The Aave founder Stani Kulechov is facing renewed scrutiny from parts of the crypto community after purchasing roughly $10 million worth of AAVE tokens ahead of a contentious governance vote. Critics argue that the move may have been aimed at increasing voting power during a sensitive decision period for one of decentralized finance’s largest protocols.
Concerns surfaced after Robert Mullins, a DeFi strategist and liquidity specialist, claimed on X that the purchase was designed to strengthen Kulechov’s influence over governance outcomes. Mullins said the acquisition appeared timed to support a proposal that some token holders believe runs counter to their interests. He added that the episode highlighted weaknesses in token based governance systems and their ability to prevent concentration of power.
Other prominent crypto commentators echoed similar views. The trader known as Sisyphus questioned the economic logic behind the move, pointing to onchain data that suggested Kulechov may have sold substantial amounts of AAVE between 2021 and 2025. According to critics, the recent accumulation raises questions about how founder influence intersects with decentralized decision making.
The debate comes at a time when Aave’s governance model is under heightened scrutiny, with token holders weighing how power should be distributed in protocols that claim to operate in a decentralized manner.
Governance backlash reignites decentralization concerns
The controversy intensified alongside backlash over a governance proposal related to reclaiming control of Aave’s brand assets. The proposal, which sought to return ownership of domains, social media accounts and intellectual property to a DAO controlled legal structure, was moved to a Snapshot vote while debate was still ongoing.
Several stakeholders objected to the timing. Former Aave Labs chief technology officer Ernesto Boado, who was listed as the proposal’s author, stated publicly that the vote was escalated without his approval and undermined trust within the community. Critics argued that pushing the proposal forward prematurely reduced meaningful discussion and weakened governance legitimacy.
The situation has drawn attention to voting power concentration within the Aave DAO. According to Snapshot data cited by Samuel McCulloch of USD.ai, a small group of large holders controls a disproportionate share of voting influence. McCulloch described the vote as problematic, noting that roughly half of total voting weight is held by a limited number of wallets.
The top three voters reportedly account for more than 58 percent of all voting power. The largest single wallet controls over 27 percent, while the second largest holds more than 18 percent. Such concentration has fueled arguments that token based governance can leave minority holders exposed when founders or early participants maintain significant economic leverage.
Cointelegraph reached out to Kulechov for comment but did not receive a response at the time of publication.
The episode has revived a broader industry discussion around governance design, founder influence and whether decentralized finance protocols need stronger safeguards to balance power as they continue to scale.
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