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Curve Finance founder cuts debt to $42.7M, settles complete Aave mortgage

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Curve Finance founder Michael Egorov soundless has a debt of $42.7 million all over four protocols, including Silo, Fraxlend, Inverse and Cream.

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Michael Egorov, the founder of decentralized finance (DeFi) protocol Curve, as of late settled his loans on the lending platform Aave, cutting back his debt to $42.7 million all over other DeFi protocols. 

In accordance with the on-chain analytics platform Lookonchain, the Curve founder deposited 68 million CRV tokens, value $35.5 million, to lending protocol Silo and borrowed 10.77 million in crvUSD stablecoin within the closing two days. Following this, Egorov swapped the crvUSD into Tether (USDT) and paid all his debt on Aave. 

— Lookonchain (@lookonchain) September 27, 2023

In accordance with Lookonchain, the Curve Finance founder at the 2d has a total of 253.67 million CRV tokens in collateral and has a closing debt of $42.7 million all over four protocols, including Silo, Fraxlend, Inverse and Cream. 

On Aug. 1, Egorov made headlines for his $100 million DeFi debt, as experiences confirmed that extra drops within the value of Curve DAO (CRV) tokens could presumably potentially roar off liquidations and reason a DeFi implosion. Seeing the risks, the Curve founder made some moves to decrease his debt and utilization charge support then.

Associated: Curve Finance pools exploited by over $47M as a result of reentrancy vulnerability

At the time, the prices of CRV tokens dropped because the protocol suffered a $47 million hack as a result of a reentrancy vulnerability. On July 30, loads of precise pools on Curve had been exploited as a result of vulnerabilities within the Vyper programming language. In accordance with Curve, reentrancy locks malfunctioned and the pools had been breached. The value of CRV tokens fell from $0.73 on July 30 to $0.50 on Aug. 1.

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