Curve Exploited! DeFi in Danger from Bad Debt?

Level 5 - Sonic Autist

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Recently we covered DeFi’s Debt Crisis - The Great Curve Loan.

Summary: Curve Founder Michal Egorov has borrowed ~$110mm million secured by ~469mm CRV tokens, 52% of the circulating supply.

This includes a $19.5mm loan at Frax finance. Following the Curve exploits today, the utilization rate of Fraxlends’s CRV/FRAX pool is 100%.

Source Frax …