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Aave Restores Full Liquidity on June 1 With $300M Rescue Fund After Cross-Chain Exploit

GateNews
Security IncidentsProject ProgressPartnerships & EcosystemEnforcement ActionsOn-Chain Data
AAVE-4.82%
ZRO-1.95%
ETHFI-1.23%
ENA6.78%
According to Aave's June 1 post-mortem, the protocol restored full liquidity to its lending pools following a $300 million cross-chain exploit that threatened its cash reserves. An attacker had exploited a third-party bridge operated by Kelp and Layerzero in mid-April, minting 116,500 counterfeit rsETH tokens and using them as collateral to siphon 82,650 WETH and 821 wstETH. Aave mobilized a $300 million industrywide rescue fund from Lido, Ether.fi, Ethena, and Compound to backstop the compromised assets. On May 8, following an emergency motion filed in U.S. federal court on May 4, a judge lifted a restraining order that had frozen $71 million in clawed-back funds, enabling developers to immediately refill liquidity pools. The protocol has implemented 295 parameter updates across 168 asset pools and an automated LTV0 circuit breaker to prevent future exploits.
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