24H Hot Cryptocurrencies and Key News｜Kelp DAO Attack Leads to $6.2 Billion Net Withdrawals from Aave; RAVE Falls Below $0.5 (April 20)
- Core View: The cryptocurrency market faces liquidity pressure under the influence of specific security incidents (the Kelp DAO hack), while simultaneously presenting a complex landscape of broad declines in mainstream assets alongside unusual movements in some altcoins/tokenized assets. Industry investment and financing activities remain active.
- Key Elements:
- The Kelp DAO hack resulted in the theft of $291 million worth of rsETH, triggering a liquidity crisis in the Aave lending pool and causing approximately $6.2 billion in net withdrawals.
- Major CEX-traded cryptocurrencies (such as BTC, ETH, SOL) fell 1-3% over 24 hours, while some altcoins (e.g., BLUR, BOME) saw significant gains, indicating market divergence.
- Digital banking platform Slash completed a $100 million Series C funding round, and bond tokenization platform BlockInvest secured €4 million in strategic investment, showing continued capital interest in the intersection of traditional finance and crypto.
- Analysts point out that the risks from the rsETH incident may spill over, potentially leading to cascading liquidation risks in the DeFi market, and warn of the risks associated with shorting highly controlled tokens.
- The public comment period for China's "Financial Law" draft has ended. The draft grants financial regulators "quasi-judicial powers" such as accessing communication records and freezing assets during investigations.
1. CEX Hot Tokens
Top 10 CEX Trading Volume and 24-hour Price Changes:
- BTC: -1.77%
- ETH: -2.86%
- SOL: -2.06%
- XRP: -1.99%
- DOGE: -1.05%
- BNB: -1.34%
- TRX: +0.76%
- AAVE: -6.66%
- ZEC: -5.41%
- LINK: -0.98%
24-Hour Top Gainers (Data Source: OKX):
- BLUR: +18.31%
- BOME: +16.94%
- SPK: +13.05%
- MERL: +9.81%
- GALFT: +9.42%
- RSR: +8.54%
- DOGS: +5.66%
- NEIRO: +5.06%
- CORE: +4.81%
- CHZ: +3.92%
24-Hour Top Gainers - Tokenized Stocks (Data Source: msx.com):
- ABTS.M: 26.89%
- MSTX.M: 23.01%
- ICG.M: 20.60%
- ABTC.M: 17.70%
- MIGI.M: 16.56%
- AMC.M: 16.15%
- HYPD.M: 14.32%
- HIVE.M: 13.96%
- UPXI.M: 13.08%
- SMR.M: 12.18%
2. On-Chain Hot Meme (Data Source: GMGN):
- ASTEROID
Headlines
Kelp DAO Hack Triggers Aave Liquidity Crisis, Users Withdraw $6.2 Billion
A LayerZero cross-chain bridge related to Kelp DAO was hacked on Saturday, resulting in 116,500 rsETH worth $291 million flowing to a new wallet. The hacker used the illicitly obtained rsETH as collateral to borrow on Aave, causing the utilization rate of Aave's core lending pool to reach 100% and triggering a liquidity crunch. According to monitoring by 0xngmi, net withdrawals from Aave had reached $6.2 billion by early Sunday. Kelp DAO has suspended the rsETH contract on the Ethereum mainnet and multiple L2 networks.
RAVE Falls Below $0.5, Down Over 82% in 4 Hours
OKX market data shows RAVE briefly fell below $0.5 and is currently trading at $0.483, down over 82% in 4 hours (For more details, read: 8 Days to Create a God, 1 Night to Liquidate: The Emotional Manipulation Playbook of the 'Weird Coin' RAVE).
Iran Designates New Shipping Route in Strait of Hormuz, Prohibits Passage Without Permission
According to a report from the Islamic Republic of Iran Broadcasting (IRIB) on the 19th, the Iranian Islamic Revolutionary Guard Corps (IRGC) Navy has designated a new shipping route from south of Hormuz Island to south of Larak Island. The report states the route has been named the "Larak Corridor" and passage is prohibited without permission from the IRGC Navy.
Musk Agrees to Set ASTEROID as SpaceX Mascot
In a discussion regarding a question from the late girl Liv Perrotto, who had asked if her designed "ASTEROID" could be used as the SpaceX mascot, Musk responded, "Ok."
Industry News
Former UK PM Liz Truss: Bitcoin Will Be a Key Part of Britain's Counter-Revolution
Former UK Prime Minister Liz Truss stated: "Bitcoin will be a key part of Britain's counter-revolution."
The one-month public consultation period for the "Financial Law of the People's Republic of China (Draft)" ended today (April 19th). This is the first overarching law named after finance in China and globally. The expansion of "quasi-judicial powers" granted to financial regulators in the draft is a topic of high market concern. According to the design of Article 55 and related provisions, financial regulatory authorities have the right to access and copy property information, communication records, and transaction records of relevant entities and individuals when investigating financial violations. If there is evidence of suspected transfer or concealment of illegal funds or securities, they can directly freeze or seize them. They can even decide that parties suspected of violations cannot leave the country during the investigation period.
