Aave sees $10.1B outflow after weekend rsETH exploit

More than $10 billion has been withdrawn from the Aave protocol following an exploit targeting rsETH over the weekend, EmberCN reported. A total of $10.1 billion in assets left the protocol, with $4.5 billion of that amount in stablecoins. The outflow has pushed the annual percentage yield (APY) for stablecoin deposits on Aave to around 13.4%, while the protocol's total value locked has fallen from $45.8 billion to $35.7 billion. Previously, Ethereum restaking protocol Kelp DAO announced it had suspended rsETH contracts on its mainnet and multiple Layer 2 networks after detecting suspicious cross-chain activity over the weekend. The total losses from the exploit are estimated to be over $292 million.