2023-08-01
1/ Yesterday, several @CurveFinance pools were exploited. Curve founder, Michael Egorov, currently has a ~$100M loan backed by 427.5m $CRV (about 47% of the entire CRV circulating supply). With $CRV down 10% over the past 24 hours, the health of Curve is in jeopardy. 🧵⬇️ [image]
Bloomberg
After Curve disclosed a hack, CRV dropped by ~25% in three days, prompting fears of wider market turbulence; DefiLlama: crypto using Curve fell ~50% to $1.9B
- Curve's native CRV coin posted three-day, 25% slump after hack — Drop raised concerns about wider fallout from platform's woes
4/ At 100% utilization, which it is currently at, the interest rate will double every 12* hours. The current interest rate is 81.20%, but can be expected to increase to the maximum of nearly 10,000% APY after just 3.5 days. [image]
Bloomberg
After Curve disclosed a hack, CRV dropped by ~25% in three days, prompting fears of wider market turbulence; DefiLlama: crypto using Curve fell ~50% to $1.9B
- Curve's native CRV coin posted three-day, 25% slump after hack — Drop raised concerns about wider fallout from platform's woes
2022-11-23
15/ The fear part 1: Genesis is the largest institutional crypto lender, giving out over $130B in loans in 2021 alone. The absence of Genesis would further constrain liquidity and leverage in crypto markets. https://twitter.com/...
Bloomberg
Sources: Genesis Global has $2.8B in outstanding loans, including ~30% of its lending made to related parties like its parent company DCG
Bloomberg :
18/ The Market: The implosion, contagion fears and potential GreyScale Trust liquidations has been reflected in the markets over the past 2 weeks: Bitcoin -21% Ethereum -25% Solana -63% FTT -95% https://twitter.com/...
Bloomberg
Sources: Genesis Global has $2.8B in outstanding loans, including ~30% of its lending made to related parties like its parent company DCG
Bloomberg :
16/ The fear part 2: DCG, Genesis' parent company is also the parent company to Grayscale and the Grayscale trust. The Grayscale trust currently holds 635K BTC & 3.1M ETH. This past Friday, Grayscale announced they won't be providing proof of reserves for “security concerns”. https://twitter.com/...
Bloomberg
Sources: Genesis Global has $2.8B in outstanding loans, including ~30% of its lending made to related parties like its parent company DCG
Bloomberg :
1/ The FTX fallout has the potential to impact crypto for years to come. Today, new information brings confusion, speculation and the potential for another bankruptcy. Here is the short 20 tweet version of events, simplified with numbers & data visualization: 👇🧵
Bloomberg
Sources: Genesis Global has $2.8B in outstanding loans, including ~30% of its lending made to related parties like its parent company DCG
Bloomberg :