KelpDAO Suffers $292 Million Hack via Tornado Cash
- Attack Details: The hacker funded their wallet through Tornado Cash's 1 ETH pool and executed a transaction that siphoned $292 million in rsETH after a 10-hour wait, demonstrating a meticulously planned attack strategy.
- Potential Losses: KelpDAO could have faced total losses of $391 million if the hacker's subsequent two attempts had succeeded, a figure that represents approximately 18% of rsETH's circulating supply, highlighting the protocol's vulnerabilities.
- Impact on Aave: The stolen 116,500 rsETH tokens were used as collateral to borrow large amounts of Ether and Wrapped Ether on Aave V3, potentially exposing Aave to up to $177 million in bad debt risk, which could affect its liquidity and market confidence.
- Market Reaction: Following the KelpDAO attack, Aave immediately froze all rsETH markets, resulting in a 10.65% drop in its stock price on the day, while Ethereum also fell by about 3%, reflecting growing market concerns over DeFi security.
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Technical Analysis for AAVE
Technical Sentiment Analysis for Aave (AAVE). As of , Aave (AAVE) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 3 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for AAVE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, AAVE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Aave (AAVE) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 52.583 | 69.462 | 85.113 | 101.992 | 117.643 | 134.522 | 150.173 |
| Fibonacci | 69.462 | 81.888 | 89.565 | 101.992 | 114.418 | 122.095 | 134.522 |
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