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Founder of DefiLlama outlines three possible approaches to the Kelp DAO incident and the corresponding potential bad debt scale

MeNews
ME News message: On April 20 (UTC+8), DeFiLlama founder 0xngmi recently disclosed that after the hack of KelpDAO, Aave is facing significant pressure to deal with bad debts. There are currently three possible solutions. First, losses would be socialized and shared among users; users would have to bear an 18.5% devaluation, which is expected to result in approximately $216 million in bad debt. In this scenario, Aave’s umbrella insurance could cover $55 million, and the treasury could provide $85 million, leaving an approximate funding gap of $76 million. Second, carrying out a “rug pull” on rsETH holders on L2 could cause about $341 million in bad debt, dealing a severe blow to the Arbitrum, Mantle, and Base markets. The third option is to return assets based on a snapshot taken before the attack; although this approach is highly challenging, an estimated $91 million loss would still remain after insurance coverage. Another proposal suggests confiscating the hacker’s pledged collateral to reduce losses, while Aave OG’s security module still holds about $300 million worth of AAVE tokens; once used at a 20% cut rate, it could compensate roughly $60 million. (Source: MLion)
AAVE-1.16%
ARB-1.06%
MNT3.09%
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