Curve Finance's Michael Egorov Repays $10M in Bad Debt

Curve Finance founder Michael Egorov announced the full repayment of $10 million in bad debt resulting from a hacking attempt on June 13. The incident triggered soft liquidations, causing temporary instability. Despite this, Curve's LLAMMA soft liquidation mechanism effectively managed the situation. Egorov emphasized his commitment to Curve and proposed burning 10% of CRV tokens to stabilize the token's price. The successful handling of this debt crisis underscores the resilience of Curve's system amid DeFi challenges.

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