Curve CEO Michael Egorov Successfully Repays Aave Loan, Decreases Outstanding Debt to $42.7 Million

Michael Egorov Pays Off Aave Protocol Loan, Reduces Debt to $42.7 Million

After being hit by a hack that resulted in the loss of $73.5 million in assets, Curve Finance founder Michael Egorov has settled his loan on the Aave Protocol and reduced his total debt to $42.7 million. The hack caused the price of CRV, Curve’s governance token, to drop by over 24%. This drew attention to Egorov’s debt positions, which were revealed to be around $100 million across various DeFi protocols.

Egorov Clears Debt on Aave Protocol

According to a report by Lookonchain, Michael Egorov has now paid off his debt on the Aave protocol. He deposited 68 million CRV on Silo and borrowed $10.77 million worth of crvUSD. He then swapped the crvUSD for USDT and repaid his debt on Aave. Currently, he holds 253.67 million CRV as collateral and has $42.7 million in debt spread across four platforms.

Egorov’s Current Debt Profile

Based on data from Lookonchain, Michael Egorov’s total debt includes 17.14 million crvUSD on Silo backed by 105.8 million CRV, 13.08 million FRAX on Fraxlend backed by 68.7 million CRV, 10 million DOLA on Inverse Finance backed by 66.18 million CRV, and 2.02 million USDT and 506,000 USDC on Cream Finance secured by 13 million CRV.

Egorov’s $42.7 million debt is collateralized by 253.67 million CRV, representing 28.87% of the total circulating supply. Currently, CRV is trading at $0.516 with a 2.99% gain in the last day and a market cap value of $452.87 million.

Hot Take: Michael Egorov Reduces Debt Amidst Curve Finance Hack Fallout

Curve Finance founder Michael Egorov has successfully paid off his loan on the Aave Protocol, reducing his debt to $42.7 million. This comes after a recent hack that caused a significant drop in the price of CRV, the Curve governance token. Egorov’s debt profile, which revealed loans totaling around $100 million, raised concerns about potential liquidation and its impact on the DeFi ecosystem. By clearing his debt, Egorov has taken steps to stabilize his financial position and mitigate risks associated with the hack. It remains to be seen how this will affect the overall perception and confidence in Curve Finance and its founder.