Curve Finance founder Michael Egorov recently settled his loans on the lending platform Aave, reducing his debt to $42.7 million across other DeFi protocols.
According to the on-chain analytics platform Lookonchain, the proprietor of Curve deposited 68 million CRV tokens, worth $35.5 million, to the lending protocol Silo and borrowed 10.77 million in crvUSD stablecoin over the course of the last two days. Egorov then exchanged the crvUSD for Tether and settled his entire Aave debt.
According to Lookonchain, Curve Finance’s proprietor holds 253,67 million CRV tokens as collateral and owes $42.7 million across four protocols, including Silo, Fraxlend, Inverse, and Cream.
On August 1, Egorov made headlines for his $100 million DeFi debt, as reports indicated that further declines in the price of Curve DAO (CRV) tokens could initiate liquidations and cause DeFi to implode.
Seeing the risks, the proprietor of Curve took steps to reduce his debt and utilization rate at the time.
Due to a reentrancy vulnerability, the protocol suffered a $47 million breach at the time, precipitating a steep decline in the value of CRV tokens. Several Curve Finance stable pools were exploited on July 30 due to vulnerabilities in the Vyper programming language.
According to Curve Finance, the reentrancy locks failed, resulting in the compromise of the pools. On August 1, CRV tokens dropped from $0.73 on July 30 to $0.50.