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Kelp DAO Hacked, Triggering Aave Liquidity Crisis; Users Withdraw $6.2 Billion
Svmuu News: A LayerZero cross-chain bridge related to Kelp DAO was hacked on Saturday, resulting in 116,500 rsETH worth $291 million flowing to a new wallet. The hacker used the illicitly obtained rsETH as collateral to borrow on Aave, causing the utilization rate of Aave's core lending pool to reach 100% and triggering a liquidity crunch. According to monitoring by 0xngmi, as of early Sunday, the net withdrawal amount from Aave had reached $6.2 billion. Kelp DAO has suspended the rsETH contracts on the Ethereum mainnet and several L2 networks. Affected by this, the price of the Aave token fell 16% to $90.13, and the price of Ethereum dropped 2% to $2,300. Currently, Justin Sun has posted on platform X attempting to negotiate with the hacker.
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