Aave Intel Detects Protocol Bug, What Users Need to Know

Published 05/11/2023, 08:48
Updated 05/11/2023, 09:15
Aave Intel Detects Protocol Bug, What Users Need to Know
AAVE/USD
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Coin Edition -

  • Aave implements temporary security measures in several markets amid a report of a bug.
  • It paused the Aave V2 Ethereum market and certain assets on the V2 Avalanche
  • Meanwhile, users can withdraw and repay but not transact on frozen assets.

The prominent DeFi liquidity protocol Aave has recently taken a series of preemptive security measures on its platform, including pausing assets of multiple markets following intelligence on a looming threat.

In a recent statement on the X platform (formerly Twitter), Aave disclosed that it received a notification regarding a specific feature within the Aave Protocol. The protocol engaged with community developers to assess the situation. Given the likelihood of a threat, the guardian implemented a temporary precautionary measure. Meanwhile, it boldly asserted that no financial assets were in jeopardy.

Notably, the temporary precautionary measures Aave has enforced cut across several markets and various blockchains on its Aave V2 and V3. Specifically, the protocol has paused the Aave V2 Ethereum market. It also stated to have suspended certain assets on Aave V2 on the Avalanche network. Likewise, it froze specific crypto assets on Aave V3 on networks of Polygon, Arbitrum, and Optimism.

On the other hand, Aave disclosed that users who have supplied or borrowed from frozen assets can withdraw and repay their positions. In contrast, the ability to supply or borrow more remains unable. Meanwhile, no action is permissible on paused assets.

Alongside, the DeFi liquidity protocol highlighted the markets and network on which the reported feature has no impact. It proclaimed that the Aave V3 markets on Ethereum, Base, and Metis are unaffected. Besides, the Aave V2 markets on Polygon and Avalanche are also untouched.

Furthermore, Aave reiterated that no funds in any of the Aave markets were at risk. Moreover, it disclosed that a governance proposal to restore the protocols to their regular operations is underway. Notably, the protocol pledged to issue a comprehensive post-incident analysis once the issue has been resolved.

The post Aave Intel Detects Protocol Bug, What Users Need to Know appeared first on Coin Edition.

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