Curve’s Founder Surprisingly Clears his Aave Debts
Curve's founder Egorov clears all Aave debt, using smart moves to handle his crypto assets and debts, ensuring financial safety.
Michael Egorov, the founder of Curve, has paid off all his debt on Aave, a platform where people can lend or borrow cryptocurrencies. This news came to light thanks to data tracked by Lookonchain, a company that watches transactions on the blockchain.
Egorov cleared his debt by first depositing CRV 68 million ($35.3 million) into Silo, another lending platform. He then borrowed a type of digital dollar, exchanged it for a more common digital dollar called USDT, and used that to settle his debt on Aave.
He still has a big stash of CRV tokens, worth around $132 million, which are backing his remaining debts of $42.7 million on other crypto lending platforms like Silo, Fraxlend, Inverse, and Cream.
In the past, Egorov sold a lot of CRV tokens to manage his debts. In August, he sold CRV tokens worth $46 million. He converted CRV into stable digital dollars to reduce the risk of losing money if the value of CRV fell suddenly.
This move by Egorov is seen as a smart step in managing the volatile nature of crypto assets. By paying off his debt on Aave, he not only secures his financial position but also provides a blueprint for other crypto entrepreneurs to handle their debts. Balancing between different cryptocurrencies and platforms helps in mitigating risks associated with the sudden drops in value, which is common in the crypto world. Observers and investors will be keenly watching to see how these strategies impact Curve and Egorov's financial standing in the long term.
