Defi News- The decision was made when Aave Improvement Protocol (AIP) 144 was approved.
- A clever attack on November 23 caused bad debt on the Aave protocol.
Aave’s integrations lead Marc Zeller said in a post on January 26 that the company has bought 2.7 million Curve (CRV) tokens, which will settle “excessive remaining bad debt” in a dozen transactions over the following 15 hours.
The decision was made when Aave Improvement Protocol (AIP) 144 was approved by the community and a swap contract was put into place to buy 2.7 million units of CRV at a maximum unit value of $1.15 per CRV and a USD Coin spend limit of $3,105,000.
Considerable Slippage
A clever attack on November 23 caused bad debt on the Aave protocol. After draining толугу менен protocol Mango Markets to the tune of $47 million in net damages, Avaraham Eisenberg decided to take on a series of heavy volume short CRV positions on Aave in an effort to orchestrate a short squeeze and compel developers to buy back his positions at slippages of up to 100% due to a lack of liquidity.
кайтарат had significantly more cash on hand than Eisenberg had expected, and the transaction allegedly cost him $10 million. While liquidating Eisenberg’s positions, Aave had considerable slippage as a consequence of the occurrence and was left with a bad debt of 2.65 million CRV.
Ошол эле күнү, Манго базарлары sued Eisenberg, demanding that the court nullify the $47 million reward offered to the hacker on October 12, 2022, for his part in the $117 million vulnerability. Eisenberg has been accused of stealing $117 million worth of digital assets by the United States Securities and Exchange Commission. On December 27, 2022, the FBI apprehended Eisenberg in Puerto Rico on allegations of commodities manipulation and commodities fraud.
However, the Aave community is now voting on whether or not to deploy V3 on Ethereum. If the proposal is approved, the Ethereum blockchain, Aave’s first and biggest market, will get the most recent version of the protocol.
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Source: https://thenewscrypto.com/aave-purchases-2-7-million-curve-tokens-to-settle-post-hack-debt/