CRV Token Drops Over 34% After Curve.fi Founder Michael Egorov\'s Liquidation News

Egorov's $27 million debt across platforms adds significant financial strain on CRV. Binance integrates CRV into Arbitrum One and Optimism for faster, cheaper transactions.

CRV, the native token of Curve.fi, has seen a drastic price drop of over 34% following news of its founder, Michael Egorov, facing liquidation. This development has raised concerns among investors, impacting CRV’s development and ongoing projects.

At its lowest point on Thursday, CRV dipped below $0.236, showcasing the severe impact of the market crash. The token has since rebounded slightly, settling at $0.261.

According to Spot On Chain, news of Egorov’s liquidation has been a major factor in CRV’s sharp decline. Egorov currently has 139 million CRV tokens ($37M) in collateral and $27 million in debt across 3 platforms and wallets. This adds significant financial strain, pushing CRV’s value down.

Earlier reports from April indicated that Egorov faced liquidation as CRV fell to $0.42, with 371 million CRV (roughly $156 million) used as collateral for stablecoin loans.

In response to the news, an unknown whale with the wallet address i0xF07 has deposited 29.62 million CRV tokens ($7.68 million) to Binance. This move coincides with the liquidation of Fraxlend, highlighting the broader market impact of Egorov’s liquidation.

Meanwhile, Binance has integrated CRV into Arbitrum One and Optimism, enabling faster and cheaper transactions for its users.

News source：https://www.kdj.com/cryptocurrencies-news/articles/crv-token-drops-curvefi-founder-michael-egorov-liquidation-news.html

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