The CRV token has crashed almost 30% in recent days, sending shockwaves through the crypto market. This sudden downturn has led to massive liquidations, with Curve Finance's founder, Michael Egorov, facing significant losses. On-chain data reveals that Egorov has been liquidated millions of dollars worth of CRV tokens across various DeFi platforms.

The CRV price plummeted from $0.35 to $0.27, triggering a wave of bearish events. Arkham's data highlighted a looming $140 million CRV liquidation, which has now become a reality. Egorov has borrowed $95.7 million in stablecoins against his $141 million CRV, with $60 million annually going towards keeping his positions open on Llamalend. This has led to a series of liquidations, including 20.2 million CRV on UwU Lend and 29.6 million CRV on another DeFi protocol.

Data from PeckshieldAlert and Lookonchain shows that Egorov held 111.87 million CRV in collateral and $20.6 million in debt across four DeFi platforms. The CRV token's price action has been volatile, with a 20.39% plunge to $0.2778. The 24-hour highs and lows are $0.3742 and $0.2236, respectively.

Despite the bearish trend, CryptoQuant CEO Ki Young Ju highlighted a significant increase in CRV balance on exchanges, reaching an all-time high with a 57% spike. This adds to the token's downside pressure. However, Coinglass data shows a 108.32% increase in Futures OI to $105.65 million and a derivatives volume upswing of 472.96% to $1.33 billion, indicating investor interest in the asset.