Aave founder Stani Kulechov is facing scrutiny over his recent $10 million purchase of AAVE tokens, with some in the crypto community claiming it was used to boost his voting power in a key governance proposal.
In a Wednesday post on X, Robert Mullins, a decentralized finance (DeFi) strategist and liquidity specialist, argued that the purchase was meant to increase Kulechov’s “voting power in anticipation to vote for a proposal directly against the token holders best interests.”
He added: “This is a clear example of tokens not being equipped to adequately disincentivize governance attacks.”
Prominent crypto user Sisyphus echoed those concerns, claiming that Kulechov might have sold “millions of dollars” worth of Aave (AAVE) tokens between 2021 and 2025, questioning the economic rationale behind the move.
The controversy comes as Aave token holders debate how governance power is exercised within one of DeFi’s largest protocols, with critics arguing that large token purchases can materially influence voting outcomes on high-stakes proposals. The dispute has reignited concerns about whether token-based governance adequately protects minority holders when founders or early insiders retain significant economic leverage.
Robert Mullins questions Kulechov’s motive behind recent purchase. Source: Robert MullinsAave governance vote sparks backlash
As Cointelegraph reported, Aave’s governance vote has triggered a backlash after a proposal on reclaiming control of the protocol’s brand assets was pushed to a snapshot vote despite ongoing debate.
The proposal asks whether AAVE token holders should regain ownership of domains, social accounts and intellectual property through a DAO-controlled legal structure.
Several stakeholders disputed that decision, arguing that the proposal was escalated prematurely.
Former Aave Labs CTO Ernesto Boado, listed as the proposal’s author, said the vote escalated without his consent and broke community trust.
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Voting power concentration in Aave DAO
Samuel McCulloch of USD.ai pointed out the concentration of voting power. In an X post, he described the Aave vote as “silly,” adding that a small group of large holders accounted for about half of the total voting weight.
Snapshot data from the Aave DAO shows that the top three voters alone control more than 58% of the entire vote. The top voter, 0xEA0C…6B5A, holds 27.06% of the voting power (333k AAVE), while the second-largest voter, aci.eth, controls 18.53% (228k AAVE).
Cointelegraph reached out to Kulechov for comment, but did not receive a response by publication.
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