An unidentified cluster of wallets withdrew roughly $290 million in USDC nightly from the Aave and Sky protocols, including about $134 million from Aave. The funds typically returned about half an hour later, but the withdrawals temporarily drained available liquidity and pushed Aave’s USDC pool to 100% utilization on six nights. The median annualized USDC borrowing rate consequently rose from 4.5% to 13.8% before declining when the funds were returned. Bitquery identified the pattern across 394 consecutive nights since Sept. 30, 2025, while similar midnight transfers were first observed in July 2024. The wallet owner’s identity and motivation remain unknown, despite speculation that the operations targeted stablecoin reward programs based on daily balance snapshots.
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