"Brother Machi lends money to Curve founder! Big brother Machi invests a million US dollars, lots of CRV entering Cream."

Curve founder Michael Egorov faced a liquidation crisis of his controversial CRV leveraged position due to a hack in early August, forcing him to liquidate at a discount through over-the-counter (OTC) trades to repay debts. However, due to the attractiveness of Curve protocol governance rights and enticing discounts, various institutions and celebrities were drawn to purchase, with even Binance Labs acquiring $5 million worth of CRV. Ultimately, the hacker also returned a significant portion of the funds, with 70% of the affected funds being recovered, bringing everything back to normal.

Taiwanese Twitter celebrity JZ: Curve founder borrows another $2.5 million, with Huang Licheng as the creditor

In the OTC transactions in early August, Huang Licheng, a major player, invested $1.5 million USDT to purchase CRV, and also facilitated the introduction of crvUSD lending by its affiliate Cream Finance according to a tweet. However, the lending relationship between Michael Egorov and Huang Licheng has not ended.

Taiwanese Twitter celebrity JZ @jzinvest_xyz discovered that Michael Egorov deposited another 13 million CRV through Cream Finance and borrowed a generous $2.5 million stablecoin. JZ's analysis of on-chain data shows that $1.5 million came from Cream's multi-signature treasury, while Huang Licheng deposited $1 million USDT.

For a detailed analysis, please visit JZ's tweet.

This CRV lending pool appears to be specifically set up for lending between "Cream Finance/Huang Licheng" and Michael Egorov. According to on-chain data, Cream Finance, which has been hacked multiple times, currently has 82.58% filled with CRV:

Cream Finance's stablecoin liquidity on Ethereum has almost all been borrowed by Michael Egorov, leaving plenty of CRV and providing a 3.56% lending rate:

What is the purpose? JZ speculates that perhaps it is to lend funds to Michael Egorov through Cream Finance, using the protocol as an automated borrowing certificate, or hoping to ally with veteran DeFi founders to revive Cream Finance?