Curve Finance founder Michael Egorov hit amid $22M CRV liquidation cascade
Over $20 million worth of CRV-collateralised positions were liquidated this morning, as the price of the Curve Finance’s governance token dropped by more than 30% in an hour. Curve founder Michael Egorov was hit hard, with 20 million CRV collateral liquidated on UwU Lend, a decentralized finance (DeFi) platform created by the infamous 0xSifu, a.k.a Michael Patryn. Egorov’s loans on Inverse Finance (worth $6.5 million) and Silo Finance (worth $14.3 million) were also liquidated. CRV liquidations coming in hot pic.twitter.com/ldalvYXQpF — parsec (@parsec_finance) June 13, 2024 Read more: Sifu’s UwU Lend reportedly hacked for $20M, Curve’s Egorov among affected A dashboard by Parsec Finance user @kez shows a total of $22 million worth of CRV liquidations which accompanied a dip in price from around $0.36 to a low of $0.23. CRV is currently worth $0.27, according to data from CoinMarketCap. In what is known as a ‘ liquidation cascade ,’ CRV collateral was sold off by...