The recent heavy storm that hit Dubai has caused massive disruption at the TOKEN2049 crypto conference. With severe flooding affecting the event and the wider city, conference attendees are facing challenges in navigating the situation. Despite the storm, organizers have assured that the conference will proceed as scheduled, with attendees even considering traveling by boat due to the flooding. The incident highlights the need for urban cities like Dubai to be better equipped to handle extreme weather events.
Meanwhile, in the world of crypto, Michael Egorov, the founder of Curve Finance, narrowly avoided liquidation on his CRV positions totaling over $150 million. Egorov’s highly leveraged positions were at risk as the price of CRV dipped below certain thresholds. The situation underscored the risks associated with leveraged positions in the crypto market and the potential for liquidation cascades.
This event serves as a reminder of the volatility and challenges faced in the crypto industry, both in terms of market fluctuations and external factors like extreme weather events. It also highlights the importance of risk management and preparedness for unexpected circumstances in the crypto space.
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