Huobi’s Jun Du acquires 10 million CRV tokens to support Curve
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Jun Du, the co-founder of Huobi, has bought 10 million Curve tokens (CRV) for $4 million from Michael Egorov, the founder of Curve, as he seeks ways to decrease his exposed loan position.
In an initial tweet on August 1, Du made his
As per Debank, Egorov has managed to repay over $17 million in stablecoin loans, leading to a marginal improvement in the overall health of the loans. However, despite this progress, the DeFi founder still faces a significant debt burden, with approximately $60 million in stablecoins owed on Aave, $12 million on Abracadabra and around $8 million on Inverse. To mitigate the risks associated with its exposure to Curve DAO (CRV), Abracadabra Money has suggested raising the interest rate on its outstanding loans.
The AAVE token, which serves as the governance token for the decentralized finance (DeFi) Aave protocol, saw a significant drop of 17% from July 30 to August 1, bringing its value down to $62. This decline was attributed, in part, to concerns about cascading liquidations on DeFi protocols triggered by the recent exploit in the Curve Finance pool.
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