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Aave suspends lending markets for 17 Ethereum tokens



After a vote, Aave V2 ETH has temporarily frozen the loan markets for 17 tokensincluding 5 stablecoins. A exploit trainedîrecently a newborn bad debts of $1.6 million for the DeFi Protocol.

Aave has suspended, indefinitely, loan contracts for YFI, CRVZRX, MANA, 1INCH, BAT, sUSD, ENJ, GUSD, AMPL, RAI, USDP, LUSD, xSUSHI, DPI, renFIL and MKR in its V2 Ethereum.

Given that the market situation for these assets is currently volatile, as a precaution, we recommend a temporary freeze on the following markets,” reads a proposalwhich was 100% approved by the community over the weekend.

Aavewhich released its V3 last spring, is a benchmark protocol in the decentralized financing. It allows lending and borrowing digital assets. From now on, users will not be able to deposit or borrow with the tokens mentioned above.

The decision to freeze the lending markets in its V2 comes as the DeFi protocol has recently undergone a ” exploit “, which ended in failure for the “attacker” but which nevertheless resulted in a 1.6 million euros of bad debts. for Aave.

A large CRV loan that had been accumulated was largely offset by the protocol settlement process.. However, the position has not been completely covered and there are still 2.64 million CRVs (≈ $1.6 million in current value),” Aave explained last Tuesday.

Earlier this month, Avraham Eisenberg – a known “attacker” in the ecosystem who can be more accurately described as. malicious trader “because his actions do not amount to hacking but to market manipulation – made several trades in order to generate profits. However, his strategy did not work this time and the trader lost millions of dollars.

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“In the next few days, we expect the Aave community and its collaborators to launch a discussion in response to this incident. “, Aave said at the time, trying to reassure the public about the claim created by Eisenberg.

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