Curve Founder Michael Egorov Closes Remaining Aave Position

Egorov deposits 68 million CRV to Silo and borrows 10 million crvUSD, prior to repaying his debt position on Aave.
Curve Founder Michael Egorov Closes Remaining Aave Position

The developer and founder of Curve Protocol, Michael Egorov, has closed his debt position on Aave, repaying USDT on September 26. 

According to a post shared by Lookonchain, Egorov deposited 68 million CRV to Silo Finance and borrowed 10.77M crvUSD, a stablecoin issued by Curve. 

He further swapped crvUSD for USDT and repaid the debt in order to close his position on AAVE. 

Egorov’s DeBank profile shows that he still has $42.7 million of open positions on 4 different platforms, including Fraxlend, Inverse, Cream Finance, and Silo – all backed by 253.67 million CRV tokens.

In early August, Michael Egorov was surrounded by liquidation risks as Curve suffered a $47 million exploit and its token plunged more than 20% in a short span. He had a total of $168 million in CRV-collateralized loans from a number of DeFi protocols, including Aave, Frax Finance, and others.

The slump in the CRV price caused all his loans to get closer to the liquidation price. However, Egorov got out of the mammoth situation as he managed to sell CRV tokens on OTC to prominent buyers including Tron founder Justin Sun.

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