Failed Aave Exploit Leaves Protocol with $1.6 million Bad Debt
CoinEdition
Published Nov 27, 2022 04:25AM ET
Failed Aave Exploit Leaves Protocol with $1.6 million Bad Debt
- Notorious crypto trader has pulled a price manipulation scheme on Curve DAO.
- Their plan failed, with Aave incurring a few insolvent positions.
- Blockchain data shows the insolvent position was a bad debt of $1.6 million.
The infamous crypto trader who boasted last month about getting off with more than $100 million in a contentious price manipulation scheme has pulled another trigger. But this time, the plan failed.
According to on-chain data, Avraham Eisenberg, the trader responsible for the Mango Market breach in October, recently borrowed 40 million Curve (CRV) tokens through the decentralized lending site Aave. The dramatic action appears to be part of a plan to sell off the coins to drive down the value of CRV and profit handsomely from millions of short bets.
Early on Tuesday, CRV’s price dropped from $0.53 to $0.41, but it rapidly recovered and soared as high as $0.71. As of this writing, data from CoinMarketCap shows that CRV increased by 31% over the last seven days.
The post Failed Aave Exploit Leaves Protocol with $1.6 million Bad Debt appeared first on Coin Edition.
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