Key Notes
Stani Kulechov bought 32,660 AAVE at $158 on December 23.
His AAVE position is currently down around $2.2 million, with AAVE at $153.75.
The buys come amid a governance clash between Aave Labs and the DAO.
Aave founder Stani Kulechov has made another heavy AAVE token purchase as the project faces a major internal crisis. Data shared by Lookonchain shows Kulechov purchased 32,660 AAVE worth about $5.15 million at an average price of $158 during the early hours of Dec. 23.
Stani Kulechov(@StaniKulechov), the founder of @Aave, bought 32,660 $AAVE($5.15M) at $158 again 7 hours ago.
He has bought a total of 84,033 $AAVE($12.6M) at an average cost of $176 over the past week, currently sitting on an unrealized loss of $2.2M.https://t.co/HEXO1r7uQK pic.twitter.com/k0pWQCmwGr
— Lookonchain (@lookonchain) December 23, 2025
This latest purchase follows several buys earlier in the week. Kulechov has accumulated a total of 84,033 AAVE over the past seven days at an average cost of $176, spending roughly $12.6 million. The position sits at an unrealized loss of about $2.2 million at the current price of $153.75.
The purchases come as Aave is dealing with a so-called governance “civil war” between Aave Labs, the development company founded by Kulechov, and parts of the Aave DAO. The dispute has driven sharp selling, whale exits, and a collapse in activity.
stani please come to your senses
it’s clear what $AAVE holders want
the only people defending Aave Labs are.. Aave Labs employees
if you want to develop your own fintech products that’s fine
but an Aave savings app called “Aave” should be owned by the DAO and exclusively… pic.twitter.com/i82tsWGxTN
— lito (@litocoen) December 22, 2025
AAVE has fallen 18% over the past week and shed more than $500 million in market value. DexCheckAI reported that AAVE lost more than 980 on-chain holders in the past day, while trading activity dropped by over 85%.
Social sentiment around the Aave has also dropped. According to the data by DexCheckAI, roughly 59% of posts about AAVE are currently negative.
$AAVE loses over 980 onchain holders, trading activity drops by over 85%
At least 2 out of every 100 posts on CT are discussing @aave, unfortunately, not for the best reasons.
The DeFi project is currently the most trendy across all chains, controlling 2.17% of mindshare on… pic.twitter.com/p8aMX5Jc9G
— DexCheck AI (@DexCheck_io) December 23, 2025
What Is Aave Governance ‘Civil War?’
Notably, around Dec. 4, Aave Labs announced an integration with CoW Swap to replace VeloraDEX on the official Aave interface. The change improved pricing and MEV protection for users, but it quietly changed where swap fees were sent.
By mid-December, DAO delegates discovered that swap fees from the new setup were flowing to Aave Labs wallets instead of the DAO treasury. Previously, similar fees generated around $200,000 per week, or more than $10 million per year, for the DAO.
Prominent delegate Marc Zeller publicly criticized the move as a serious governance issue. Some community members suggested plans to seize Aave Labs intellectual property, code, and brand assets, effectively turning Labs into a DAO-controlled unit.
Related article: What's Behind the 10% AAVE Price Drop?
Ernesto, a former Aave Labs CTO, argued that key brand assets should belong to the DAO since it funded much of the growth.
Snapshot Vote
On Dec. 22, Kulechov submitted a brand ownership proposal to Snapshot for voting, based on Ernesto’s earlier draft. Ernesto rejected the move, saying his name was used without approval and criticizing the holiday timing. Voting is scheduled between December 23 and 26.
To be very clear:
– This is not, in ethos, my proposal. Aave Labs has (for whatever reason) unilaterally submitted my proposal to vote in a rush, with my name on it, and without notifying me at all. If asked, I would not have approved it.
– It was not my intention to submit the… https://t.co/JTWoMMNcQc— Ernesto (@eboadom) December 22, 2025
Zeller also raised concerns over process and fairness.
During the same time, a whale sold 230,350 AAVE worth roughly $37 to $38 million and pushed the altcoin price 4.8% down in the past day. The Snapshot vote is now live, with the community split. Polymarket odds currently price the proposal at around a 5% chance of passing.
