Curve Finance faces uncertain future as hack spreads FUD

space. His debt amounted to $168 million, secured by CRV tokens, which represented nearly 34% of the token’s total market capitalization.

Egorov’s strategy involved locking up approximately $168 million in CRV tokens on Aave, allowing him to take out a $63 million loan denominated in Tether’s USDT stablecoin. Additionally, he borrowed an extra $17 million of the FRAX stablecoin, using $32 million of CRV as collateral on Fraxlend. The interconnected nature of the DeFi ecosystem means that any adverse impact on Egorov’s position could ripple through other decentralized lending protocols and influence CRV’s price. If his position faces liquidation, it may exert significant pressure on various lending platforms, affecting their stability and potentially causing repercussions for the overall DeFi sector.on the daily timeframe chart, it experienced around 25% decline between July 30 and July 31.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Curve Finance loses millions as hackers exploit the Vyper bug – here’s a rundownMalicious actors exploited a bug in a few versions of Vyper Compilers to drain funds from four pools on Curve Finance, including its largest pool CRV/ETH.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Why Curve Finance’s loss is Uniswap’s gainCurve's TVL tanked after the latest exploits. And now, its stay as a top DEX or token could be jeopardized.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Ex-Abbotsford police finance director sentenced after $312K fraudNow confined to a wheelchair following a double amputation, Shelley Mickens will spend 18 months under house arrest after defrauding Abbotsford taxpayers out of $312,000.
Source: BurnabyNOW_News - 🏆 14. / 77 Read more »