Aave [AAVE] passes proposal to clear millions in debt… Details inside

In November 2022, Avraham Eisenberg orchestrated a scheme to exploit Aave’s Ethereum v2 liquidity pool by borrowing millions oftokens in order to force a short squeeze. Through the squeeze, the positions held by the platform’s developers.

However, due to a spike in price, Avraham’s positions were liquidated. This left him with a loss of $10 million and a bad debt of 2.7 million CRV for Aave. To clear this debt, the integration lead at Aave, Marc Zeller, proposed to purchase the CRV tokens in December 2022. After a positive response from the forum, the proposal moved to the voting stage. Notably, 100% of the community voted in its favor.

The developors deployed a swap contract to purchase the required CRV. The contract’s budget had a cap of $3.1 million, with a maximum price of $1.15 per CRV. The contract exchanged aUSDC from its massive holding of 5.2 million aUSDC in the Ethereum collector contract.Interestingly, the exploit by Avraham Eisenberg had inspired another governance proposal.

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