Lookonchain Profile picture
Looking for smartmoney onchain! Telegram Group: https://t.co/9UkWUH9qaB Telegram Channel: https://t.co/10gSOHNEDM

Nov 22, 2022, 8 tweets

Today, ponzishorter.eth borrowed a large amount of $CRV from #Aave and pumped it.

Which caused the price of $CRV to drop from $0.537 to $0.407, a drop of 24%.

The sell-off continues for now.

1.🧵

A thread tells you what happened to $CRV.

2.

On November 13, ponzishorter.eth deposited about 40M $USDC into #Aave to borrow $CRV for selling.
Began to short $CRV for a week.

Which caused the price of $CRV to slowly drop from $0.625 to $0.464 over the past week, a drop of about 26%.

3.

5 hours ago, ponzishorter.eth suddenly borrowed 20M $CRV ($9.9M) from #Aave and transferred to #OKEx for selling.

3 hours ago, borrowed 10M $CRV ($9.9M) from #Aave again.

etherscan.io/address/0x57e0…

4.

ponzishorter.eth sold $CRV in large quantities, so many people who used $CRV as collateral will face liquidation.

The founder of Curve.fi borrowed $USDC with $CRV as collateral and is about to be liquidated.

So 3 hours ago, he added 20M $CRV of collateral.

5.

Now, the Health Rate of the Curve.fi founder is 1.65.
debank.com/profile/0x7a16…

6.

ponzishorter.eth added $USDC as collateral, continued to borrow $CRV from #Aave and sold.

He totally borrowed 92M $CRV($39.86M)
Now his Health Rate is 1.39.

And he also used MEV bots to dump $CRV in an attempt to drain CRV's liquidity.

7.

Now the price of $CRV started to recover, but ponzishorter.eth did not stop shorting $CRV.

8.

If you like this thread, like and retweet it.

We will update the data on-chain for you.

Follow @lookonchain and turn on notifications.

Join our telegram group to receive alerts from SmartMoney.
t.me/lookonchain

Share this Scrolly Tale with your friends.

A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.

Keep scrolling