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Aave Leads DeFi Recovery Plan After $292M KelpDAO Exploit
Aave is leading a coordinated DeFi relief effort after the April 18 KelpDAO exploit left the protocol facing an estimated $123.7 million–$230.1 million shortfall. Stani Kulechov pledged 5,000 ETH personally, and Mantle drafted a proposal for a credit facility of up to 30,000 ETH for Aave DAO. The exploit drained $292 million from KelpDAO’s bridge and used 116,500 unbacked rsETH as collateral to borrow about $190 million on Aave.