- HTX moved $570 million of Tether (USDT) out of Aave and returned roughly $600 million hours later.
- The transactions caused major rate spikes for borrowing and supplying USDT on Aave.
- Wallets linked to HTX executed several large movements of USDT between 6:17 UTC and 12:40 UTC.
- This activity happened as Sun-advised World Liberty Financial prepares its own version of Aave.
- HTX has not provided a public explanation for the series of transactions.
On June 5, addresses tied to HTX, led by Justin Sun, withdrew about $570 million worth of Tether (USDT) from the Aave platform before depositing approximately $600 million USDT back just several hours later. These movements took place as World Liberty Financial—a group also advised by Sun—planned for its own upcoming Aave launch.
According to blockchain records, an HTX-connected address, 0x1870…da12e, started the sequence at 6:17 UTC by withdrawing $400 million USDT from Aave. Later, at 9:11 UTC, another HTX-tagged address moved $20 million USDT to the main address, followed by an additional $10 million sent at 9:20 UTC. At 9:35 UTC, another $150 million was withdrawn, and a final $20 million left Aave at 9:41 UTC.
A tweet highlighted that these rapid withdrawals dropped Aave’s available USDT liquidity to roughly $91.95 million and drove up platform rates. "Aave’s USDT rates have spiked: Deposit rate from 3.8% to 29%. Borrowing rate from 4.4% to 33.6%", the post stated. Such metrics mean that users depositing Tether on Aave temporarily saw much higher returns, while borrowers faced significantly increased interest.
Blockchain data shows that after these large withdrawals, the account redeposited about $600 million USDT back into Aave at 12:40 UTC. As a result, both the supply and borrow rates gradually returned closer to their typical monthly averages. Before the event, the average borrow rate was around 4.66% and the supply rate was 3.48%. After the volatility, the supply annual percentage rate (APR) returned to 3.88% and borrowing fell to 5.16%.
Aave is a decentralized lending platform where users can supply and borrow digital assets. Sudden shifts in large amounts—like those seen in this event—can impact lending rates and available liquidity for all users.
HTX has not commented on the specific reasons behind this activity. The company did not immediately respond to requests for further details.
For more detailed transaction data, see these linked transactions on Etherscan, Etherscan, Etherscan, Etherscan, and Aave reserve overview.
Additional updates may follow if HTX provides further information.
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