The DeFi protocol Aave has suspended part of its operations after the vulnerability was discovered. The project said user funds are safe.
Today we received a report of an issue on a certain feature of the Aave Protocol. After validation by community developers, the guardian has taken the following temporary prevention measure (no funds are at risk):
— Aave (@aave) November 4, 2023
Following confirmation by the community developers, the following preventative measures have been taken:
- The Aave V2 on Ethereum and certain assets on Avalanche have been paused.
- Some Aave V3 assets on Polygon, Arbitrum and Optimism have been frozen.
“Markets for Aave V3 on Ethereum, Base and Metis, as well as Aave V2 on Polygon and Avalanche are not affected. All funds are safe on all Aave markets,” the statement said.
For the frozen assets, users can only close positions and withdraw funds; supply and borrowing actions are not possible. For the paused assets, no actions are possible.
A plan to restore normal operation of the protocols will be published “in the near future”. Details about the vulnerability will be disclosed after its remediation.
Over the last 24 hours, AAVE has fallen 1%, according to CoinGecko. As of writing, the DeFi protocol’s native token trades at around $90.
In July, Aave activated the decentralized stablecoin GHO on the Ethereum mainnet. The deployment received 100% support from the community.