Curve's Founder Experiences Another Liquidation Amid CRV Price Drop
DeFi/Crypto/Finance

Curve's Founder Experiences Another Liquidation Amid CRV Price Drop

Michael Egorov, the founder of Curve, discusses the recent liquidation of his CRV assets following a significant price decline.

What to know:

  • A CRV position valued at $882,000 faced liquidation following a 12% drop in CRV's price.
  • Michael Egorov indicated that this issue was associated with the uWu hack in June, describing the liquidation as the "receipt of Sifu's promise to repay the hacked funds."
  • The Total Value Locked (TVL) on Curve Finance has decreased from $3.5 billion to $3.25 billion within the last 72 hours.

Curve's founder, Michael Egorov, faced liquidation over 918.83K CRV (approximately $882,000) due to a more than 12% decline in its price within 24 hours.

Earlier in 2024, Egorov encountered large-scale liquidations after borrowing to purchase CRV to support the price, resulting in a total of $140 million liquidated in June.

Egorov expressed his situation on X after the recent liquidation, tying it back to the uWu hack from June.

Despite this announcement, CRV continued to face selling pressure, underperforming against the CoinDesk 20 Index, which was down by 4.81% at the time.

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