Curve Founder Michael Egorov Faced Liquidation Amid Weekend Altcoin Crash: Report
The founder of the decentralized finance (DeFi) protocol Curve (CRV) reportedly stared at the prospect of getting liquidated as the altcoin market collapsed during the weekend.
According to crypto reporter Colin Wu, Curve founder Michael Egorov faced liquidation in his lending positions after Curve’s native asset dipped to $0.42.
“Curve founder Michael Egorov also faced liquidation of his lending positions as CRV fell to $0.42. Michael mortgaged a total of 371 million CRV (approximately $156 million) through five addresses on six lending platforms to borrow $92.54 million in stablecoins. The health rate has dropped to around 1.1.”
In leveraged trading, a health score closer to 1 suggests that a trader’s position is about to be liquidated unless fresh capital is added.
Egorov’s close margin call came as the crypto derivatives market was hit with hundreds of millions of dollars worth of liquidations amid the weekend digital asset wipeout.
According to data from blockchain-tracking firm Coinglass, centralized exchanged (CEX) traders who went long on digital assets suffered the brunt of the liquidations, losing a total of $1.556 billion between April 13th and April 14th. Bearish traders who sought to capitalize on the marketwide dip were not spared by the volatility as shorts were liquidated to the tune of $273 million over the two-day period.
Decentralized exchange (DEX) platforms were also hit hard by liquidations. Citing data from crypto analytics firm Parsec, Wu says that over $120 million was liquidated from DEXs, the highest so far in 2024.
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