Mystery whale pulls $290 million from DeFi every midnight as Aave borrowing rates triple
Photo: CryptoSlate
An unidentified crypto whale has repeatedly withdrawn about $290 million in USDC from Aave and Sky, temporarily draining liquidity and raising borrowing costs. Blockchain analytics firm Bitquery reported on Oct. 28 that the withdrawals occurred around midnight UTC, with approximately $134 million leaving Aave and the remainder coming from Sky . The funds typically returned about half an hour later. These recurring movements have pushed Aave's USDC lending pool close to full utilization, restricting withdrawals for other depositors and nearly tripling borrowing interest rates.
Source: CryptoSlate
