Blockchain analytics company Lookonchain has learned that Curve founder Michael Egorov has deposited 68 million CRV tokens ($35 million) to pay off his entire debt balance on the DeFi lending platform Aave.
To pay off the entire debt on Aave, Egorov converted 10.77 million CRV after depositing them in USDT (USDT). CRV has increased by 3.48% over the past 24 hours to trade at 53 cents.
To pay off $80 million in on-chain debt, Egorov raised $42 million in August through over-the-counter (OTC) sales of CRV tokens. This was done following a market-wide decline in asset prices that brought Egorov’s CRV positions on DeFi lenders perilously close to liquidation.
Due to a shortage of liquidity, Aave would have had to sell the CRV put up as collateral on the open market in the case of liquidation, which would have had a cascade impact.
Currently, according to Debank, Egorov owes $42 million to four DeFi lenders and has 253.67 million CRV tokens ($132.52 million) in collateral as security.
