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Kelp DAO Attacker Converts Majority of 75,700 ETH to BTC via THORChain
The Kelp DAO attacker converted around 75,700 ETH (about $175M) to Bitcoin via THORChain, producing $800M in trading volume and $910,000 in THORChain fees.
Abstract: The report notes that the Kelp DAO attacker moved the majority of 75,700 ETH (roughly $175M) into Bitcoin using THORChain’s cross-chain swap. The swap generated about $800 million in trading volume and roughly $910,000 in THORChain fees, illustrating the liquidity and revenue implications of cross-chain activity during an exploit.
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Ronin Blockchain to Migrate to Ethereum Layer 2 on May 12, with 10-Hour Mainnet Downtime
Gate News message, April 23 — Ronin, a gaming blockchain, will migrate from an Ethereum sidechain to Ethereum Layer 2 on May 12. The migration will be triggered at block height 55,577,490 and will transition Ronin to OP Stack. The mainnet will experience approximately 10 hours of downtime, from 11 a
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ether.fi's Liquid ETH Vault Now Accepts aWETH Deposits for Aave Users
Gate News message, April 23 — ether.fi announced that its Liquid ETH vault now accepts aWETH deposits, providing an exit option for users facing liquidity constraints on Aave.
The Liquid ETH vault does not hold WETH exposure to Aave, according to the
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Newly Created Address Withdraws 4,000 ETH Worth $9.59M from Major CEX
Gate News message, April 23 — According to Onchain Lens, a newly created address (0x66e...5b6b) withdrew 4,000 ETH, valued at approximately $9.59 million, from a major CEX.
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Circle Proposes Emergency Rate Overhaul for Aave's Frozen USDC Pool
Summary: Circle proposes an emergency Aave V3 USDC overhaul, lifting Slope 2 to ~40% to restore healthy utilization (target ~85%), with max rate rising to ~48%, arguing borrowers ignore rates; also suggests pausing the USDC risk oracle.
Abstract: Circle has urged an emergency overhaul of Aave V3's USDC pool after four days at near-6% idle liquidity and 99.87% utilization following the KelpDAO exploit. The plan would immediately raise Slope 2 for USDC deposits from about 10% to 40%, followed by governance ratification of a 50% target within a week. The aim is to attract supply and restore balanced utilization, with a move to a higher max supply rate (about 48%) at full utilization. Liao argues current borrowers use USDC borrowing as a queue-bypass mechanism and are insensitive to current rates, making supply-focused incentives essential. The proposal also recommends pausing the USDC Risk Oracle due to past underperformance. Circle’s stance is notable because a stablecoin issuer is essentially saying the market for its asset on Aave is broken.
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Ethereum Futures Open Interest Surges 7.29% to $32.96B in 24 Hours
Gate News message, April 22 — According to Coinglass data, Ethereum's global futures open interest increased 7.29% over the past 24 hours, reaching a total of $32.96 billion.
Among major exchanges, open interest is distributed as follows: a leading exchange holds $7.67 billion, another major
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