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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 Report, April 20 (UTC+8), recently revealed by DeFiLlama founder 0xngmi that after the KelpDAO hack, Aave is facing significant bad debt disposal pressure. There are currently three possible solutions: First, socialize the losses, requiring users 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 can cover $55 million, the treasury can provide $85 million, leaving a shortfall of about $76 million. Second, executing a "rug pull" on rsETH holders on Layer 2 could cause about $341 million in bad debt, severely impacting the Arbitrum, Mantle, and Base markets. The third option is to return assets based on a snapshot taken before the attack; although this method is highly challenging, after insurance coverage, an estimated loss of $91 million remains. Another suggestion is to confiscate the hacker's collateral to reduce losses, as the Aave OG security module still holds about $300 million in AAVE tokens, which, if used at a 20% reduction rate, could compensate approximately $60 million. (Source: MLion)
AAVE-1.16%
ARB-1.06%
MNT3.09%
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