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Aave: rsETH Recovery Plan Advances with Approval of $71M ETH Transfer

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Aave has progressed to the second phase of the rsETH recovery plan, with eight hacker positions on Aave V3 liquidated and their collateral transferred to the recovery custodian. The Arbitrum DAO approved a proposal to return $71 million worth of ETH. A judge has authorized Aave LLC to receive the funds via on-chain voting. Future steps include burning rsETH on Arbitrum and restoring reserves. Once reserves are replenished, withdrawals will resume, and the WETH LTV on Aave V3 will be restored. ETH price movements remain under close monitoring as the recovery process continues.

Huo Xing Finance reports that Aave has posted on X that progress has been made in the second phase of the technical recovery plan for the rsETH incident. Eight positions on Aave V3 held by the hacker have been liquidated, and the recovered rsETH collateral has been transferred to the recovery custodian. The Arbitrum DAO has approved a proposal to return the previously recovered $71 million in ETH. Regarding the plaintiff’s asset freeze application, the judge has approved Aave LLC’s proposal to allow the transfer of the $71 million in ETH to Aave LLC via on-chain voting through the Arbitrum DAO. Next steps include burning rsETH on Arbitrum and restoring the rsETH reserve. Once the reserve is restored, withdrawals will be reopened, and the WETH LTV on Aave V3’s Ethereum mainnet will be reinstated.

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