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Home » Details on Michael Egorov Founder of Decentralized Finance Protocol Facing Potential Loss of Millions in Futures Trading
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Details on Michael Egorov Founder of Decentralized Finance Protocol Facing Potential Loss of Millions in Futures Trading

By adminJun. 13, 2024No Comments2 Mins Read
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Details on Michael Egorov Founder of Decentralized Finance Protocol Facing Potential Loss of Millions in Futures Trading
Details on Michael Egorov Founder of Decentralized Finance Protocol Facing Potential Loss of Millions in Futures Trading
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Decentralized Finance Protocol Founder Faces Potential Losses in Millions Due to Sharp Drop in Token Price

Michael Egorov, the founder of Curve Finance, is currently at risk of significant liquidation as the price of the Curve DAO (CRV) token plummets by more than 25% in just 24 hours.

Egorov holds a substantial amount of on-chain credit, with 111.87 million CRV tokens valued at $33.87 million used as collateral against $20.6 million in debt spread across four platforms. Arkham, a blockchain intelligence firm, had previously estimated that Egorov’s CRV positions, valued at around $140 million, were nearing liquidation.

The firm highlighted that Egorov was spending $60 million annually to maintain his positions in LlamaLend, and that a mere 10% drop in the value of CRV would trigger the liquidation of these positions.

Earlier today, Egorov faced potential liquidation on Inverse, but took swift action to reduce the risk. The ratio of his positions on Inverse stood at 1.07, with liquidation typically occurring when this ratio hits one. On-chain data reveals that Egorov has started repaying the stablecoin DOLA he borrowed to minimize his exposure to risk.

Egorov’s ongoing efforts to manage his debt and mitigate liquidation risks underscore the inherent volatility and challenges in the decentralized finance (DeFi) sector. The recent sharp decline in CRV’s price serves as a stark reminder of the risks associated with leveraging crypto assets for secured loans.

Please note that this article does not provide investment advice. If you’re interested in investing in over 300 cryptocurrencies, you can sign up with Binance exchange using this link for a 20% commission discount. For exclusive news, analytics, and on-chain data, follow our Telegram and Twitter accounts.

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