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With the recent correction in the cryptocurrency market, the health of users borrowing and lending on various chains is also in crisis, including Curve founder Michael Egorov. Analyst Yu Yin discovered that Egorov’s lending position, valued at over $90 million, is once again on the verge of liquidation, with some positions having a health factor as low as 1.1.
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Table of Contents
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CRV Liquidation Crisis Resurfaces?
Overview of Michael Egorov’s Lending Situation
Review of Previous Liquidation Crisis and Egorov’s OTC Fundraising
With the Bitcoin price dropping to $60,000, various competing coins also experienced declines of 10% to 30% within two days. Among them, Curve (CRV) had a maximum decline of 39% in the past three days, narrowing to about 26% at the time of writing.
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Source:
Binance
Yu Yin tweeted about this, pointing out that due to the drastic drop in the CRV price, Curve founder Michael Egorov’s lending position has once again entered a dangerous state:
With the CRV price at $0.42, Egorov’s health factor on multiple platforms has dropped to around 1.1, which is a dangerous level.
He calculated that Egorov mortgaged a total of 371 million CRV tokens through five addresses on six lending platforms, borrowing a total of $92.54 million in stablecoins.
ChainNews has also compiled Michael Egorov’s lending situation on various protocols. Even after Yu Yin’s tweet, Egorov indeed took measures such as adding collateral or repaying loans to avoid liquidation.
However, there are still three platforms with health factors below 1.2, which are quite dangerous in the current highly volatile market. Once again facing a decline of about 20%, it may lead to large-scale liquidation worth tens of millions of dollars.
Source:
DeBank
Yu Yin expressed concerns about this and emphasized that Egorov will need to make a choice:
Either sell CRV through OTC to repay the loan as before, or partially convert the previously borrowed stablecoins to repay the loan.
He added, “Or take no action for now, and the market won’t continue to decline.”
In August of last year, Curve Finance was hit by a vulnerability attack, resulting in losses of over $70 million and a 24% drop in the $CRV token within two days. It almost led to the consecutive liquidation of Michael Egorov’s positions on various lending protocols, causing a severe crisis in the entire DeFi ecosystem.
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At that time, Egorov had debts of up to $110 million, mortgaging over 427.5 million CRV tokens, accounting for nearly half of the circulation.
In the following days, Egorov sought OTC sales of a large amount of CRV tokens from 33 institutions and individual investors to gradually recover his financial health.
CRV
Curve Finance (CRV)
Michael Egorov
Yu Yin
Lending
Liquidation
Further Reading
Curve Deploys Lending Contracts, Founder Egorov: Want to Liquidate Me? Bring It On
Enabling the Sale of NFT Airdrop Rights! What is Liquid Delegate?