Justin Pleads Kelp Hacker $293m: A Desperate Cry for Negotiation

Justin Sun pleaded with the Kelp DAO hacker to negotiate after a $293 million heist. The primary keyword Justin pleads Kelp hacker 293m highlights the severity of the situation.

Background of the Hack

The Tron Network founder, Justin Sun, took to X to urge the hackers to come to the negotiation table. $293 million in rsETH tokens were stolen, affecting not only Kelp DAO but also other DeFi protocols like Aave.

Onchain Data Analysis

Onchain data shows that addresses linked to HTX, the crypto exchange owned by Sun, have sent hundreds of millions to accounts on Aave, a huge DeFi lender. Over $1.4 billion in HTX’s reserves held in the USDT stablecoin were lent on Aave as of December.

Consequences of the Hack

The digital thieves targeted rsETH, but because it can be used across other decentralised finance protocols, such as Aave, it risks dragging them down as well. Despite freezing rsETH markets on its platform, Aave investors have fled the platform en masse. Investors have pulled out almost 25% of the assets deposited into the protocol since the hack.

Aave's Response

Aave said on its official X account that rsETH remain frozen across “Aave V3 and V4.” Exposure to the incident is capped, and WETH reserves also remain frozen across affected markets.

Key Takeaways

• The Kelp DAO hack resulted in a $293 million loss.
• Justin Sun is urging the hackers to negotiate.
• Aave has frozen rsETH markets and is assessing potential resolutions.
• The total value locked in Aave is now sitting at just over $34 billion.

Frequently Asked Questions

What is the current status of the Kelp DAO hack?

The Kelp DAO hack is still under investigation, with Aave freezing rsETH markets and assessing potential resolutions.

Who is behind the Kelp DAO hack?

LayerZero has blamed the hacking collective the Lazarus Group with ties to the Democratic People's Republic of Korea for the heist.