New York Judge Pushes Back Hearing for Aave’s Bid to Unfreeze $71M in ETH

Kelo, LayerZero, Arbitrum and DAO Custody

The recent Kelp DAO–LayerZero–Arbitrum–Aave mess brings together a lot of longstanding problems. And the fights over who is responsible and where the losses go is going to be a thing of beauty. It is also quite likely some involved parties end up with bigger trouble than they anticipated when they took action to respond. There are some very wide-ranging implications of what happened here. And a lot of industry dishonesty was unmasked when people…

NY judge delays hearing on Aave's bid to unfreeze $71M in ETH - The Blockopedia

A New York judge pushed back a decision on Aave’s emergency request to unfreeze about $71 million in cryptocurrency. The funds were tied up after the $293 million Kelp DAO hack, one of the largest DeFi exploits this year. Aave had asked to use the ETH, which the Arbitrum network froze, to help with recovery […] The post NY judge delays hearing on Aave’s bid to unfreeze $71M in ETH appeared first on The Blockopedia.

Arbitrum DAO Approves 90-9 Vote to Unlock $71M in Frozen Kelp Exploit ETH – CryptoGazette

Arbitrum DAO has voted overwhelmingly — 90% in favor — to release $71 million in Ethereum frozen following last month’s Kelp DAO exploit, authorizing the transfer of approximately 30,766 ETH to Aave LLC’s custody for redistribution to affected protocols. The governance outcome, which closed this week after a binding on-chain vote, represents one of the most significant uses of DAO emergency powers in DeFi history. The decision also sets a preced…

NY Court Delays Aave ETH Unfreeze Bid, Tests DeFi Freeze Rules

A New York federal court has paused ruling on Aave’s emergency bid to unfreeze approximately $71 million in ETH tied to the Kelp DAO hack, delaying a decision until a June hearing while the court seeks additional information from both sides. The dispute centers on whether Arbitrum’s freeze of the funds should be lifted to support ongoing recovery efforts after one of DeFi’s most significant exploits this year. Aave contends that unlocking the fu…

New York Judge Delays Hearing on Aave Request To Release $71 Million in ETH

A federal judge in Manhattan has postponed a decision on Aave’s emergency request to release approximately $71 million in frozen Ether tied to the April Kelp DAO exploit, ordering both sides to submit supplemental legal briefs before a June hearing. Judge Margaret M. Garnett of the U.S. District Court for the Southern District of New York said in filings submitted Wednesday that Aave LLC had not sufficiently explained how “compounding losses” to…