The latest adventures (or misadventures) of the DeFi trader known as Avraham Eisenberg comes just five weeks after he outlined a plan to exploit an alleged loophole in the Aave protocol’s collateral accounting system sndr_krisztian reports
early Tuesday, then shot up 75% within a few hours, according to CoinDesk pricing data, in what appeared to be a short squeeze.In the end, all of Eisenberg’s CRV loan was liquidated, leaving Aave with $1.6 million of bad debt, according to. The amount is insignificant relative to the $6 billion total value locked on the protocol.
“He ultimately didn't have enough initial capital to make the 'profitable trade' work,” Dustin Teander, analyst of blockchain intelligence firm Messari, told CoinDesk.The dramatic sequence of events comes just five weeks after EisenbergThis could have created a vicious cycle for the lending protocol, which could be “very dangerous for Aave,” Arkham
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