{"id":553165,"date":"2023-09-27T21:30:26","date_gmt":"2023-09-27T21:30:26","guid":{"rendered":"https:\/\/wncen.com\/?p=553165"},"modified":"2024-06-11T14:29:40","modified_gmt":"2024-06-11T14:29:40","slug":"curve-founder-michael-egorov-clears-aave-loan-reduces-total-debt-to-42-7-million","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/curve-founder-michael-egorov-clears-aave-loan-reduces-total-debt-to-42-7-million\/","title":{"rendered":"Curve Founder Michael Egorov Clears Aave Loan, Reduces Total Debt To $42.7 Million"},"content":{"rendered":"

Michael Egorov, founder of Curve Finance, has settled his loan on the Aave Protocol and cut his total debt to $42.7 million.\u00a0 <\/span>Egorov\u2019s DeFi debt profile was revealed on August 1 following a Curve Finance hack<\/a> that extracted $73.5 million worth of assets across various liquidity pools.\u00a0<\/span><\/p>\n

As expected, the exploit caused a significant decline in the price of CRV, with the Curve governance token losing over 24% of its value in a single day, based on data from CoinMarketCap<\/a>. <\/span>This fall in CRV\u2019s market price brought much attention to Egorov\u2019s multiple debt positions.\u00a0<\/span><\/p>\n

According to a report<\/a> by blockchain research firm Delphi Digital, it was revealed that the Curve Finance founder owed around $100 million across several DeFi protocols. <\/span>Interestingly, these loans were collateralized by 427.5 million CRV tokens, representing 47% of the entire CRV circulating supply.\u00a0<\/span><\/p>\n

Therefore, the dwindling price of CRV presented a threat of liquidation, which could have been dangerous to the entire DeFi ecosystem.\u00a0<\/span><\/p>\n

Related Reading: Curve Finance Announces $1.85 Million Bounty For Stable Pool Exploiter<\/a><\/div>\n

Michael Egorov Closes Debt Profile On Aave Protocol<\/span><\/h2>\n

According to a report<\/a> on Wednesday by the on-chain analytics platform Lookonchain, Micheal Egorov has now cleared his debt on the Aave protocol.\u00a0<\/span><\/p>\n

The report stated that the Curve Founder deposited 68 million CRV, worth $35.5 million, on DeFi lending protocol Silo before proceeding to borrow $10.77 million worth of the stablecoin crvUSD.<\/span><\/p>\n

After that, Egorov swapped the crvUSD tokens for USDT and finalized the repayment of his debt on the Aave Protocol.\u00a0<\/span><\/p>\n

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Michael Egorov deposited 68M $CRV<\/a> ($35.5M) to #Silo<\/a> and borrowed 10.77M $crvUSD<\/a> in the past 2 days.<\/p>\n

Then swapped $crvUSD<\/a> for $USDT<\/a> and repaid the all debt on #Aave<\/a>.<\/p>\n

He currently has 253.67M $CRV<\/a>($132.52M) in collateral and $42.7M in debt on 4 platforms.https:\/\/t.co\/stkFvDrlnv<\/a> pic.twitter.com\/oBQ4yiT9Xs<\/a><\/p>\n

— Lookonchain (@lookonchain) September 27, 2023<\/a><\/p><\/blockquote>\n