UwU Lend Exploit Leads to $100 Million Liquidation of Michael Egorov's Loans and 30% Drop in CRV Token

Michael Egorov's $100 million in loans from various protocols were automatically liquidated after the UwU Lend exploit on Monday, causing the CRV token to drop by up to 30%. The exploit led to Thursday's multimillion liquidations on DeFi lending giant Curve. Despite the bad debt and liquidations, Egorov remains committed to ensuring that all users can withdraw their deposits and is focused on making Curve Finance's lending/borrowing products the safest in the industry. The situation could help bolster Curve's security measures and loan mechanisms and create a better service for users in the coming months.