A new development has raised security concerns in the cryptocurrency market. According to information shared by on-chain data provider Onchain, KelpDAO’s liquid staking token may have been subjected to a large-scale attack.
Allegedly, assets worth over $100 million were affected by the breach. Following this development, negative impacts were also observed in version V3 of the decentralized finance (DeFi) protocol Aave. $AAVE V3 is reportedly facing a “bad debt” problem due to the possible hack in KelpDAO.
Aave’s price experienced a sharp drop following the incident:
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This chart shows the recent drop in $AAVE price.
*This is not investment advice.