Curve Founder Michael Egorov Deposits $35M CRV to Settle Debt on Aave

Egorov now has $132 million worth of collateral and $42 million in debt across all other DeFi lenders.

AccessTimeIconSep 27, 2023 at 12:05 p.m. UTC
Updated Sep 28, 2023 at 3:33 p.m. UTC

Curve founder Michael Egorov has deposited 68 million CRV tokens ($35 million) to settle his entire debt position on DeFi lending platform Aave, according to blockchain analytics firm Lookonchain.

After depositing CRV, Egorov converted 10.77 million crvUSD to tether (USDT) to repay all of the debt on Aave.

CRV is currently trading at 53 cents having risen by 3.48% in the past 24-hours, according to CoinDesk data.

In August, Egorov raised $42 million through over-the-counter (OTC) sales of CRV tokens to pay off $80 million of on-chain debt, this came after a market-wide tumble in asset prices which put Egorov's CRV positions on DeFi lenders dangerously close to liquidation.

In the event of liquidation, Aave would have had to sell the CRV put up as collateral to the open market, which would have had a cascading effect due to a lack of liquidity.

Now, Egorov has 253.67 million CRV tokens ($132.52 million) in collateral and $42 million in debt across four DeFi lenders, according to Debank.

Edited by Parikshit Mishra.


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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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