Crypto King Buys £22M Mansion While UK Market Cries “Poor Me”

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Well, slap my knee and call me surprised! Stani Kulechov, the brain behind that decentralized finance doodad called Aave, has gone and splurged £22 million (a cool $30 million, mind you) on a five-story Victorian mansion in London. That’s right, while the rest of the UK luxury market is sitting in a corner, sulking like a child who dropped their ice cream, Kulechov is out here living his best life in Notting Hill.

According to Bloomberg, this little transaction is one of the priciest residential deals in the city over the past year. And get this-he snagged it for £2 million below the asking price. Must be nice to haggle over millions like it’s a yard sale. The deal closed just before the UK’s autumn budget, which, let’s be honest, probably had more holes than a Swiss cheese.

A Mansion in Notting Hill? Shucks, Why Not?

The property, nestled in the swanky Notting Hill area, was acquired in November. Meanwhile, the luxury housing market is cooling faster than a cup of tea left on a British windowsill. Higher stamp duties and policy changes under the Labour government-including the rollback of tax perks for wealthy foreign residents-have left the market feeling about as lively as a Sunday afternoon in a small village.

Data from LonRes, those property research folks, shows that sales of homes priced above £5 million slowed down more than a tortoise in a marathon. Whether Kulechov paid in digital assets or good old-fashioned cash remains a mystery, but one thing’s for sure: he’s not crying into his tea over the market’s woes.

Kulechov, who founded Aave back in 2017 (originally called ETHLend, because why not?), has been a busy bee in the crypto world. From rebranding to launching the GHO stablecoin and dabbling in consumer-facing blockchain products, he’s been everywhere but the moon. He’s even publicly cheered for the UK as a potential crypto hub, though whether that’s genuine optimism or just polite dinner conversation is anyone’s guess.

Brand Shuffle: Avara, We Hardly Knew Ye

This mansion purchase comes as Aave Labs is tightening its belt and focusing on its core lending business. Earlier this month, they announced they’re shutting down the Avara umbrella brand, which had been herding several Web3 projects like a digital shepherd. Say goodbye to the Family crypto wallet and the Lens decentralized social platform-they’re now operating under the Aave Labs name, along with the Aave mobile app, Aave Pro, and Aave Kit.

The company claims this move is all about simplifying their brand and pouring resources into growing the Aave protocol. But let’s be real, it’s probably also about avoiding the kind of drama that comes with managing a bunch of misfit projects under one roof.

Speaking of drama, the Aave DAO-governed by AAVE token holders-has been locked in a tug-of-war with Aave Labs over control. The DAO manages the protocol’s smart contracts and on-chain revenue, while Aave Labs holds the keys to the official website, branding, and other off-chain goodies. Last year, tensions flared when Aave Labs redirected certain fees away from the DAO treasury, sparking a community proposal to seize control of their intellectual property. Spoiler alert: it failed. But the discussions? Oh, they’re still brewing like a pot of strong British tea.

So there you have it, folks. While the UK luxury market is singing the blues, Stani Kulechov is living large in Notting Hill. Crypto kings, am I right? Now, if you’ll excuse me, I’m off to check if my couch cushions have £22 million hiding in them.

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2026-02-08 20:26