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. pic.twitter.com/9M1sO2oE6e

— Lookonchain (@lookonchain) November 22, 2022

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%. pic.twitter.com/VciEcOLOSl

— Lookonchain (@lookonchain) November 22, 2022

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.https://t.co/ek4ywNcvN4 pic.twitter.com/ldaWNwXE9E

— Lookonchain (@lookonchain) November 22, 2022

4.

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

The founder of https://t.co/KJyxZSizkW borrowed $USDC with $CRV as collateral and is about to be liquidated.

So 3 hours ago, he added 20M $CRV of collateral. pic.twitter.com/sUNFZ9IAlW

— Lookonchain (@lookonchain) November 22, 2022

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. pic.twitter.com/JMpIp9pUC8

— Lookonchain (@lookonchain) November 22, 2022

2 hours ago, ponzishorter.eth had 3.9M $USDC liquidated on #Aave to buy $CRV to repay the debt.

ponzishorter.eth doesn't seem to add margin anymore.

His health rate is 1.03 now.

If the price of $CRV rises by 3%, it will face another liquidation.https://t.co/dEA8wwuFaA pic.twitter.com/tZhIkkOzwj

— Lookonchain (@lookonchain) November 22, 2022