The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Deposits on Aave stood at $18.1 billion as of this writing, which is approximately 31% below the $26.1 billion it held the day before April's Kelp hack, according to DefiLlama.
The lender's own code never failed. What failed was the collateral behind its loans, in a place those loan contracts could not check.
On April 18, attackers went after how Kelp DAO's cross-chain bridge checked incoming messages, not its lending logic. Kelp is a liquid restaking protocol, and rsETH is its receipt token.
An rsETH holder does not hold ether. They hold a claim on staked ether, and that claim crossed a bridge first. They corrupted the data feeds that bridge trusted and pushed a fake message through it. That released 116,500 rsETH worth about $292 million, close to 18% of the token's supply, with nothing behind it.