Curve Finance’s Michael Egorov says $10M in bad debt fully paid
The founder reassured the Curve community that he was “committed to building Curve more than ever,” following a hack attempt.
Curve founder Michael Egorov says he has fully repaid the $10 million in bad debt resulting from soft liquidations that were triggered due to a hacking attempt on June 13.
Following the incident, Egorov took to social media to explain, “ [The] size of my positions was too large for markets to handle and caused $10M of bad debt,” before claiming he had already paid 93% of the debt.
The June 13 hack attempt resulted in soft liquidations of Egorov’s positions due to a dramatic, temporary increase in borrowing costs. At the height of the crisis, Egorov faced $140 million in liquidations due to $95 million in stablecoin debt, and a $60 million annualized fee to keep his positions open.
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Author: Vince Quill
