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Aave Faces Liquidity Crisis and $280M Bad Debt Following Kelp DAO Exploit

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An attacker drained 116,500 rsETH ($292 million) from the Kelp DAO LayerZero bridge, using the unbacked tokens as collateral to borrow WETH on Aave. Aave is currently grappling with approximately $280 million in bad debt as the fraudulent rsETH collateral is effectively worthless and unliquidatable. The protocol’s ETH pool utilization reached 100%, temporarily preventing further withdrawals and sparking over $5.4 billion in total...

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MicroStrategy Returns to Profit as Bitcoin Rebound Erases Unrealized Losses

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MicroStrategy’s 780,897 BTC treasury has returned to an unrealized profit after Bitcoin climbed back above the company’s average entry price.The firm’s total holdings are now valued at approximately $59 billion, representing a significant recovery from recent market volatility. Executive Chairman Michael Saylor reported a “Bitcoin Gain” of 17,585 BTC for the first two weeks of April, reinforcing the firm’s...

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Kraken Parent Payward to Acquire Bitnomial for Up to $550 Million

Kraken Parent Payward to Acquire Bitnomial for Up to $550 Million, Gaining Full CFTC-Licensed U.S. Derivatives Stack

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Deal terms: Payward will acquire 100% of Bitnomial for up to $550 million payable in cash and stock, valuing the parent company’s equity at $20 billion. Licenses secured: The transaction gives Kraken control of a fully CFTC-regulated U.S. derivatives platform, including an exchange, clearinghouse and brokerage. Strategic impact: Bitnomial, the first crypto-native firm to hold the complete suite of CFTC licenses, spent over a decade...

Crypto regulation, Cryptocurrencies, Front page, News, Regulation

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Circle Faces Class-Action Lawsuit Over Alleged Failure to Freeze $230M Stolen USDC in Drift Protocol Exploit

Circle Faces Class-Action Lawsuit Over Alleged Failure to Freeze $230M Stolen USDC in Drift Protocol Exploit

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Lawsuit filed: Class action initiated on April 14, 2026, by Drift investor Joshua McCollum on behalf of over 100 affected users in U.S. District Court for Massachusetts. Exploit details: On April 1, 2026, attackers drained an estimated $280–285 million from the Solana-based DEX Drift Protocol through trading, lending, and vault deposits. USDC movement: Approximately $230 million in stolen USDC was transferred from Solana to...

Cryptocurrencies, Front page, Hacks, News, Stablecoins

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Tether Leads $150 Million Recovery Initiative for Drift Protocol Following $270 Million Exploit

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Tether is spearheading a $150 million recovery package for Drift Protocol, contributing up to $127.5 million alongside $20 million from other partners. The initiative follows an April 1 exploit that drained approximately $270 million to $285 million from the Solana-based perpetual DEX. As part of the relaunch, Drift will pivot from USDC to USDT as its primary settlement asset for its 128,000 users. Tether has announced a strategic commitment...

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