A New York federal judge postponed ruling on Aave's request to release $71 million in frozen Ethereum tied to the Kelp DAO exploit, citing insufficient explanation on potential user losses. The court ordered both Aave and Gerstein Harrow LLP to submit additional legal briefs by May 22 ahead of a June 5 hearing. The frozen 30,765 ETH was seized after being linked to a hack exploiting Kelp DAO's LayerZero bridge, which led to significant DeFi market losses. The judge also raised questions about ownership rights, creditor priorities, and the feasibility of distributing funds to victims, while allowing certain governance actions to proceed under restrictions.
After a hack on April 18, Kelp DAO and Aave have made significant progress in recovery by burning 17,132 stolen rsETH tokens on Arbitrum. This action restores full backing of rsETH and allows withdrawals to resume within 24 hours. Both protocols have...
The draft of the US Clarity Act could be a turning point for decentralized finance (DeFi) regulation by providing legal protections for developers of non-custodial protocols. Aave CEO Stani Kulechov highlighted that the bill would reduce regulatory u...
Ether withdrawals for KelpDAO users are set to resume within 24 hours following a coordinated burn of attacker-minted rsETH tokens on Arbitrum. The exploit involved fraudulent minting of 116,500 rsETH tokens, leading to over $190 million in undercoll...
Following a $292 million security breach, Kelp DAO and Aave have started restoring 117,132 stolen rsETH tokens through a two-week phased process. The restoration aims to reinstate full platform functions including withdrawals, deposits, and cross-cha...
Cryptocurrency markets display mixed price changes with Bitcoin trading around $80,711, slightly down by 0.52%. Ethereum and several other major coins like XRP and ADA also show declines, while some altcoins such as CRO and TON report gains above 3%....
