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In the recent Curve Finance exploit, the DeFi market witnessed a major correction in several tokens, including COMP, CVX, and AAVE, with declines reaching nearly 22% within just two days.
Curve founder Michael Egorov has sold more curve tokens (CRV) in over-the-counter transactions with multiple crypto entities.
Michael Egorov has around $100 million in loans across various lending protocols backed by 47% of the circulating supply of Curve DAO tokens.
Sun said a liquidity pool that utilizes tether stablecoins issued on the Tron network would “amplify user benefits,” pointing to saving a potentially bad loan.
Curve Finance, a prominent decentralized finance (DeFi) protocol, is grappling with the aftermath of a recent $47 million hack. However, another pressing issue has surfaced, raising concerns among holders of the protocol's native token, Curve DAO (CRV).
Bitcoin has dipped a bit on the Curve exploit that has led to some FUD.
A wallet linked to Justin Sun acquired 5 million CRV tokens for $2 million from Curve's Michael Egorov in a likely OTC deal.
Curve Finance founder Michael Egorov has a total of $100 million in debt backed by over 400 million CRV tokens.
Egorov has created a new liquidity pool on Curve for FraxLend's CRV/FRAX market, called crvUSD/fFRAX. Analysts said it is an attempt to incentivise liquidity to FraxLend's pool from where Erogov has taken loan of 15.8 million FRAX.
Curve's native token CRV experienced a sharp price decline due to a reentrancy attack, prompting founder Michael Egorov to take measures to stabilize his personal DeFi position.
On-chain data reveals a series of intriguing transactions by Curve founder following a 2 million USDT transfer.
Curve DAO token lost 17% of its value under a massive attack. A series of exploits targeting DeFi projects in Curve Finance, leaving the platform in a vulnerable position with $100 million worth of cryptocurrency at risk.
Curve Finance suffered a significant exploit over the weekend, with attackers managing to siphon off around $70 million worth of assets from users. Curve founder Michael Egorov has a loan of around $70 million in USDT on Aave v2, using CRV as collateral.
Following the exploit on certain Curve Finance liquidity pools on Sunday, Curve founder Michael Egorov's CRV-collateralized loans are potentially at risk of being liquidated.
The Ethereum DeFi space is currently experiencing a rough few hours. All major DeFi coins are posting deep red numbers in the last 24 hours: Compound (-18%), Aave (-10%), Curve (-10%), Frax (-6%), and Synthetix (-6%).
Upbit, the largest cryptocurrency exchange in South Korea, has temporarily suspended CRV withdrawals and deposits after Curve fell victim to a significant exploit. Other exchanges have been keeping track of the situation but have not initiated any action as of now.
Concern is mounting over a large loan that the Curve Finance founder took out with his stash of the protocol's native token. As the price of CRV continues to fall, a large liquidation looms.
Traders pile into short positions in the perpetual futures market as potential liquidation of founder's crypto borrowing may destabilise the broader decentralized finance ecosystem.
Bitcoin briefly broke above $29,500 in the last 24-hours as investors await the upcoming U.S. jobs report on Friday. The largest cryptocurrency by market cap appears to be unfazed by recent moves from central banks around the globe and even material technical events like the Curve Finance exploit.
The MEV bot's white-hat operator returned the funds to Curve Finance, which may have otherwise been lost to malicious hackers.
Shortly before Asia TradFi markets opened on Tuesday, bitcoin was slogging just above $29,200, roughly flat over the past 24 hours but still stuck in the same narrow range it's been occupying for a week.
Curve CEO Michael Egorov pledged 34% of CRV's total market cap to back loans across DeFi protocols. A forced liquidation would result in selling at a time when prices are already falling.
Decentralized exchange Curve Finance saw exploits of over $70 million on Sunday, caused by a Vyper reentrancy lock malfunction.
Curve's TVL tanked after the latest exploits. And now, its stay as a top DEX or token could be jeopardized.
