Curve Founder Preempts Liquidation, Withdraws $6M USDT from Binance

IconCryptoNewsTerminal Staff13 Jun, 2024

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Curve Founder Preempts Liquidation, Withdraws $6M USDT from Binance

Curve founder Michael Egorov recently withdrew $6 million USDT from Binance to stave off liquidation of his leveraged position, according to SpotOnchain. Egorov had borrowed stablecoins backed by CRV as collateral and was facing a margin call due to the decline in CRV's price. To prevent the liquidation, Egorov moved the $6 million USDT to a different address and swapped it for CRVUSD. This move suggests that he managed to prevent the liquidation of his leveraged position. Notably, this same address previously sold its CRV and UWU holdings and converted them to CRVUSD.

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