Arkham: $140 million CRV held by Curve founder may be liquidated

ChainCatcher news, Arkham stated on social media early this morning that $140 million in CRV is close to liquidation.

Curve founder Michael Egorov is currently using $140 million in CRV as collateral to borrow $95.7 million in stablecoins (mainly crvUSD) across 5 accounts on 5 protocols.

According to current interest rates, Egorov needs to pay $60 million annually to maintain his position on Llamalend. Egorov has a $50 million crvUSD loan on Llamalend, currently costing him about 120% APY. This is due to the almost nonexistent remaining crvUSD available for borrowing on Llamalend with CRV as collateral, as Egorov's 3 accounts have already accounted for over 90% of the crvUSD borrowed on the protocol. If the price of CRV drops by about 10%, these positions may start to be liquidated.