Project News
Ethena: OFT Bridge Suspension Extended Due to Lack of Root Cause Analysis for rsETH Incident
Ethena posted on X that due to not having received a satisfactory root cause analysis for the rsETH incident, the temporary suspension of the OFT bridge will be extended. This move aims to ensure the security of cross-chain asset transfers. Furthermore, Ethena has released a new Proof of Reserve verified by four independent third-party attestation firms—Chainlink, Chaos Labs, LlamaRisk, and Harris & Trotter—confirming that USDe's collateral backing ratio remains above 100%. The relevant results have been published on the transparency page and dashboard.
According to monitoring by ZachXBT, this morning, a multi-signature address (0x53d7) linked to RAVE's initial allocation sent approximately 23 million RAVE, worth $23 million, to two Bitget deposit addresses. Subsequently, the price of RAVE dropped from $1 to $0.6.
Financing
Digital Banking Platform Slash Completes $100 Million Series C Funding Round Led by Ribbit Capital
Digital banking platform for businesses, Slash, announced the completion of a $100 million Series C funding round led by Ribbit Capital, with participation from Goodwater Capital and Khosla Ventures. Existing investors NEA and YC continued to follow on. The post-money valuation is approximately $1.4 billion, bringing total funding raised to $160 million.
Bond tokenization platform BlockInvest announced the completion of a €4 million strategic funding round with participation from Italian bank UniCredit, which acquired a 16% stake in the company. It is reported that BlockInvest will assist UniCredit in issuing Italy's first native digital mini-bond, the first public chain-based tokenized structured note for wealth management clients, and build a technological infrastructure combining the programmability of digital ledgers with financial regulatory compliance.
Financial Compliance Startup Spektr Raises $20 Million Series A Led by NEA
Financial compliance startup Spektr announced the completion of a $20 million Series A funding round led by New Enterprise Associates (NEA), with participation from Northzone, Seedcamp, and PSV Tech. Total funding to date has reached $26 million. The company primarily provides AI Agent-based compliance services, including risk assessment and sanctions list monitoring, to crypto wallet service providers (including Phantom) and traditional financial companies.
Voices
Yi Lihua: Preserving Capital is Crucial in a Bear Market, Beware of On-Chain Theft Incidents
Yi Lihua posted on X, stating that preserving capital is crucial in a bear market. On-chain theft incidents are frequent; chasing a few percentage points in yield can result in losing the principal, similar to many past investment mistakes. As long as it's an investment, there is risk, even keeping money on an exchange or in yield farming. Our top principle now is to have clear profit-taking and stop-loss levels. You must always consider how to respond if the worst-case scenario occurs. Otherwise, the biggest pity is when the bull market arrives, but your capital is gone. Be optimistic about investments, but rigorous about risk control.
vitalik.eth: eth.limo Domain Registrar Attacked
vitalik.eth posted on X, stating that personnel from @eth_limo warned him that the eth.limo domain registrar was attacked. Please do not visit http://vitalik.eth.limo or other http://eth.limo pages until it is confirmed to be restored. His blog can be accessed directly via IPFS.
0xSun posted that news-driven trading remains one of the higher-value strategies in the current crypto market, with its core being the directionality and volatility brought by events. He reviewed several recent events, including abnormal ETH trades, Arc fee adjustments, TAO ecosystem changes, RAVE-related investigations, and the KelpDAO security incident, all of which triggered significant price volatility in a short time. He believes participating in such opportunities relies on either speed of information acquisition or the ability to judge the impact of events.
Furthermore, he stated that as the recent altcoin market has gradually cooled down, he has resumed a strategy of going long BTC while hedging by shorting some altcoin assets. He believes that in the context of weak liquidity and the fading of some narratives, the overall performance of altcoins may face relative pressure.
Spark Protocol's Strategic Lead, monetsupply.eth, posted on X that as stablecoin market liquidity begins to tighten, the current rsETH security incident may be entering a more dangerous phase. Approximately 16.5% of the ETH market is backed by rsETH. If related losses are evenly distributed across the mainnet and cross-chain environments, rsETH-collateralized loans under eMode could face a 10%-15% discount. Combined with the depletion of risk buffers, ETH depositors might still bear 2%-3% of residual losses. Under this expectation, ETH providers tend to exit as soon as possible, locking market utilization at 100%, while borrowing rates are insufficient to incentivize leveraged positions like wstETH and weETH to actively deleverage and release liquidity. Meanwhile, as ETH cannot be withdrawn, users who borrowed stablecoins like USDT using ETH as collateral also find it difficult to close positions promptly. Even if stablecoin borrowing rates rise, the market's original incentive mechanisms have been broken.
ZachXBT: Advises Against Shorting Highly Controlled Tokens Held by a Small Group
On-chain detective ZachXBT stated on social media that he does not recommend shorting tokens that are highly controlled by a small number of insiders.
