- The hacker transferred the stolen funds from Kelp DAO digital assets on Aave and took Ethereum as collateral.
- Whales worried about their savings began withdrawing cryptocurrency from DeFi.
- The Aave (AAVE) price and the amount of funds locked on the platform have dropped significantly.
Break DeFi kelp DAOThe April 18 attack caused a sharp drop in the price of the Aave (AAVE) cryptocurrency, issued by the staking platform.
Kelp employees DAO fixed suspicious activity on the LayerZero cross-chain bridge, which connects Ethereum’s mainnet and second-layer networks. The startup’s employees disabled the smart contracts, but the attacker managed to withdraw 116,500 Kelp. DAO Restaked ETH (RSETH) worth $274,8 million at the current rate.
Offender poisoned coins on the Aave platform and borrowed Ethereum using the stolen digital assets as collateral, thereby exhausting the available supply of coins. Upon learning of this, many whales began withdrawing their savings from the platform, causing the value of the virtual currencies locked in the decentralized service to plummet. fell on $ 4,89 billion
Changing the amount of funds locked on Aave
A cyberattack that damaged the credit history of a staking platform has caused reduction Aave’s price fell 16,6% in a matter of hours. The bearish trend in the digital asset market is likely to continue, in part due to other issues that have hit users’ pockets. In particular, reported redaction Happy Coin News In March, a bug in Aave’s software caused the company’s clients to lose $26,4 million.
Aave price drop
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