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 liquidation of his lending positions as CRV fell to $0.42. Michael mortgaged a total of 371 million CRV (approximately $156 million) through five addresses on six lending platforms to borrow $92.54 million in stablecoins. The health rate has dropped to around 1.1.”
In leveraged trading, a health score closer to 1 suggests that a trader’s position is about to be liquidated unless fresh capital is added.
Egorov’s close margin call came as the crypto derivatives market was hit with hundreds of millions of dollars worth of liquidations amid the weekend digital asset wipeout.
According to data from b
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