Curve Finance founder Michael Egorov settled his $35 million debt on the decentralized lending platform Aave by depositing 68 million $CRV tokens. According to on-chain data provided by the Web3 data analytics provider Lookonchain, Egorov still has outstanding debts totaling $42.7 million across four platforms.
Michael Egorov deposited 68M $CRV ($35.5M) to #Silo and borrowed 10.77M $crvUSD in the past 2 days.— Lookonchain (@lookonchain) September 27, 2023
Then swapped $crvUSD for $USDT and repaid the all debt on #Aave.
He currently has 253.67M $CRV($132.52M) in collateral and $42.7M in debt on 4 platforms.https://t.co/stkFvDrlnv pic.twitter.com/oBQ4yiT9Xs
Egorov began the process of closing his debt position on Aave by depositing 68 million $CRV tokens into the lending protocol called Silo, which was approximately worth $35.3 million. Following that, Egorov borrowed an additional $10.8 million worth of crvUSD, Curve’s decentralized stablecoin, within the last two days. He then used this borrowed crvUSD to swap for Tether’s USDT stablecoin and subsequently paid off the entire debt position on Aave.
$46 Million $CRV Token Sale
Previously, in August, Egorov had sold 106 million $CRV tokens over-the-counter (OTC) for $46 million in an effort to mitigate liquidation risks associated with outstanding debts on various DeFi platforms. This event garnered significant attention in the crypto space and led to significant declines in the $CRV token price.