The creator of Curve has dumped $19 million in CRV to settle his obligations
Despite a 20% decline in token value over the last week, Curve (CRV) creator Michael Egorov sold an additional 34 million CRV ($19.72M, at press time) on the evening of Thursday, August 3.
Since the “Reentrancy Hack” that harmed Curve, the CEO has sold a total of 106 million CRV for $42.41 million and now owes a total of $65.34 million.
According to PeckShield, a breach on July 30 caused a liquidity crisis in the Curve Protocol ecosystem when around $52 million in crypto assets were stolen from the platform’s liquidity pools (LPs). Investor confidence was impacted because of the event’s impact on CRV pricing and the resulting market imbalances.
Michael Egorov borrowed money against CRV from several crypto-lending sites to restock Curve’s LPs and therefore ease the liquidity situation. In spite of the continued decline in the value of the tokens he has given, he still owns 346.93 million CRV ($220.4 million) spread over five exchanges.
As the company’s creator seeks to shore up his position, Egorov has been doing off-exchange negotiations with more than 15 different institutions to sell them CRV tokens at a discount. There is still a long way to go even though he has paid off $42.41 million of his obligations thus far.
In order to pay off 7.52 MIM on Abracadabra and 6.1 USDT on Aave (AAVE), the most recent OTC sale of 34 million CRV for around $19 million was employed.