Curve Founder Speaks Out: Liquidation Leads to $10 Million Bad Debt, 93% Repaid
The founder of the stablecoin exchange protocol Curve, Michael Egorov (michwill), had his CRV lending position liquidated for $140 million.
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The founder of the stablecoin exchange protocol Curve, Michael Egorov, had his CRV lending position liquidated for $140 million.
Being liquidated was just Egorov exiting his CRV positions, the emperor is not worried at all.
Michael Egorov finally speaks out:
"The Curve Finance team and I have been working hard to address the liquidation risk issues that occurred today. Many of you know that all of my loans have been liquidated. My position was too big, the market couldn't handle it, resulting in a $10 million loss. The lend.curve.fi market was affected the most. I have repaid 93%, and I plan to repay the rest soon. It will help users avoid this situation."
Ethereum developer @sassal0x sarcastically commented: "Just don't buy a mansion."
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