Aave Token Plunges 15% and TVL Drops by $7B After the rsETH Exploit
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- Aave faces pressure after a $250M rsETH exploit shakes market confidence.
- Panic withdrawals wipe out $7 billion in TVL as liquidity stress spreads.
- AAVE drops 15% as exchange inflows surge and selling pressure rises.
Leading DeFi platform Aave is facing intense pressure after a major incident involving rsETH collateral triggered a sharp market reaction. This has wiped out billions in value locked and dragged down its token price.
rsETH Exploit Sparks System Stress
On April 18th, attackers gained access to unbacked rsETH tokens, by breaching Kelp DAO’s bridge and reportedly exploited $292 million worth of rsETH. The rsETH is a collateral asset used across multiple DeFi platforms.
Since the hackers used these compromised tokens as collateral on platforms like Aave to borrow over 82,600 ETH, the protocol got a hit. As the collateral had no real value, this cr…
Read The Full Article Aave Token Plunges 15% and TVL Drops by $7B After the rsETH Exploit On Coin Edition.
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