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Michael Egorov

Centralized stablecoins may pose risk to DeFi — Curve Finance founder

As centralized US dollar-pegged stablecoins continue to gain popularity, the potential for regulatory capture has grown.

The potential risks of overcollateralized stablecoins have recently come into sharper focus. Michael Egorov, the founder of the decentralized borrowing and lending platform Curve Finance, explained that these risks are not necessarily the reserve-related risks commonly noted by investors, but geopolitical risks posed by government regulation.

In an interview with Cointelegraph, Egorov argued that the underlying assets backing collateralized stablecoins, including cash deposits in financial institutions and government securities, such as United States Treasury bills, are vulnerable to asset freezes and seizures.

United States Senator Bill Hagerty’s bill proposal to regulate stablecoins in the US. Source: US Senate

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Curve Finance adopts crvUSD for fee distribution

Curve Finance shifts from 3crv to crvUSD for fee distribution, enhancing the stablecoin’s utility and ecosystem integration.

Curve Finance has changed its fee distribution mechanism, transitioning from the 3cr token to its native stablecoin, crvUSD.

The move aims to improve crvUSD’s utility and integrate the stablecoin into the Curve Finance ecosystem to incentivize users. 

Related: Curve CEO clears up UwU Lend hack, CRV burn misinformation

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CRV Price Hits $0.35, Rebounding 41% From Recent Low Post-Founder Crisis

CRV Price Hits alt=Curve DAO’s (CRV) price increased over 10% early Wednesday, hitting $0.35 and marking a 41% increase from its low since a recent liquidation crisis involving its founder. On-chain data revealed significant accumulation of CRV by whales this week, with reports indicating a particular increase in purchasing during the post-liquidation price dip. This resurgence in CRV’s […]

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Curve CEO clears up UwU Lend hack, CRV burn misinformation

The Curve CEO clarifies misinformation about the UwU Lend hack and CRV token burn, outlining preventative measures and repayment of bad debt.

Michael Egorov, the founder and CEO of Curve Finance (CRV), has weighed in on the recent UwU Lend hack, explaining that the incident did not exploit Curve Finance itself. 

In a Q&A with Cointelegraph, Egorov clarified that “this was not a Curve exploit. This was an exploit of a separate project [UwU Lend],” explaining:

Egorov highlighted measures to prevent future exploits, recommending that UwU Lend “re-verify all contracts and connect them to good security auditors” to hopefully recuperate losses.

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Curve Founder Michael Egorov Faced Liquidation Amid Weekend Altcoin Crash: Report

Curve Founder Michael Egorov Faced Liquidation Amid Weekend Altcoin Crash: Report

The founder of the decentralized finance (DeFi) protocol Curve (CRV) reportedly stared at the prospect of getting liquidated as the altcoin market collapsed during the weekend. According to crypto reporter Colin Wu, Curve founder Michael Egorov faced liquidation in his lending positions after Curve’s native asset dipped to $0.42. “Curve founder Michael Egorov also faced […]

The post Curve Founder Michael Egorov Faced Liquidation Amid Weekend Altcoin Crash: Report appeared first on The Daily Hodl.

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Curve founder looks to unexpected counterparties to rescue sinking DeFi loans

Michael Egorov is attempting to pay off his mountain of DeFi debts by selling CRV at a discount.

Curve Finance founder Michael Egorov is attempting to offload some of his DeFi positions to alleviate his mountain of debt, but some have highlighted his liquidity sources.

On Aug. 1, Nansen research analyst Sandra Leow posted a list of liquidity sources for Egorov’s Curve DAO (CRV) positions.

According to Leow, Egorov sold around 50 million CRV tokens over the counter to several buyers at a below-market rate of $0.40 per token. The sale includes a three to six-month vesting agreement or they can be sold should prices reach $0.80.

Some of the bigger players involved include Tron founder Justin Sun, who was recently sued by the United States Securities and Exchange Commission.

Other notable buyers included tech entrepreneur Jeffrey Huang, better known as “MachiBigBrother” who Twitter personality ZachXBT accused of embezzling 22,000 Ether (ETH), currently valued at over $41 million, over several projects. Huang has denied the claims and sued ZachXBT for defamation.

DWF Labs, an investment firm that also engages in market making, also snapped up some discounted tokens.

Others include the DeFi lending protocol Cream Finance, "DCFGod" who is listed as part of a team for a nonfungible token (NFT) project and three other crypto wallets.

Wintermute CEO Evgeny Gaevoy suggested some of the people and entities Egorov is dealing with "are kind of questionable" adding Wintermute hadn't onboarded Egorov as a counterparty.

The Curve founder took out a $100 million DeFi stablecoin loan using his own CRV stash as collateral. However, the protocol was exploited on July 30 resulting in a 30% crash in CRV prices.

As the price of CRV neared the liquidation price, which is $0.362 according to DeFiLlama, fears have mounted of a DeFi black swan event with so much CRV potentially flooding markets with limited liquidity.

However, since some of the debts have been repaid, the token has recovered over the past 24 hours and was trading at $0.597 at the time of writing.

Related: Ethical hacker retrieves $5.4M for Curve Finance amid exploit

Egorov has paid off more than $17 million in stablecoin loans increasing the health of the loan slightly, according to Debank.

However, the DeFi founder still has a mountain of debt to pay with $60 million in stablecoins on Aave, $12 million on Abracadabra and around $8 million on Inverse.

He also has a $9 million loan on Frax, which concerned some onlookers due to its 85% interest rate.

Magazine: Should crypto projects ever negotiate with hackers? Probably

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