV hits $0.368. DeFi threat administration agency Gauntlet mentioned within the boards that Aave must promote his CRV collateral right into a market that has low liquidity – a dangerous transfer.
The value of CRV has remained regular round 58 cents up to now 24 hours, after dropping greater than 20% since its exploit a number of days in the past, per CoinDesk Indices.
CoinDesk calculated that Egorov has raised $28.8 million utilizing blockchain information, however the true determine could also be larger because it doesn’t account for offers which will have occurred off-chain.
