Curve Founder Sells 7.5 Million CRV, Settles $3 Million Debt

Curve Founder Sells 7.5 Million CRV and Repays Debt

Curve founder, Michael Egorov, has sold 7.5 million CRV tokens and paid off $3 million in debt using USDT on the Aave platform. Egorov still owes a significant amount across different platforms, including $51.24 million in USDT on Aave. Here are the key points:

1. Egorov’s Debt:
– Owes $82.6 million in total.
– Debts spread across various platforms.
– Largest debt is $51.24 million in USDT on Aave.

2. Token Sales:
– Egorov sold 59.5 million CRV to Yearn Treasury and Stake DAO Governance.
– Sold to 13 institutions and investors in the last two days.
– Tron founder Justin Sun and Jeffrey Huang among buyers.

3. Community Reactions:
– Speculation that Egorov’s friends are bailing him out.
– Some comment on the decline of CRV’s value.

4. Security Breach and Price Impact:
– Curve Finance experienced a security breach, putting $100 million at risk.
– CRV prices dropped as a result.
– Egorov’s outstanding debts were at risk of liquidation.

Hot Take:

Michael Egorov’s token sales and debt repayment indicate his efforts to recover from the recent security breach. However, the ongoing debts and declining value of CRV raise concerns about the stability of Curve Finance. The involvement of prominent crypto players in purchasing CRV at a discount adds further complexity to the situation. It remains to be seen how Curve will bounce back from these challenges.