We must save Private Egorov. If it goes under, it could bring the entire DeFi ecosystem with it. The crypto community therefore decided to reach out to him. As white hat hackers have already done their part, Justin Sun from Tron also decided to take action.
Curve Finance, on the edge of the abyss?
Two days ago, Curve Finance was hacked causing $52 million in losses. Unfortunately, the attack didn’t just affect Curve: other DeFi protocols like Metronome, JPEG’d, Alchemix and Ellipsis suffered collateral damage.
In the event of a total collapse of Curve, the DeFi ecosystem will experience major damage. And unfortunately, the whole crypto industry will suffer.
” Curve is an essential DeFi infrastructure for the blockchain industry. Our thoughts are with the team and affected users. As a community, let’s support and strengthen security measures to protect our decentralized ecosystem. We are here to support you! »
These words of encouragement come from the boss of Tron whose attachment to decentralized finance is well established. Further details regarding Justin Sun’s initiatives will be presented to you below.
Some also sympathized with Curve’s woes. We will particularly mention the white hat hackera kind of nice hacker, who decided to steal funds held by the hacker so that he could later return them to Curve.
” A white hat hacker managed to take around $2,879 ETH, worth around $5.4 million, from a hacker and returned it to the decentralized finance (DeFi) protocol Curve Finance in the midst of a hack. »
Michael Egorov takes out loans
Yesterday, Michael Egorov reacted quickly to prepare for the worst. Metaverse Post talked about refunding more than 4 million stablecoins and depositing about fifteen million CRV on Aave.
It is said that Egorov would have strong borrowing positions at Aave, Inverse Finance and FraxLend Right now. They would be guaranteed by approximately 235 million CRV.
Faced with the risk of liquidation of his Fraxlend position, he had to deploy a new cash reserve, reports CoinDesk.
In other words, Mr. Egorov, by his act, attempted to reinvigorate the liquidity of the FraxLend pool by borrowing 15.8 million from FRAX. At the same time, he has created crvUSD/fFRAXa new liquidity pool on Curve for FraxLend’s CRV/FRAX market.
Objective: save time for the repayment of its collateralized CRV loan from FraxLend.
Justin Sun is stocking up on CRV
” We’re excited to help Curve! As steadfast partners, we remain committed to provide support as needed. Our joint efforts will introduce a stusdt pool on Curve, thus amplifying the benefits for users. Together, we aim to strengthen the community and forge decentralized finance! »
According to bitcoinist, Justin Sun had taken action. He actually made purchases of CRV tokens “ in the context of an over-the-counter transaction (OTC)”.
Lookonchain reported that Sun and Egorov realized specific transactions. The first transaction was made by the boss of Tron: 2 million USDT transferred to the wallet of the boss of Curve Finance.
Three minutes later, the same Curve.fi Founder 1 crypto wallet was sending 5 million CRV to Justin Sun.
There is no doubt that the latter was offering CRVs at low prices, since the Curve token was trading at 0.4 dollars at this time.
A great deal or a helping hand? Under such circumstances, Michael Egorov would warmly thank Sun.
Also yesterday, Bitdeer boss Jihan Wu followed in Justin Sun’s footsteps. He also bought CRVs with the firm belief that this token will shine again in the future.
At the time of writing, CRV was trading at $0.61 per coin. Analysts are hoping for a rebound for the Curve Finance token in the near future.
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