The CEO of Curve Finance, Michael Egorov, made a startling $12.3 million (or 23.26 million CRV) investment into Silo. This happened immediately after CRV’s price experienced a huge increase. Egorov borrowed 3.75 million crvUSD in less than an hour, converted it to USDT, and swiftly paid off a loan on Aave.
The price of CRV has been fluctuating, but Michael Egorov’s latest activities have raised the suspense level. The price of CRV has significantly increased, according to the most current market data, making it a focus for both traders and investors. In addition to profiting from this price increase, Egorov’s sizable deposit into Silo also caused a stir in the market.
First, Egorov made a massive CRV deposit into the liquidity protocol Silo. Then he borrowed crvUSD using this deposit as collateral. The borrowed money was quickly converted into the stablecoin USDT, which he then used to pay off a loan on the DeFi lending platform Aave. This series of events is a perfect illustration of how to use the DeFi ecosystem to your advantage while minimising risks.
It’s interesting that this financial move follows Egorov and his wife Anna’s expensive buy. The pair previously paid an astounding AUD 59 million (about $40 million) for two opulent mansions in Melbourne, Australia. Given the protocol’s recent liquidity problems, this spending spree notably raised questions among Curve Finance stakeholders.
Recent acts by Egorov have opened the door for important questions concerning Curve Finance’s health and governance. Although his deposit momentarily allayed worries about liquidity, doubts about the protocol’s long-term viability still exist.
