HTX Massive Aave Shuffle: $570M Out, $600M In, No Explanation Yet

TLDR

HTX withdrew $570 million worth of USDT from the Aave protocol on Ethereum. The withdrawals caused a sharp increase in both borrow and supply APRs on Aave. The borrow APR peaked at 21.46% while the supply APR rose to 18.7%. Hours later, HTX deposited $600 million USDT back into the same Aave pool. The interest rates returned to near-average levels after the deposit was made.

HTX moved $570 million worth of Tether (USDT) from Aave on Ethereum, briefly causing a sharp spike in lending rates. Hours later, HTX deposited $600 million USDT back into the same Aave pool, restoring normal conditions. The sudden activity altered both borrow and supply rates before returning to near-average levels.

HTX Withdrawals Cause Volatility in Aave’s USDT Pool

HTX-linked address 0x18709e89bd403f470088abdacebe86cc60dda12e began the withdrawals with $400 million USDT at 6:17 UTC. By 9:11 UTC, another HTX-tagged address transferred $20 million to this wallet, increasing its balance. Soon after, the wallet received an extra $10 million USDT from a third HTX-associated address.

HTX just pulled 570M $USDT from Aave in the past 3 hours, causing USDT liquidity on the platform to drop sharply to $91.95M.

Aave's USDT rates have spiked:
• Deposit rate from 3.8% to 29%
• Borrowing rate from 4.4% to 33.6%

You get a 20% APR on your $USDT deposits right now. pic.twitter.com/7x04rSMnYP

— Satoshi Club (@esatoshiclub) June 5, 2025

At 9:35 UTC, the same wallet withdrew another $150 million USDT from Aave, continuing the large transaction sequence. Minutes later, an additional $20 million USDT was withdrawn, bringing the total withdrawal to $570 million. These movements temporarily spiked Aave’s USDT borrow APR from 4.66% to 21.46%.

The supply APR also surged to 18.7%, disrupting liquidity dynamics on the protocol. These rates marked temporary highs that were not seen in the previous month. The impact was swift, though it was later stabilized by a large deposit from HTX.

HTX Re-Deposits $600M and Market Rates Normalize

At 12:40 UTC, HTX deposited $600 million USDT back into the Aave USDT pool, exceeding the earlier withdrawal. This action helped normalise lending conditions, calming the temporary rate surge caused by the prior outflows. The borrow APR dropped to 5.16%, while the supply APR declined to 3.88%.

The addresses involved were tagged as HTX on Etherscan and previously linked to fund recovery events. The transaction sequence occurred as HTX-advised World Liberty Financial reportedly prepares its Aave instance. HTX has not issued an official response regarding the purpose of the transfers.

The transactions attracted significant attention due to their scale and rapid rate changes. The current Aave lending environment has returned to typical levels. Apart from the short-term rate impact, no irregularities have been confirmed.

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