Curve founder’s lending positions on various platforms have entered a dangerous zone
Mars Finance News, according to on-chain analyst Ember Monitoring, as the market fell in the past two days, the price of CRV also fell to $0.42. Curve founder Michael Egorov’s lending position has also entered the red line again. Michael currently has a total of 371 million CRV (approximately $156 million) mortgaged on 6 lending platforms through 5 addresses to borrow $92.54 million in stablecoins.
Because the price of CRV has fallen, Michael's lending positions on various platforms have now entered the dangerous zone. The lending health ratio for multiple positions has dropped to around 1.1 (i.e. liquidation will begin if the CRV price continues to fall by 10% without cover or repayment).
In August last year, in order to avoid liquidation caused by the drop in CRV prices, Michael sold 159.4 million CRVs to 33 investors/institutions in an over-the-counter (OTC) transaction in exchange for 63.76 million U stablecoins to repay the borrowings. The sale price was US$0.4.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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