Aave asks Arbitrum to send 30K ETH from Kelp exploiter to ‘DeFi United’

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Aave was hit hard by the Kelp DAO exploit, with its total value locked falling nearly $12 billion in a week after the hacker put the stolen rsETH tokens up as collateral on its lending platform to borrow wrapped Ether, leaving more than $190 million in bad debt and triggering a wave of withdrawals. In the Arbitrum proposal, Aave Labs said a full recovery would not only restore rsETH’s backing but also normalize conditions for its holders, liquidity providers and borrowers on Arbitrum and across the broader DeFi ecosystem. Related: Coinbase says capital access beats income in wealth creation Even a “partial recovery would still meaningfully reduce the shortfall,” Aave Labs added. Aave Labs has specifically asked for the 30,765 Ether to be sent to a recovery address controlled by Aave, Kelp DAO and blockchain security platform Certora. Aave Labs said it expects the effort to restore rsETH and compensate its holders to take about 49 days and that it would return the funds if the recovery effort falls through. Magazine: Singapore isn’t a ‘crypto hub’ — it’s something better: StraitsX CEO

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