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SirWin
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SirWin

Curve’s founder sells 7.5 million CRV, settles $3 million debt on Aave

curves-founder-sells-7-5-million-crv-settles-3-million-debt-on-aave
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Curve’s founder sells 7.5 million CRV, settles $3 million debt on Aave

Michael Egorov, the founder of Curve, has sold an additional 7.5 million CRV via an over-the-counter (OTC) transaction and paid a $3 million debt in USDT on Aave, a decentralized lending platform on Ethereum.

CRV is the native token of Curve, the stablecoin decentralized exchange.

Egorov still owes $82.6 million, spread across different platforms: $43.16 million in USDT on Aave v2, $12 million in MIM on Abracadabra, 9.19 million in FRAX on Fraxlend, $9.4 million in DOLA on Inverse, and 740,000 XAI on Silo.

Curve founder has more debt to pay

Lookonchain data also highlighted Egorov’s recent token sales to Yearn Treasury and Stake DAO Governance, totaling 59.5 million CRV sold to 13 institutions and investors in the last two days. 

Community responses to this news vary, with some speculating that Egorov’s friends are bailing him out and others commenting on the rapid decline of CRV. 

Recent blockchain data shows Tron founder Justin Sun and Jeffrey Huang, among other crypto players purchasing CRV at a discount via OTC in the last few days.

Recovering from the exploit 

Curve Finance suffered a security breach on July 30 due to a programming bug that put around $100 million worth of cryptocurrency at risk. 

This forced CRV prices lower, and it was highly likely that Curve’s founder, Michael Egorov, who holds significant outstanding debts, would have been liquidated. He held several large positions; one of the most notable was his $70 million borrowing position on Aave and $12 million on Abracadabra.