DeFiBearishNewsBTC · 2d ago🔥 8/10
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AAVE Price Plummets By 26%: $9 Billion Net Outflows Traced To Kelp DAO Hack
A $292 million Kelp DAO hack triggered a cascading crisis across DeFi lending, with Aave bearing the brunt as $280 million in unbacked collateral created a liquidity crunch. The incident sparked a bank-run dynamic, driving $9 billion in net outflows from Aave and causing AAVE tokens to plummet 26% while the protocol's ETH pool reached 100% utilization, effectively freezing user withdrawals.
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