Curve Finance, a major DeFi player, lost $20 million in a hacking attempt last week. This coup put its founder, Michael Egorov, at risk of liquidating his open positions. While Tron founder Justin Sun is the first to lend a helping hand, support is also coming from crypto companies.
Crypto whales and companies are trying to alleviate the risks of liquidation
parofix.com Tron founder Justin Sun bought 5 million CRV to protect Egorov from the risk of liquidation after the hacking incident. Companies providing liquidity included Wintermute, Prisma Finance, DWF Labs and Huang Licheng. The liquidation in question contains potential dangers for USDT, which is broadcast on the Tron network.
In a hot Development, Huobi co-founder Jun Du has completed the acquisition of 10 million CRV. In his first tweet on Aug. 1, Du announced that he would buy 10 million CRV at $0.40 through OTC transactions. He made his purchases yesterday evening.
On the other hand, the Curve founder received a $100 million DeFi stablecoin loan using his own CRV assets as collateral. However, the protocol was abused on July 30, which led to a 30% drop in CRV prices.
Curve founder’s $189 million futures position at risk
Acquisitions by the likes of Jun Du and Justin Sun provide liquidity to CRV. The joint effort is aimed at protecting the open positions of Curve Finance founder Michael Egorov, who will have a direct impact on the Market.
According to Debank data, Egorov has so far successfully paid off over $17 million in stablecoin loans. This financing led to a marginal improvement in the health of the overall credit market. But despite the positive developments, the DeFi founder is still burdened with a significant amount of debt. Egorov owes Aave about $60 million and Abracadabra $12 million. It also has to pay back about $8 million to Inverse.
Meanwhile, from July 30 to August 1, the price of AAVE experienced a significant drop of 17%. Meanwhile, its current price has fallen to $63. Part of this depreciation was due to the recent exploitation in Sunday’s Curve Finance pool. AAVE is currently recovering slightly and trying to regain the $65 zone.
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Crypto whales and companies are trying to alleviate the risks of liquidation
parofix.com Tron founder Justin Sun bought 5 million CRV to protect Egorov from the risk of liquidation after the hacking incident. Companies providing liquidity included Wintermute, Prisma Finance, DWF Labs and Huang Licheng. The liquidation in question contains potential dangers for USDT, which is broadcast on the Tron network.
In a hot Development, Huobi co-founder Jun Du has completed the acquisition of 10 million CRV. In his first tweet on Aug. 1, Du announced that he would buy 10 million CRV at $0.40 through OTC transactions. He made his purchases yesterday evening.
Jun Du is the co-founder of Huobi and also serves as the CEO of New Huo Tech. He also serves as co-founder and GP at the Web3 fund ABCDE. Following the July 30 Curve Finance hack incident, it came forward with its support for CRV.
On the other hand, the Curve founder received a $100 million DeFi stablecoin loan using his own CRV assets as collateral. However, the protocol was abused on July 30, which led to a 30% drop in CRV prices.
Curve founder’s $189 million futures position at risk
Acquisitions by the likes of Jun Du and Justin Sun provide liquidity to CRV. The joint effort is aimed at protecting the open positions of Curve Finance founder Michael Egorov, who will have a direct impact on the Market.
According to Debank data, Egorov has so far successfully paid off over $17 million in stablecoin loans. This financing led to a marginal improvement in the health of the overall credit market. But despite the positive developments, the DeFi founder is still burdened with a significant amount of debt. Egorov owes Aave about $60 million and Abracadabra $12 million. It also has to pay back about $8 million to Inverse.
Meanwhile, from July 30 to August 1, the price of AAVE experienced a significant drop of 17%. Meanwhile, its current price has fallen to $63. Part of this depreciation was due to the recent exploitation in Sunday’s Curve Finance pool. AAVE is currently recovering slightly and trying to regain the $65 zone.
Contact us to be instantly informed about breaking news Twitter’also Facebookand InstagramFollow along at . Telegram and YouTube Join our channel!
parofix.com
