The post Aave Recovers Exploited rsETH Funds as $71M ETH Return Moves Forward appeared first on Coinpedia Fintech News
Aave says its rsETH recovery process has entered Phase II after major progress in resolving the exploit tied to Aave V3 on Ethereum and Arbitrum.
According to the protocol, the attacker’s eight identified Aave V3 positions were successfully liquidated on May 6, with the recovered rsETH collateral transferred to the Recovery Guardian under an Aave DAO-approved proposal.
At the same time, governance proposals backed by both Mantle DAO and Arbitrum DAO were passed to support the broader DeFi United recovery effort.
Aave noted that normal users and Umbrella stakers were not impacted during the liquidation process.
$71 Million Recovery Plan Faces Legal Complications
A major part of the recovery effort involves the $71 million worth of ETH recovered by Arbitrum’s Security Council.
The Arbitrum DAO voted to return the recovered funds to Aave users, but the pr
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