Aave TVL Slides 21.6% to $20.7B After KelpDAO Hack Sparks Withdrawal Wave

Huoxing Finance reported that on April 19, in the wake of the KelpDAO hack, Aave faced roughly $1.77 billion to $2 billion in bad debt. Large holders pulled sizeable funds from the protocol to reduce risk exposure. DefiLlama data show Aave's total value locked has kept falling from about $22 billion earlier today to roughly $20.7 billion, down about 21.6% from around $26.4 billion yesterday.