A crypto trader responsible for the Mango Markets exploit has seen his short position liquidated, thanks to a series of wild price swings in the CRV price.
The trader, identified as Avraham Eisenberg, gained notoriety when he described the Mango Markets hack as a “very profitable trading strategy.”
A War On Curve
On-chain watchers noticed on Tuesday that Eisenberg had borrowed 88 million CRV tokens from lending protocol Aave and sold them in the market over the past week. The pressure generated by this event saw the price of CRV drop to $0.40, enabling him to borrow further CRV from Aave’s Curve pool. Market watchers speculated that Eisenberg was targeting Michael Egorov, Curve founder, with his short-selling strategy.
Egorov holds several loans on Aave, backed by CRV as collateral, and a liquidation price set at $0.25. If the CRV price reached this level, it would trigger Aave’s liquidation contract, selling Egorov’s CRV to the market and pushing the price even lower
We współpracy z: https://cryptodaily.co.uk/2022/11/mango-markets-hacker-s-plan-to-short-crv-backfires
