Scopescan has monitored that Curve founder Micheal Egorov has just received 11.85 million CRV (worth $5.08 million) from vested contracts. Based on the cash-out schedule and the current price of CRV, Micheal can receive: 548,600 CRV per day (worth $235,000), and 16.7 million CRV per month (worth $7.16 million).
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The Founder of Curve Just Received 11.85 Million CRV From the Vesting Contract
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Curve founder Michael Egorov tweeted that he has fully repaid the $10 million bad debt caused by the UwU Lend security incident that triggered the liquidation of CRV lending positions. -
Curve founder CRV's loan position liquidation was triggered by the UwU Lend security incident
Michael Egorov, the founder of Curve, stated through a representative on Telegram on Friday that a vulnerability in UwU Lend caused a series of events that led to Curve's massive liquidation on Thursday. Egorov used Curve's CRV token as collateral to obtain a $100 million loan from various protocols, which began automatic liquidation on Thursday, causing the token to drop 30%, then briefly recover.Egorov said, "On April 15, UwU Lend deployed vulnerable code for the sUSDe market, which is not isolated, so the entire platform bears the risk. UwU was hacked, and as part of the cash-out operation, the hacker deposited the stolen CRV from UwU into lending.curve.fi (Llama Lend), then disappeared with the funds, leaving the debt in the system."Egorov estimates that the bad debt in the specific CRV lending pool is $10 million (already repaid 93%). Although this market is completely isolated from other lending pools, as long as the bad debt exists, CRV depositors cannot withdraw their funds. However, Egorov said that this situation may help strengthen Curve's security measures and lending mechanisms, and may provide better services to users in the coming months.
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