Hack wipes $140m from Melbourne mansion-owning crypto king

Tom RichardsonJournalist

Jun 19, 2024 – 3.33pm

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A Russian-born cryptocurrency investor who paid $59 million for adjoining Melbourne mansions has lost $140 million after the price of his decentralised finance token, curve, collapsed late last week, after a hack of the platform’s market maker.

Michael Egorov, 38, is a decentralised finance pioneer who founded Curve Finance in 2020 and created the curve token. Decentralised finance removes banks and other third parties from transactions and is increasingly popular among crypto traders.

correction —

The original version of this article inaccurately stated the platform Curve Finance plunged in value. In fact, the curve token plunged in value.