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Aave has carried out the liquidation of the hacker wallets tied to the KelpDAO exploit, supported by more than 90% of the protocol’s representatives. During a week-long Arbitrum governance deliberation, 1,600 addresses backed by 190 million ARB tokens voted in favor of unfreezing the funds.
The Arbitrum Security Council had partially intercepted the attacker’s transactions after the exploit, which compromised assets worth approximately $292 million. With approval through the Arbitrum Governance Process, 30,765.67 frozen ETH was released as part of a coordinated remediation plan.
The stated objective is to fully restore the ETH backing of the wrapped token rsETH in order to compensate all its holders.
Aave said it worked alongside KelpDAO, the LayerZero, EtherFi, Compound teams, and other counterparts to maximize fund recovery. Stani Kulechov, founder of the network, announced that additional measures will be executed to compensate bad loans and restore the protocol’s health.
Aave estimated that bad loans on Arbitrum range between $170 million and $230 million. The protocol’s internal protection mechanisms also acted during the incident: the hacker attempted to take out additional loans using rsETH as collateral, but when the token’s risk exceeded a certain threshold, the positions were automatically liquidated.
KelpDAO decided to migrate its cross-chain infrastructure to Chainlink’s CCIP ecosystem, after indicating that LayerZero’s tools were among the determining factors behind the exploit.
Aave reported that it stabilized total value locked above $15 billion after an initial outflow of around $10 billion. Utilization rates across the main vaults began to normalize, with the WETH vault at 93%, and USDT and USDC at 92% and 91%, respectively.
The average lending rate stabilized at 2.76%, while the borrowing rate stabilized at 4.08%. Despite this stabilization, overall lending activity still reflects the exploit’s impact: total loans fell 35% over the last 30 days, and stablecoin liquidity declined by an additional 46.3%.
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