00:00It's Benzinga, bringing Wall Street to Main Street.
00:02A $300 million hack over the weekend triggered a crisis of confidence in decentralized finance
00:08and led to heavy withdrawals from Aave, according to Bloomberg.
00:12Hackers deposited about $200 million of stolen tokens as collateral on Aave and borrowed another
00:18cryptocurrency, raising concerns about the value of that collateral. Aave recorded about $9 billion
00:23in net outflows since Saturday, and total value locked fell more than a third to $17.5 billion.
00:31Aave did not immediately respond to Bloomberg's request for comment.
00:34The attackers borrowed $236 million using Reseth across platforms.
00:39Aave froze the Reseth markets and said the tokens remain fully backed.
00:43Hackers typically launder stolen crypto through complex transactions or mixers,
00:47but they did not follow that pattern in this attack.
00:50For all things money, visit Benzinga.com.
00:53Have a great day.
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