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SirWin
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SirWin

Justin Sun, other crypto investors buy CRV token in attempt to help Curve Finance

News
Justin Sun, other crypto investors buy CRV token in attempt to help Curve Finance

Following a recent exploit on the decentralized exchange, Curve Finance founder Michael Egorov managed to find an answer to his loan dilemma.

Thanks to support from a group of backers, including Justin Sun, the principal value of Egorov’s loan on Aave (AAVE) decreased from $63.3 million to $54.1 million.

Providing support to the fallen 

On July 30, Curve Finance faced a vulnerability linked to the Vyper programming language, resulting in an exploit that led hackers to seize approximately $52 million in crypto assets. The attack included 7.19 million CRV tokens valued at $4.52 million, causing a sharp decline in the CRV price to two-month lows of $0.59, increasing the risk of liquidation for Michael Egorov’s loans.

The plummeting CRV price posed a significant threat to Egorov’s collateralized loans, which amounted to over $100 million against 460M CRV tokens (or 47% of the total supply), with potential liquidation if the price hit $0.372. However, notable figures from the defi space, such as Justin Sun, CEO of Tron Foundation, have stepped in, even announcing a partnership between TRON and CRV on stUSDT.

However, Justin Sun is not the only investor stepping in. Blockchain data shows that DCF God, a prominent defi user, and Jeffrey Huang, aka Machi Big Brother, have also come forward to assist Egorov by purchasing CRV tokens from him.