The madman who pledged CRV to exchange for stablecoins to buy a luxury house finally lost the bet

Affected by the liquidation of $140 million in assets, CRV dominated the list of declines

Do you think Sun Yuchen sold the coins he bought in the OTC last year?

CRV is the native token of Curve Finance, a decentralized finance (DeFi) protocol, mainly used for stablecoin transactions. The founder of Curve is Michael Egorov, who has considerable influence in the DeFi field and is also an out-and-out madman. He used the large number of CRV tokens he held to make high-leverage loans on multiple DeFi protocols. A large amount of liquidity was obtained through these loans. Part of these funds were used to buy a luxury house in Melbourne for $41 million, which set the record for the highest single real estate transaction in Victoria that year.

Today's flash crash is the result of this debt and market behavior. Due to the fluctuation of the price of CRV tokens, the high-leverage loans established by Egorov before were at risk of liquidation this morning. According to reports, he borrowed about $95.7 million in loans, collateralized by about $141 million in CRV tokens, in five accounts on five different protocols. With the sharp drop in CRV prices, the liquidation risk of these loans began to react violently like a butterfly effect.

Previously, Egorov had turned to several cryptocurrency giants for help to raise funds and protect his positions. Sun Yuchen previously purchased 5 million CRV from Egorov at a price of $0.4 per unit. A series of other private purchases allowed Egorov to raise $15.8 million in over-the-counter (OTC) transactions for 39.2 million CRV.

Written at the end! Share an interesting phenomenon. Every time CRV hits the bottom, it is the bottom area of ​​the alt market. Every time this thing falls through, the alt market starts to pull collectively. I don’t know if it will be this time. I started to look at meme appropriately. There are many tokens to choose from now. Many people dare to buy such things that fall sharply, but they dare not buy tokens that rise quickly. What do you think is the reason? Tell me in the comments

The picture below shows his account that has not been liquidated👇#crv #crv又要面临清算 #meme季节即将到来 $CRV