Insights for CurveFinance Event. This week, $CRV has garnered significant attention from the market due to recent events.
02 Aug 2023, 05:51
📰Insights for CurveFinance Event
This week, $CRV has garnered significant attention from the market due to recent events. The founder of Curve, Michael Egorov, had previously used $CRV as collateral in various lending protocols for liquidity, which was generally considered low-risk.
However, last weekend, certain individuals exploited a flaw in Vyper to attack multiple pools on Curve, resulting in the theft of nearly $50 million in funds. Consequently, the value of $CRV has experienced a substantial drop and is now approaching Michael Egorov's liquidation price on other lending platforms.
To mitigate the impact, Michael Egorov took action by repaying a portion of the loan and obtaining liquidity by selling $CRV through OTC channels. Despite these efforts, our research indicates that he still has approximately $90 million in outstanding loans to repay.
As this situation is ongoing, it is essential to remain vigilant and be aware of any associated risks.
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1SypoolSYP #2339
02 Aug 2023, 05:51
📰Insights for CurveFinance Event
This week, $CRV has garnered significant attention from the market due to recent events. The founder of Curve, Michael Egorov, had previously used $CRV as collateral in various lending protocols for liquidity, which was generally considered low-risk.
However, last weekend, certain individuals exploited a flaw in Vyper to attack multiple pools on Curve, resulting in the theft of nearly $50 million in funds. Consequently, the value of $CRV has experienced a substantial drop and is now approaching Michael Egorov's liquidation price on other lending platforms.
To mitigate the impact, Michael Egorov took action by repaying a portion of the loan and obtaining liquidity by selling $CRV through OTC channels. Despite these efforts, our research indicates that he still has approximately $90 million in outstanding loans to repay.
As this situation is ongoing, it is essential to remain vigilant and be aware of any associated risks.
Insights for CurveFinance Event. This week, $CRV has garnered significant attention from the market due to recent events.
📰Insights for CurveFinance Event
This week, $CRV has garnered significant attention from the market due to recent events. The founder of Curve, Michael Egorov, had previously used $CRV as collateral in various lending protocols for liquidity, which was generally considered low-risk.
However, last weekend, certain individuals exploited a flaw in Vyper to attack multiple pools on Curve, resulting in the theft of nearly $50 million in funds. Consequently, the value of $CRV has experienced a substantial drop and is now approaching Michael Egorov's liquidation price on other lending platforms.
To mitigate the impact, Michael Egorov took action by repaying a portion of the loan and obtaining liquidity by selling $CRV through OTC channels. Despite these efforts, our research indicates that he still has approximately $90 million in outstanding loans to repay.
As this situation is ongoing, it is essential to remain vigilant and be aware of any associated risks.