Aave, a popular Ethereum project, is making a substantial modification to its native cryptocurrency, LEND. AAVE is a brand new token.
A top Ethereum project called Aave is making a significant change to its native token called LEND. LEND was out of date due to its resemblance to the project’s forerunner, ETHLend. It lacked certain technological and economic characteristics that it should have possessed.
Good intentions led to this change. It didn’t work out for everyone.
One user sent a lot of AAVE to the contract address right after they changed their LEND into AAVE. It caused them to lose their money. The user hasn’t used any of the linked wallets in a long time.
$1M per Transaction in AAVE
Two weeks ago, coins worth over $1 million were transmitted to AAVE’s contract address instead of the intended recipient. TokenOops discovered this error in a Twitter account that tracks ERC-20 token transactions.
AAVE burnt accounts for around 0.175 percent of all AAVE ever utilized. While the majority of currencies are currently in circulation, further coins will be allocated via governance or incentives for those who mine for liquidity. There isn’t a public or admin mechanism to send coins to a contract address most of the time.
They don’t seem to have tried to ask for help on the Aave forums, so we don’t know much about them.
But their address history shows that they just changed their LEND tokens into AAVE tokens then tried to send them to an address. The problem is that they didn’t send it to an address outside of their own. Instead, they sent it to the contract.
There must have been a glitch or miscommunication that caused this to happen. Before they burned $1,000,000 of the top DeFi coin, they sent other ERC-20 token holdings worth several thousand dollars to an average Ethereum address.
It isn’t the first time that something like this has happened, but it isn’t the first time. As CryptoSlate reported, a person sent $1 million worth of the USDT stable coin to the Swerve token contract, where the coins have no use.
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