As a long-time Aave V4 partner and ally, Frax is directly engaging with @aave today to assist in addressing the rsETH incident. Although Frax doesn't have direct exposure, we'll be collaborating with DeFi United in a mutually beneficial direction to bring stability to Aave markets and the broader DeFi ecosystem. #frax #aave
🚨 ARBITRUM HAS ACTED SWIFTLY BY FREEZING OVER 70 MILLION USD FROM THE KELPDAO HACK!
📊 On-chain details: Initial data shows that the KelpDAO hacker attempted to "burn" 30.766 $ETH worth 70.94 million USD on the Arbitrum network. {future}(ETHUSDT) Immediately, the Arbitrum Security Council intervened urgently, freezing all ETH on the platform and transferring it to a secure custody wallet.
Currently, the perpetrator has been identified, and the funds are completely blocked under the governance of the network, ensuring no further harm comes to users.
💡 Arbitrum's miraculous "price rescue" successfully thwarted the scheme to liquidate the hacker's massive assets. While protecting users, the power to "freeze wallets" from the Security Council will undoubtedly reignite the heated debate about the balance between safety and the core decentralized nature of Layer 2s.
In your opinion, is this rapid "freeze" mechanism a necessary protective feature, or does it demonstrate that L2 networks still hold too much centralized power? 👇