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DeFi

Michael Egorov Deposited 23.26 Million CRV Into Silo To Repay The Debt On Aave

September 25, 2023 - Around 2 mins mins to read

Key Points:

  • Curve Finance founder repays $12.3 million in DeFi loans using CRV tokens.
  • Silo reaches a record $60 million CRV TVL, possibly linked to Egorov’s deposit.
  • Egorov’s debt reduction efforts amid Curve’s crisis draw user attention.
In a recent development, Curve Finance founder Michael Egorov has taken decisive action to repay loans on various DeFi platforms.
Michael Egorov Deposited 23.26 Million CRV Into Silo To Repay The Debt On Aave

Michael Egorov Deposited CRV to Settle $12.3 Million DeFi Loans Using CRV Tokens

On September 25, Lookonchain monitoring data revealed that Egorov deposited a substantial 23.26 million CRV tokens, equivalent to approximately $12.3 million, into Silo. He then borrowed 3.75 million crvUSD and subsequently repaid the same amount. Egorov further switched to USDT to settle his debt on Aave.

The recent recovery in the CRV token’s value can be attributed to renewed interest in the asset after the Curve Finance hack, which had a ripple effect on DeFi protocols.

It’s worth noting that in the previous month, Egorov had borrowed over $100 million in stablecoins across various DeFi lending platforms, using his CRV holdings as collateral. Instead of selling his CRV directly, Egorov opted for this approach, which drew criticism from the crypto community. Reports also surfaced about his extravagant expenditures on multi-million-dollar mansions in Australia.

Silo Surges to $60 Million in CRV TVL

This move follows an announcement from Silo Labs earlier in the day, reporting that the total value locked (TVL) in CRV tokens on Silo had reached an all-time high of $60 million. Many speculate that Egorov’s significant token deposit played a pivotal role in this achievement.

Egorov has been diligently working to reduce his debt and utilization ratio, having already settled his FRAX debts. However, there are concerns among users who are rushing to withdraw their liquidity as he repays debts amid Curve’s ongoing crisis.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

AAVE

CRV

Curve

Michael Egorov

Author

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.