Aave Freezes rsETH Market, Assessing Potential Bad Debt from KelpDAO Exploit
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Summary
BroadChain learned that at 09:16 on April 19, according to PANews, in response to the KelpDAO attack incident, Aave announced it has frozen the rsETH market on its V3 and V4 protocols. This asset currently has no borrowing capacity. Aave emphasized that its contracts themselves were not attacked; the freeze is to prevent new rsETH deposits and collateralized borrowing, allowing the team to assess the situation. Currently, Aave V3 and V4 no longer hold rsETH. The team is reviewing rsETH borrowing information that occurred after the exploit and will disclose details as soon as possible. If the protocol incurs bad debt due to this incident, the team will explore ways to cover the losses. Previously, the KelpDAO cross-chain bridge
BroadChain has learned that at 09:16 on April 19, according to PANews, in response to the KelpDAO attack, Aave announced that it has frozen the rsETH market on its V3 and V4 protocols. This asset currently has no borrowing capacity. Aave emphasized that its contracts themselves were not attacked, and the freezing measure is to prevent new rsETH deposits and collateralized borrowing, allowing the team to assess the situation. Currently, Aave V3 and V4 no longer hold rsETH. The team is reviewing rsETH borrowing information that occurred after the vulnerability attack and will disclose details as soon as possible. If the protocol incurs bad debt due to this incident, the team will explore ways to cover the losses. Previously, the KelpDAO cross-chain bridge was attacked, with approximately $292 million worth of rsETH transferred out.