Curve Finance founder reduces debt to $42.7 million, fully settles Aave loan ScrgruppEn

Michael Egorov, founder of decentralized finance (DeFi) protocol Curve, recently settled his loans on lending platform Aave, reducing his debt position to $42.7 million across other DeFi protocols.

According to on-chain analytics platform Lookonchain, the Curve founder deposited 68 million CRV tokens, worth $35.5 million, to lending protocol Silo and borrowed 10.77 million of the crvUSD stablecoin in the past two days. After that, Egorov switched crvUSD to Tether (USDT) and paid all his debts on Aave.

Michael Egorov deposited 68 million $CRV ($35.5 million) to #silo It borrowed 10.77 million $crvUSD In the past two days.

Then I exchanged $crvUSD to $USDT And pay off all his debts #Avi.

It currently has 253.67 million $CRV($132.52 million) guarantees and $42.7 million in debt on 4 platforms.https://t.co/stkFvDrlnv pic.twitter.com/oBQ4yiT9Xs

– Loconchain (@loconchain) September 27, 2023

According to Lookonchain, the founder of Curve Finance currently holds a total of 253.67 million CRV tokens as collateral and has a remaining debt of $42.7 million across four protocols including Silo, Fraxlend, Inverse, and Cream.

On August 1, Egorov made headlines for his $100 million DeFi debt, as reports showed that further declines in the price of Curve DAO tokens (CRV) could trigger liquidations and cause a DeFi collapse. Given the risks, the founder of Curve Finance made some moves to lower its debt ratio and utilization rate at the time.

Related: Curve Finance pools of over $47 million were exploited due to the re-entry vulnerability

At the time, CRV token prices saw a significant decline as the protocol suffered a $47 million hack due to a re-entry vulnerability. On July 30, several Curve Finance stablecoins were exploited due to vulnerabilities in the Vyper programming language. According to Curve Finance, re-entry locks were broken and pools were hacked. The price of CRV tokens dropped from $0.73 on July 30 to $0.50 on August 1.

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