- Egorov has sold off CRV worth $57 million to repay debts.
- CRV’s funding rate has climbed back to positive as volume remains high.
The fierce struggle to salvage Curve Finance after a recent hack rages on. As the spotlight intensified on the CEO’s debt involvement in the breach’s aftermath, he orchestrated moves to settle the debts. This was to prevent the platform from sinking deeper into trouble.
Read Curve Finance (CRV) Price Prediction 2023-24
Egorov moves to lessen Curve Finance’s exposure
The hacking incident on Curve Finance thrust the CEO, Michale Egorov, into the spotlight, exposing his current debt situation. Reportedly, he had millions of CRV tokens as collateral. Faced with the pressing need to safeguard his positions from liquidation, Egorov started selling his CRV holdings.
According to a recent post by Look On Chain, Egorov engaged in a strategic maneuver, selling a staggering $142.6 million worth of CRV to 30 institutions and investors through over-the-counter (OTC) channels, securing a favorable price of $0.4 per token. As a result of these transactions, he successfully obtained $57 million, which he promptly utilized to repay his debts.
Update:
The #Curvefi founder(Michale Egorov) sold a total of 142.6M
Go to Source to See Full Article
Author: Adewale OlarindeDid you like this?
Tip BTC Newswire with CryptocurrencyDonate Bitcoin to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some bitcoin:Donate Bitcoin Cash to BTC Newswire
Scan the QR code or copy the address below into your wallet to send bitcoin:Donate Ethereum to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some Ether:Donate Litecoin to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some Litecoin:Donate Monero to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some Monero:Donate ZCash to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some ZCash:
