Crypto Whale Revives, Taps Aave V3 for $1M USDT Loan

The crypto landscape has recently witnessed a crucial whale activity, getting wide-scale community attention. As per the data from Onchain Lens, a dormant whale has resumed its activity after several months by moving $ETH coins of up to $15.43M worth to Aave V3. The on-chain analytics platform took to social media to disclose this event.

Crypto Whale Shifts $ETH Worth of $15.43M to Aave V3, Borrowing $1M

The crypto whale has reportedly restarted the on-chain activity thereof following a 9-month-long dormancy. In this respect, the wallet address “0x629…..129bb” has carried out a bold move only 3 days back with the extraction of a noteworthy 6,055 $ETH (equalling $15.43M) from a hot wallet on the crypto exchange OKX.

The respective transfer split into 3 incoming transactions, accounting for 1.07K, 2.70K, as well as 2.28K $ETH respectively. This huge influx into the crypto wallet indicated an impending big-scale operation. Just after this, the whale added 6,053.02 $WETH coins into the lending protocol Aave V3, making it a prominent single-user deposit.

Whale Wallet Subsequently Sends $1M $USDT to Bybit

According to Onchain Lens, the whale then borrowed 1,000,008.515 $USDT, accounting for $1M, as shown in the lending account’s present balance. Following borrowing, the whale reportedly sent $1M $USDT to the popular crypto exchange Bybit , potentially for hedging, trading, or extraction purposes. This development highlights the growing importance of DeFi protocols like Aave for big-scale financial activities.