HomeFinance NewsReport: Curve Founder Michael Egorov Faces Liquidation During Altcoin Crash.

Report: Curve Founder Michael Egorov Faces Liquidation During Altcoin Crash.

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The founder of Curve, a decentralized finance protocol, Michael Egorov, faced potential liquidation as the altcoin market experienced a significant collapse over the weekend. Egorov found himself in a precarious position as Curve’s native asset, CRV, dropped to $0.42. He had mortgaged a total of 371 million CRV, valued at around $156 million, through multiple lending platforms to borrow $92.54 million in stablecoins. The health rate of his positions had dropped to approximately 1.1, indicating a high risk of liquidation in leveraged trading.

Amid the weekend’s digital asset wipeout, Egorov’s close margin call was just one of many facing liquidations in the crypto derivatives market. Centralized exchange (CEX) traders who had taken long positions faced losses totaling $1.556 billion, with bearish traders who went short also experiencing liquidations worth $273 million over the same two-day period. Decentralized exchange (DEX) platforms were not spared either, as over $120 million was liquidated from DEXs, marking the highest amount so far in 2024. The volatility and marketwide dip led to significant losses and forced many traders to reconsider their positions.

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