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Curve founder repays Aave debt, CRV up 30% since mid-September

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Curve founder repays Aave debt, CRV up 30% since mid-September

Curve founder Michael Egorov has repaid his debt on Aave, but currently still has a total of $132 million worth of CRV collateral, with $42.7 million in debt spread across 4 lending protocols.

Curve Founder Repays Aave Debt

According to Lookonchain, Michael Egorov has deposited 68 million CRV tokens worth $35.5 million into the lending protocol Silo and borrowed 10.77 million crvUSD.

He later exchanged all crvUSD for Tether to repay his original debt on Aave.

Michael Egorov Still Owes Millions

Previously, he had collateralized a large amount of CRV before the hack at Curve, borrowing $102 million in stablecoins.

Following the hack, DeFi protocols with lending relationships proposed to force Curve's founder to repay the debt quickly to prevent risks from liquidation.

  • It's Best to Use Your Own Coins! Curve Founder Borrowed Over $100 Million, Collateralized Entirely with CRV, and Withdrew a Large Amount

  • Understanding the CurveCRV Founder's Liquidation Crisis! Sun Yuchen's Financial Support, High Reward CRV Pool, Gradually Repaying Aave/FRAX/MIM

However, Michael Egorov's recent actions have successfully reduced his on-chain debt. He has collateralized a total of 253.67 million CRV, approximately $132 million, with remaining debts in four protocols including Silo, Fraxlend, Inverse, and Cream totaling $42.7 million.

CRV Dropped Below $0.4

CRV dropped below the crucial price of $0.4, at which Michael Egorov sold during the fundraising period, hitting a low of $0.389 in mid-September.

However, the price has rebounded since September 13th, currently at $0.52 at the time of writing, marking a 34.9% increase from the low.

CRV 30-day trend