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Home»DeFi»Curve Founder Still Owes $80M Despite Raising Nearly $30M in Past Two Days
DeFi

Curve Founder Still Owes $80M Despite Raising Nearly $30M in Past Two Days

2023-08-03No Comments2 Mins Read
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Curve Finance founder Michael Egorov’s on-chain debts to several lending platforms stand at roughly $80 million despite his frantic efforts this week to raise funds that could stave off a liquidation crisis.

Egorov raised at least $28.8 million by dumping 72 million CRV tokens at $0.40 cents a piece through over-the-counter (OTC) sales, according to on-chain data. That cash has helped him pay down some – but not all – of his borrows from Aave, Abracadabra, FraxLend and Inverse Finance, data from blockchain analytics firm DeBank shows.

On Aave, where Egorov is still on the hook for a roughly $50 million loan, things could get hairy if the price of CRV hits $0.368. DeFi risk management firm Gauntlet said in the forums that Aave would have to sell his CRV collateral into a market that has low liquidity – a risky move.

The price of CRV has remained steady around 58 cents in the past 24 hours, after dropping more than 20% since its exploit several days ago, per CoinDesk Indices.

CoinDesk calculated that Egorov has raised $28.8 million using blockchain data, but the true figure may be higher as it does not account for deals that may have occurred off-chain.

See also  Founder of marumaruNFT Spills All Secrets
30M 80M Curve Days Founder Owes raising
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bitcoin
Bitcoin (BTC) $ 117,512.48
ethereum
Ethereum (ETH) $ 3,080.33
xrp
XRP (XRP) $ 2.90
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 688.76
solana
Solana (SOL) $ 162.10
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.19592
tron
TRON (TRX) $ 0.301382
staked-ether
Lido Staked Ether (STETH) $ 3,076.60