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The popular altcoin Curve DAO (CRV), which dropped by more than 20% in the last 24 hours due to the liquidation news, started to recover after the announcement.
Making an updated statement about the liquidation risk, CRV founder Michael Egorov said that he solved the liquidation risk problem and repaid 93% of the bad debts.
Sharing on his X account, Egorov said:
“The Curve Finance team and I are working to resolve the liquidation risk issue that occurred today.
Many of you are aware that I liquidated all my loans. The size of my positions was too large for the markets to bear, resulting in 10 million in bad debt. Just lend. Curve. fi (where the position is largest) The CRV market was affected.
I have already paid 93 percent of the debts, and I plan to pay the rest in a very short time. “It will help users avoid being victimized by this situation.”
After the announcement, CRV token started to rise.
*This is not investment advice.