Aave announced earlier today, April 21, that it has unfrozen wrapped ETH (WETH) reserves on its Ethereum Core V3 market, just over 24 hours after locking down WETH across multiple markets in response to the $290 million Kelp bridge exploit.
“WETH reserves on the Ethereum Core V3 market have been unfrozen and users can supply WETH to Ethereum Core V3 again,” Aave wrote on X this morning. WETH is a tokenized version of ETH compatible with decentralized finance smart contracts.
Late evening ET on April 19, Aave had frozen WETH reservers across its Core, Prime, Arbitrum, Base, Mantle, and Linea markets. “This action prevented new borrows against WETH collateral and contained the risk of stress spreading to other reserves, including stablecoins,” and April 20 incident report co-authored by Aae and LlamaRisk explained.
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