Abracadabra looking to hike loan interest rate by 200% due to Curve exposure

Abracadabra Money, a cross-blockchain lending platform, has proposed to raise the interest rate on its existing loans to address potential risks related to its exposure to Curve (CRV).

Timeline of Curve-dao-token

Curve Finance is beginning to witness some improvements as Curve's founder avoids litigation. CRV's price has recovered, however the number of token holders continues to decline.

Curve Finance and CEO Michael Egorov have received support from prominent names in the crypto space, including Justin Sun and DCF God. Curve had suffered a major exploit earlier in the week, leading to the protocol losing nearly $50 million to hackers.

Curve DAO (CRV) has established itself as a prominent DeFi platform, renowned for providing ample liquidity, particularly for stablecoins. However, an unfortunate security breach occurred over the weekend, causing a significant decrease in both the total funds entrusted to Curve and the value of its native token, CRV, which serves as a means of transaction within the protocol.

In the ever-evolving world of decentralized finance (DeFi), the name Michael Egorov has been synonymous with innovation and groundbreaking initiatives. As the founder of Curve Finance, Egorov has been at the forefront of reshaping the DeFi landscape, offering users new opportunities to maximize their yield and liquidity.

In the last three days, the DeFi sector has seen an 8% decline in the total value of locked assets (TVL), falling to $40.31 billion, as per DeFiLlama data. As of July 30, DeFi projects TVL stood at $43.

Curve, a leading stablecoin exchange entrenched in the decentralized finance (DeFi) realm on Ethereum, finds itself grappling with a distressing exploit. The project's official Twitter account recently disclosed the unfortunate news, revealing that hackers have taken advantage of a critical vulnerability.

The founder of Curve Finance, Michael Egorov, received assistance from a number of DeFi figures when his DeFi loan positions were at risk following an attack on decentralized exchange Curve.

Following the recent exploit of Curve Finance pools, there have been genuine concerns about the stability of the decentralized exchange and the Decentralized Finance (DeFi) ecosystem. A new report has emerged, raising questions about Curve founder Michael Egorov's $100 million loan positions.

Curve Finance founder Michael Egorov has bought himself some breathing space after some backers, including Tron founder Justin Sun, stepped in to help after the decentralized protocol suffered a $47 million hack over the weekend.

Crypto research firm Delphi Digital raised concerns about the potential for a DeFi implosion triggered by the $100 million debt of Curve Finance (CRYPTO: CRV) founder, Michael Egorov. In a series of tweets, the research firm stated that Egorov has a massive loan backed by approximately 427.5 million CRV tokens, which is about 47% of the entire circulating supply of CRV.