Aave founder accused of increasing governance voting power by purchasing $10 million worth of AAVE tokens

PANews, December 24 — According to Cointelegraph, Aave founder Stani Kulechov recently spent $10 million to purchase AAVE tokens. Some members of the crypto community claim that this move is aimed at increasing his voting power in key governance proposals. Critics argue that large token purchases could have a substantial impact on the voting outcomes of high-risk proposals. This controversy has once again raised concerns about whether token-based governance can adequately protect the interests of minority holders, especially when founders or early insiders possess significant economic influence.

DeFi strategist Robert Mullins posted on X, stating that Kulechov’s purchase of AAVE tokens was intended to increase his “voting power so that he can vote in favor of a proposal that directly harms the interests of token holders.” He added, “This clearly demonstrates that the token mechanism is insufficient to effectively prevent governance attacks on AAVE tokens.”

Previous reports indicate that a new AAVE community proposal aims to reclaim brand and channel ownership.