CurveDAO loses 26% amid Egorov positions liquidation risk and UwU hack 📉

CurveDAO (CRV) crashed today almost 40% but now token loses 26%, after slightly rebound. Cryptocurrency market cap is now $318 million. According to Lookonchain intelligence, the market crash finally put Michael Egorov (crypto speculator, Curve Finance founder and CurveDAO holder) positions into liquidation mode.

• According to security blockchain company Cyvers, UwU Lend platform has been hacked for almost $20 million, hitting Egorov fortune. Stolen crypto assets were converted into ETH and hacker was funded 2 days ago, via sanctioned crypto mixed Tornado Cash.
• Among the users affected by the hack was Curve Finance founder Michael Egorov. Egorov used the platform to borrow so-called stablecoins as the collateral, to his CurveDAO reserves. Investors reacted in fear, seeing UwU hack and Egorov loses as higher probability of leverage trades liquidation and sell off in CurveDAO.

Egorov currently has almost 112 million CRV tokens worth almost $34 million in collateral and $20.60 million in debt on four Defi lending platforms. CurveDAO crash led to chain liquidation effect from another holder, wiping out 10.58 million CRV tokens worth $3.3 million on Fraxlend lending decentralized protocol.

CURVEDAO (interwal D1)

Source: xStation5