Michael Egorov's Debt Positions Under Pressure, FTX Reboot Plan Submitted

Name: FS Insight
Price range: $$$

Aug 1, 2023

BALD 0.00% BTC -6.89% DXY N/A% ETH -5.91% NDQ SPX N/A%

Market Update Equity indices are stalling today, with the $SPX and $NDQ both falling around 0.30%. The $DXY (+0.38%) has continued its strong streak along with U.S. Treasury yields, with the US10Y holding above 4%. Crypto markets are struggling due to concerns about Curve founder Michael Egorov’s huge debt positions and speculation that SBF or Sam Trabucco could be responsible for the $BALD rug. $BTC (-1.43%) has fallen below $29k and $ETH (-1.59%) is approaching $1,800. On a more hopeful note, VolatilityShares has filed for an Ether Futures ETF. Volatility Shares recently received approval for its 2x Bitcoin Futures ETF (the first leveraged BTC futures ETF), potentially signaling a posture change from the SEC. The Ether ETF would trade under the ticker ETHU and, if approved, would mark the first Ether Futures ETF. The Vyper vulnerabilities highlighted in yesterday’s market update have sparked immense scrutiny of Curve founder Michael Egorov’s collateralized $CRV positions on Aave and FraxLend. As of today, his $100 million position on Aave has a $CRV liquidation price of roughly $0.36. Egorov also has a $42 million position on FraxLend, which is at risk of liquidation if Curve continues to drop. Egorov has been taking measures to prevent his positions from being hunted.

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