Curve’s founder sells 7.5 million CRV, settles $3 million debt on Aave Crypto.data - Michael Egorov, the founding father of Curve, has equipped a further 7.5 million CRV thru an over-the-counter (OTC) transaction and paid a $3 million debt in USDT on Aave, a decentralized lending platform on Ethereum.
CRV is the native token of Curve, the stablecoin decentralized alternate.
Egorov peaceable owes $82.6 million, unfold all the way in which thru varied platforms: $51.24 million in USDT on Aave, $12 million in MIM on Abracadabra, 9.19 million in FRAX on Fraxlend, $9.4 million in DOLA on Inverse, and 740,000 XAI on Silo.
Curve founder has more debt to pay
Lookonchain recordsdata furthermore highlighted Egorov’s recent token gross sales to Yearn Treasury and Stake DAO Governance, totaling 59.5 million CRV equipped to 13 establishments and investors within the remaining two days.
Community responses to this data vary, with some speculating that Egorov’s company are bailing him out and others commenting on the fleet decline of CRV.
Recent blockchain recordsdata reveals Tron founder Justin Sun and Jeffrey Huang, among varied crypto gamers procuring CRV at a chop price thru OTC within the previous couple of days.
Recovering from the exploit
Curve Finance suffered a security breach on July 30 because of the a programming trojan horse that attach around $100 million price of cryptocurrency at effort.
This compelled CRV prices lower, and it became as soon as extremely doubtless that Curve’s founder, Michael Egorov, who holds well-known outstanding debts, would were liquidated. He held several enormous positions; one of essentially the most important became as soon as his $70 million borrowing location on Aave and $12 million on Abracadabra.
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