ETH Whales have amassed a huge volume of the asset

Ethereum has been trading a little over $1200. The largest crypto asset by market capitalization Ethereum (ETH) fell below $1200 on Friday 25, 2022. According to Santiment - a crypto analytics agency, whales have amassed huge amounts of ETH, highest since 2020. They said the last rally in ETH was seen in 2020 and it resulted in a sharp spike in the value of the asset. As per the platform, investors have moved a whooping $1.3 billion worth Ethereum in just one day. Ethereum’s shark and whale addresses were continuously acquiring ETH at prices less than a quarter of their all-time high levels a year ago. Between October to November, 2020, these 100 to 100,000,000 ETH addresses have triggered ETH’s price to rise by a staggering 50% in just 5 weeks.

Ethereum was trading at $1,216.39 on Sunday, 0.43% higher in 24 hours, and up 3.35% in the past seven days. ETH Whales holding $10 million have added ETH 947,940 yesterday which is worth $1.03 million. However, ETH is trading at $1,173.99 with a -3.61% change. Ethereum’s value has been dwindling between $1200 to $1400 for over a month now.

Aave members voted in favor of freezing Ethereum assets as security concerns loom over.

Aave community upvoted in favor of freezing ETH assets on Monday, November 28,2022. The platform’s version 3 launch is on the anvil and keeping the liquidity pool active could pose a potential security threat to the assets according to the community members. Aave (AAVE) has the highest liquidity accounting to $5.6 billion across multiple chains. The platform will put a hard stop on assets including Curve (CRV), 1inch (1INCH), Yearn Finance (YFI) and several stablecoins. The proposal to freeze assets on Aave was prepared by Gauntlet Network - a platform that devises solutions for tail risks, attack vectors, exploits on DAO, L1 and L2. The proposal was drafted and implied for Aave to not fall prey to bad debt. According to the proposal, the freeze will allow existing asset holders to migrate their assets from version 2 to version 3 of the network seamlessly.

The freezing of assets came into light when the Mango Hacker attempted to hack Aave and left the platform with $1.6 million in bad debt. Surprisingly, the hacker did not commit any fraud nor did he find a loophole. Eisenberg made changes to the project’s code. After he acquired CURVE tokens from Aave he swapped it for USDC and repeated the borrowing and swapping cycle.