Aave Pauses Several Markets for Security Check
![Aave Pauses Several Markets for Security Check](https://coinspress.com/wp-content/uploads/2023/03/aave-logo-915x600.webp)
Aave, a popular DeFi lending protocol, swiftly halted multiple markets due to an identified technical glitch.
This issue emerged on November 4th, impacting networks such as the Aave V2 Ethereum Market and select assets on the Avalanche and V2 platforms.
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 Labs (@aave) November 4, 2023
Similar precautions were taken on Polygon, Arbitrum, and Optimism networks.
The Aave team, in collaboration with community developers, proactively addressed the anomaly by initiating a freeze to ensure user fund security. Specifics about the affected features and assets weren’t disclosed.
However, they confirmed the continued normal operation of V3 markets across Ethereum, Base, and Metis, along with uninterrupted Aave V2 operations on Polygon and Avalanche.
The precautionary measures had minimal impact on Aave’s native token, AAVE, which experienced a slight decrease to $89.10.
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Users with frozen assets in affected markets can still withdraw or repay their positions but are temporarily unable to supply or borrow further.
Aave is preparing a governance proposal to resume regular operations and plans to release a detailed analysis once the issue is fully addressed.
This incident highlights the importance of swift action and transparent communication within the DeFi space to handle unexpected challenges while ensuring stakeholder awareness and asset protection.