Analysis: Over $5.4 billion in assets were urgently withdrawn from Aave, with Spark and other protocols absorbing lending demand.

PANews reported on April 19th that, according to on-chain analyst Yu Jin, over $5.4 billion in assets were urgently withdrawn from Aave for hedging purposes after hackers borrowed a large amount of ETH by staking illegally minted rsETH on Aave. This included Justin Sun retrieving his 65,584 ETH ($154 million) on Aave. The remaining on-chain lending demand flowed into protocols like Spark: demand drove ETH deposit rates on Spark to a peak of 130%. Currently, 18% remains.

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Author: PA一线

This content is for market information only and is not investment advice.

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ZachXBT responded to the investigation into the significant losses suffered by retail investors due to RAVE: He stated that he will continue to investigate similar incidents and personally does not hold any RAVE positions.
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