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Solend Says Investor at Center of Solana DeFi Controversy Started to Move Funds
The lending platform said that may avert the risk of contagion in case of a liquidation.
Updated May 11, 2023, 6:41 p.m. Published Jun 21, 2022, 10:15 a.m.
A large wallet at the center of the governance drama at Solana lending platform Solend started to move millions of dollars' worth of cryptocurrencies Tuesday morning, Solend said in a tweet.
The move potentially averts the risk of contagion in case of a liquidation that could have caused hundreds of millions of dollars in losses.
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3oSE...uRbE has started moving funds https://t.co/QuoOMtDH02 pic.twitter.com/BBOz04iU5i
— Solend 2️⃣ (@solendprotocol) June 21, 2022
The anonymous wallet had deposited 95% of Solend’s pool of SOL tokens and represented 88% of USDC borrowing, but came close to a margin call last week as the SOL price dropped more than 40% to as low as $27.
The protocol would have automatically liquidated up to 20% of the large investor's collateral if SOL hit $22.30, and potentially led to damage in the broader Solana ecosystem. A governance vote was floated by protocol developers to take control of the account and take steps to manage the risk.
The wallet's actions Tuesday came as the SOL price rose by 12% over 24 hours to $37. That means the liquidation levels are far below current prices, allowing the wallet's user to take necessary steps to prevent unforeseen damages in the case of a liquidation.
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