Curve founder Michael Egorov was liquidated for 918.83 thousand CRV ($882,000) after CRV fell more than 12% in the last 24 hours.
The head of the decentralized finance (DeFi) lending platform suffered a series of gigantic liquidations in early 2024 after taking out loans to buy CRV and drive up the price. A total of $140 million was settled in June.
“Many of you know that I liquidated all my loans. The size of my positions was too large for the markets to handle and caused 10 million bad debts,” Egorov wrote at the time.
The most recent of those purchases was worth $1.2 million on Dec. 17, at which time CRV was trading at $1.11 before falling to around $0.91 on Thursday.
Egorov addressed [uWu’s founder] “I promise to return the hacked funds.”
However, this did not stop further selling as CRV significantly underperformed the CoinDesk 20 index, which is down 4.81% at the time of writing versus CRV’s drop of 12%.
The total value locked (TVL) on the Curve platform has dropped from $3.5 billion on December 16 to $3.25 billion on Thursday, although much of that can be attributed to falling asset prices.
