Curve Finance founder Michael Egorov still has $80 million in on-chain debt, despite raising at least $28.8 million by dumping 72 million CRV tokens at $0.40 cents apiece through over-the-counter (OTC) sales, according to on-chain data. By
Curve Finance founder Michael Egorov's on-chain debts to several lending platforms stand at roughly $80 million despite his frantic efforts this week to raise funds that could stave off a liquidation crisis.
Egorov raised at least $28.8 million by dumping 72 million CRV tokens at $0.40 cents a piece through over-the-counter sales, according to on-chain data. That cash has helped him pay down some – but not all – of his borrows from Aave, Abracadabra, FraxLend and Inverse Finance, data from blockchain analytics firmOn Aave, where Egorov is still on the hook for a roughly $50 million loan, things could get hairy if the price of CRV hits $0.368.
The price of CRV has remained steady around 58 cents in the past 24 hours, after dropping more than 20% since its exploit several days ago, perCoinDesk calculated that Egorov has raised $28.8 million using blockchain data, but the true figure may be higher as it does not account for deals that may have occurred off-chain.
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