Curve founder repays Aave loan, still owes $42m to defi lenders

Michael Egorov, the co-founder of Curve Finance, has completely settled his debt on Aave after depositing 68 million CRV, equivalent to approximately $35 million, to Silo.

Egorov withdrew 10.7 million of crvUSD, Curve’s decentralized stablecoin, from the non-custodial lending protocol following his CRV deposit, according to on-chain analytics provider, Lookonchain. After that, he swapped them for USDT before repaying his debt on Aave, a decentralized lending and borrowing protocol on Ethereum. 

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Still, the Curve founder still owed approximately $42 million to four defi lenders, including Silo, Fraxlend, Inverse, and Cream Finance, collateralized by 253.7 million CRV valued at $132 million.

Egorov’s Aave repayment comes nearly two months after CRV prices posted steep drops, threatening to liquidate his $80 million on-chain loan positions.

The price crash came after Curve Finance suffered a re-entrancy attack in late July 2023. Hackers exploited a bug in a version of Vyper’s code which is used by Curve for the protocols’ stable swap exchange, stealing tens of millions worth of coins.

You might also like: Anonymous MEV bot operator refunds $70k in ETH from Curve Finance attack

Maximal extractable value (MEV) bot operators raked in hundreds of Ether (ETH) during the ensuing on-chain tussle for block space and prioritized transactions.

Shortly after the attack, Egorov struck multiple over-the-counter (OTC) agreements with a pool of investors, including market maker Wintermute and Tron co-founder, Justin Sun, as he scrambled to raise funds.

The co-founder eventually secured $46 million and transferred 106 million CRV to select buyers, effectively quelling what would later be known as the Curve Wars.

Read more: Curve Finance exploiter returns $12.7 million of stolen funds
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