The widely known altcoin Curve DAO (CRV) witnessed a significant drop of over 20% within the past 24 hours as a result of liquidation concerns, but promptly initiated a recovery phase following a crucial announcement.

Addressing the apprehensions regarding the liquidation risk, CRV's founder, Michael Egorov, declared that he has effectively resolved the issue and repaid up to 93% of the outstanding debts. In a recent statement posted on his X account, Egorov communicated:

"The team at Curve Finance and I are in the process of mitigating the liquidation risk that surfaced today. Many of you may have noticed that I liquidated all my loans, which were of substantial size for the market to handle, leading to bad debts amounting to 10 million. This mainly impacted the CRV market on Curve.fi, where the exposure was the greatest. I have already settled 93% of the debts and intend to clear the remainder shortly to protect our users from further implications."

Following this development, the CRV token embarked on an upward trajectory.

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