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Curve Finance founder Michael Egorov hit amid $22M CRV liquidation cascade

Over $20M worth of CRV-collateralised positions were liquidated as the price of the Curve Finance’s governance token dropped over 30%.

Sifu’s UwU Lend reportedly hacked for $20M, Curve’s Egorov among affected

Attack transactions show the UwU hacker used ‘flash loans’ which can be used to manipulate asset prices on DeFi apps.

Egorov came close to liquidation on his highly leveraged CRV positions, which total over $150M, with CRV dipping below $0.38 on Saturday.

During the early hours of February 1, as soon as the deal expired, three of Micheal Egorov’s counterparties moved a total of 8.75 million CRV.

CRV tokens that Michael Egorov sold to avoid liquidation of his debt were briefly sent to Binance, briefly dropping their price.