Aave V2 Ethereum Market and Several Assets Paused — Team Says ‘No Funds Are at Risk’

The decentralized concern (defi) protocol Aave’s alleged guardian said connected Nov. 4 it had paused the Aave V2 Ethereum Market and frozen “certain assets connected Aave V3 connected Polygon, Arbitrum, Optimism.” At the clip erstwhile the update was issued, Aave said an investigation of what happened would beryllium made disposable erstwhile the contented is resolved.

‘Temporary Prevention Measure’

On Nov. 4 the guardian of Aave, the open-source and non-custodial liquidity protocol, paused the Aave V2 Ethereum Market and definite assets connected Aave V2 connected Avalanche. It besides froze assets connected Aave 3 connected 3 chains, namely: Polygon, Arbitrum and Optimism. The step, which has been framed arsenic a “temporary prevention measure,” was taken aft the Aave squad received a study concerning the protocol.

Today we received a study of an contented connected a definite diagnostic of the Aave Protocol. After validation by assemblage developers, the guardian has taken the pursuing impermanent prevention measurement (no funds are astatine risk):

— Aave (@aave) November 4, 2023

In an update shared via X (formerly Twitter), the Aave squad insisted that nary idiosyncratic funds were astatine risk. The update added that neither the Aave V3 markets connected Ethereum, Base and Metis, nor the V2 markets connected Polygon and Avalanche were affected by the reported issue. At the clip erstwhile the update was issued, Aave said an investigation of what happened would beryllium made disposable erstwhile the contented is resolved.

“A governance connection to reconstruct the mean cognition of the protocol volition beryllium submitted shortly. [A] elaborate postmortem volition beryllium released erstwhile the contented is afloat resolved,” the Aave squad said.

Users ‘Can Still Withdraw oregon Repay Positions’

The squad besides reminded Aave users supplying oregon borrowing from the frozen assets that they “can inactive retreat oregon repay positions.” However, owed to the intermission imposed connected immoderate Aave markets, users volition lone beryllium capable to proviso oregon get much erstwhile the undisclosed contented has been resolved, the squad added.

On X, immoderate societal media users complained astir the evident frost portion others asked wherefore the squad seemingly failed to supply further updates. Meanwhile, 1 idiosyncratic queried wherefore they could not repay oregon retreat arsenic per the team’s announcement.

“Can’t repay USDC/USDT oregon retreat from Aave V3 connected Avalanche chain. Buttons greyed out. But supra you said you tin repay/WD. Could you clarify pls? TY,” the societal media idiosyncratic said.

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