News/Curve Founder Repaid over $4M Debt on Fraxlend within One Hour

Curve Founder Repaid over $4M Debt on Fraxlend within One Hour

Aug 01,2023,14:55

Michael Egorov, founder of Curve Finance, repaid more than $4 million debt on Fraxlend over the last hour, on-chain data shows. 

Egorov received four transactions of 1 million $USDT, and swapped the funds on Curve for $FRAX. 

He also swapped around 138k $USDC for $FRAX. Then he used the $FRAX to repay his debt on Fraxlend to get back $CRV collateral. The redeemed $CRV has been sent to a new address 0xf510dc673c5e4a8c274a98c758fe33fc4838be79, which is holding 10 million $CRV now.

There are rumors that such on-chain behavior is actually Michael Egorov engaging in OTC off-exchange transactions. If this is the case, based on the transaction amount, the average price at which this batch of CRV was sold OTC is $0.4 USD.

 

Source
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