According to on-chain analyst Ember (@EmberCN), after the hacker borrowed a large amount of ETH by illegally minting rsETH as collateral via Aave, over $5.4 billion in assets have been urgently withdrawn from Aave for risk mitigation purposes. Among these, Sun Guangchuan withdrew 65,584 ETH, valued at approximately $154 million. Meanwhile, existing on-chain lending demand has shifted to protocols such as Spark, causing Spark’s ETH deposit rate to briefly surge to 130%—it currently remains around 18%.
Over $5.4 billion in assets withdrawn from Aave following hacker exploit; Spark sees increased lending demand
TechFlowShare
Summary
Over $5.4 billion in assets were withdrawn from Aave after a hacker exploited rsETH to borrow ETH, with Justin Sun withdrawing 65,584 ETH ($154 million). ETH prices remain under pressure as users migrate to Spark, where ETH deposit rates peaked at 130% and have since settled near 18%. Lending activity is drawing attention to altcoins to watch as market flows realign.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.