DeFi

Curve Finance Founder Is Suspected Of Selling About 12.5 Million CRV Again

Key Points:

Amid platform troubles, Curve Finance’s Michael Egorov moves $7.64 million in CRV tokens.
Egorov sells CRV collateral, tackling a $48.7 million debt across platforms, showing resilience.
Curve Finance’s $6 million bug bounty retrieves assets as hacker returns stolen funds.

Amidst ongoing challenges within Curve Finance, its founder Michael Egorov has once again attracted attention by transferring funds.

Recent on-chain data revealed Egorov’s transfer of approximately 12.5 million CRV, equivalent to around $7.64 million USD, to an address beginning with “0xd1c5” at 7:12 UTC on August 10.

Following a recent hacking incident that exposed Egorov’s financial predicament, it was revealed that he had held millions of CRV tokens as collateral. To prevent further losses, he opted to sell these holdings, illustrating his resourcefulness during turbulent times.

Before this, Egorov had leveraged a substantial amount of CRV, totaling 269.8 million tokens worth $166 million.

Despite this, he continues to shoulder a debt load of $48.7 million spread across multiple platforms. However, his tenacity shines as he navigates the complexities of financial recovery. Egorov had almost paid off his $80 million debt via OTC sales of CRV tokens.

In an unconventional move in response to the attack, Curve Finance and other affected protocols offered a 10% bug bounty, totaling $6 million, to the hacker behind the breach. Surprisingly, the hacker accepted, returning the stolen assets to Alchemix and JPEGd.

Despite recent setbacks, Curve Finance remains undeterred. A recent update shared through its official account highlights its resilience by initiating a community vote for its upcoming project, the stableswap pool, following the Vyper attack experienced a few weeks ago.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.