The founder of the stablecoin lending and borrowing protocol Curve Finance, Michael Egorov, is seeing his position liquidated.
He had over 111 million CRV tokens in collateral and $20 million in debt over four DeFi platforms, reported Lookonchain on June 13. CRV prices have been crumbling for the past week, having fallen 45% since June 7. This has put pressure on those using the token as collateral for DeFi loans, such as the platform’s founder.that ‘soft liquidations’ worked well. “The system showed a fantastic performance,” he said before adding “This gave time for liquidators to prepare funds and OTC-liquidate the hacker’s position. As a result, the system has no hacker’s funds left, no bad debts, everything operates well.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.