Curve Founder Repays Aave Debt with CRV Tokens to Avoid Cascading Liquidations
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Curve founder Michael Egorov deposited 68M CRV tokens ($35M) to repay debt on Aave.
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After depositing CRV, Egorov converted 10.77M crvUSD to USDT to repay all debt on Aave.
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In August, Egorov raised $42M through OTC CRV sales to pay off $80M in on-chain debt.
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Egorov deposited CRV to avoid liquidation, which could have had a cascading effect due to lack of liquidity.
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Egorov now has 253.67M CRV tokens ($132.52M) as collateral across 4 DeFi lenders with $42M in debt.