Huo Xing Finance reports that on April 19, according to on-chain analyst Yujin, after hackers illegally minted rsETH via Aave and borrowed large amounts of ETH, multiple whales sold AAVE on-chain, causing AAVE to drop 15% today. - The Polymarket username "smaugvision" sold 20,015 AAVE ($2.06 million) at $102.90 per token. - Address 0xFC5 sold 20,000 AAVE ($2.05 million) at $102.80 per token. - Address 0xA2E sold 19,665 AAVE ($1.95 million) at $99.20 per token.
Hackers exploit Aave using illegally minted rsETH, triggering an AAVE sell-off
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Summary
On-chain data reveals that on April 19, 2026, hackers exploited Aave by using illegally minted rsETH as collateral to borrow ETH. On-chain analysis shows that three whale addresses sold 59,680 AAVE tokens, driving the price down 15%. The largest sales originated from the 'smaugvision' address on Polymarket (20,015 AAVE), address 0xFC5 (20,000 AAVE), and address 0xA2E (19,665 AAVE).
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