The founder of the Curve protocol, Michael Egorov was propped in a troublesome situation following the Vyper exploit on Curve.
As previously reported, Egorov has CRV secured loans on different DeFi protocols including Aave and Frax Finance. His position on Aave involves $168 million CRV backed $63 million stablecoin borrowing which got slightly closer to liquidation risk as CRV kept downtrading.
However, Egorov’s borrowing valuation has dropped from $63 million to nearly $54 million as he managed to collect additional funds by selling CRV tokens. Several buyers came to support Egorov through acquiring roughly $20 million worth of CRV tokens via OTC deals.
The founder of the Tron, Justin Sun has bought 5 million CRV from Egorov by paying Tether’s USDT in a direct OTC (over the counter) trade. Justin shared a tweet stating, “As steadfast partners, we remain committed to providing support whenever needed.”
Egorov sent a huge amount of CRV (17.5M) to an address starting with 0xf51. According to a post by Sandra from Nansen, other notable buyers are DCFGod, Cream Finance, DWF Labs and Machi Big Brother.
All of these trades took place on OTC with Egorov raising more than $20 million funds. He supplied the funds to balance his borrowings and to get himself away from the liquidation.
Also read: Curve asks LPs to Withdraw Funds From its Tricrypto Pool
