Months Later Made a Purchase but Failed Again: DeFi Boss Liquidated in the Last Drop - Coin Bulletin

Curve Finance founder Michael Egorov lost his $918,000 worth of assets following a sharp drop in CRV price, and the total locked value of the platform also declined significantly.

Curve Finance founder Michael Egorov was liquidated with over 918.83K CRV (approximately 882 thousand dollars) as the CRV price dropped by more than %12 in the last 24 hours.

Egorov, one of the leading figures in the decentralized finance (DeFi) world, also suffered similar significant losses in 2024. In June, he faced a total $140 million liquidation process as a result of the loans he took to buy CRV and support the price.

Egorov stated at the time, “Most of you know that all of my loans have been liquidated. I had positions that were too big for the market to handle, which resulted in a 10 million dollar bad debt”.

Egorov, who took action 6 months later, came to the agenda with the purchase of CRV worth 1 million dollars just a few days ago.

The final settlement is based on Egorov's $1.2 million CRV purchase on December 17th. It was reported that the price of CRV was $1.11 on that date, and the price dropped to $0.91 on Thursday.

After the liquidation, Egorov stated on social media platform X that the liquidated CRV was related to the uWu hack attack in June and that this situation was a "receipt" related to Sifu's promise to repay the stolen funds.

However, this announcement was not enough to stop the selling pressure on CRV. It was emphasized that while the CoinDesk 20 Index recorded a 4.81% decrease, the CRV price experienced a 12% decline during the same period.

The total locked value (TVL) of the Curve platform, which was 3.5 billion dollars on December 16, dropped to 3.25 billion dollars as of Thursday. It was stated that a significant portion of this decrease was due to the decline in asset prices.