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The response to the DeFi recovery fund has quickly extended beyond Aave, and in some cases began with direct outreach.
The exploit, which rippled into rsETH markets and created risk across lending positions on Aave, has prompted what is shaping up to be one of the most coordinated industry responses to a DeFi incident.
There’s a shared priority around supporting users and restoring normal market conditions,” an Aave Labs spokesperson told CoinDesk. “Many of these participants are deeply connected to DeFi, whether through infrastructure, capital, or user access, and have a direct interest in ensuring markets function as expected.”
At the core of the effort is Aave itself. A governance proposal outlines a plan for the DAO to allocate up to 250,000 ETH as part of the recovery. Founder Stani Kulechov has separately indicated he would donate 5,000 ETH personally. Other contributors within Aave’s orbit are also stepping in, including Aave’s Emilio Frangella (500 ETH), BGD Labs’ Ernesto Boado (100 ETH), BGD Labs (250 ETH), and KPK’s Marcelo Ruiz de Orlano (100 ETH).
But the response has quickly extended beyond Aave, and in some cases began with direct outreach.The firm, alongside its founder Joseph Lubin, agreed to commit up to 30,000 ETH in financial support to help advance the recovery and protect users. Sharplink played a strategic advisory role in those discussions, the spokesperson said.
Following the April 18 bridge hack that impacted rsETH, Kulechov reached out to Consensys and other ecosystem participants early to help coordinate a response, according to a Consensys spokesperson.
The firm, alongside its founder Joseph Lubin, agreed to commit up to 30,000 ETH in financial support to help advance the recovery and protect users. Sharplink played a strategic advisory role in those discussions, the spokesperson said.
The Ethereum ecosystem has always been at its best when it moves together,” Lubin said in a statement. “DeFi United is exactly that, a broad, coordinated response to protect users and strengthen the infrastructure we’ve all helped build. Consensys is proud to contribute alongside other stewards in the ecosystem.”
The effort has also drawn smaller contributions from across the community.
Lido has put forward a proposal to allocate up to 2,500 stETH, while EtherFi is discussing a 5,000 ETH plan aimed at supporting users and limiting bad debt across DeFi. Mantle has proposed a 30,000 ETH credit facility loan, adding to a growing pool of backstop liquidity. Compound also put forward a proposal to give up to 3000 ETH to the fund.
The list of participants continues to grow. Entities that have not publicly specified the size of their commitments include Ethena, LayerZero, Frax Finance, and Ink Foundation, alongside Tyro.
These are long-standing Aave relationships across the ecosystem,” the Aave Labs spokesperson added. “Teams like Consensys, Sharplink, and others have been in close contact throughout.
Not all contributions are structured the same way. Some participants are offering grants, others deposits, and several are extending credit lines, highlighting different approaches to balancing support with risk management.
In parallel, Aave Labs has put forward a proposal asking Arbitrum governance to approve the release of roughly 30,765.67 ETH immobilized by the network’s Security Council into the coordinated remediation effort, with the goal of “making affected rsETH holders whole” and restoring rsETH’s backing.
Much of the capital remains subject to governance approval, and several proposals are still under discussion. Even so, the breadth of participation underscores how widely the exploit's impact has been felt across DeFi.
The Ethereum ecosystem has always been at its best when it moves together,” Lubin said. “DeFi United is exactly that: a broad, coordinated response to protect users and strengthen the infrastructure we’ve all helped build.”
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Canada budget deficit over first 11 months of 2025/26 rises to C$25.55 bln
OTTAWA, April 24 (Reuters) - Canada recorded a higher C$25.55 billion ($18.66 billion) budget deficit ​for the first 11 months of ‌the 2025/26 fiscal year as government expenditures grew faster than revenues, the finance ministry said ​on Friday.
By comparison, the deficit ​in the same period a year ⁠earlier had been C$19.27 billion, it ​said in a statement.
Program expenses rose 2.1% ​on increases across almost all major categories of spending. Public debt charges shrank slightly by ​0.1% reflecting the impact of lower ​interest rates on treasury bills and other instruments. This ‌was ⁠partly offset by higher average effective interest rates on an increased stock of marketable bonds, the ministry said.
Year-to-date revenues ​grew by ​0.8%, ⁠largely reflecting higher income from custom import duties and corporate ​and personal income tax revenues.
On ​a ⁠monthly basis, Canada posted a surplus of C$5.66 billion in February, compared to ⁠a ​C$7.57 billion surplus in ​February 2025.
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LONDON/MILAN, April 24 (Reuters) - (This April 24 story was refiled to remove an extra word from the advisory)
French automotive group Cosmobilis is in talks to buy the commercial rights to the World ​Rally Championship (WRC), two people familiar with the matter told Reuters.
Cosmobilis moved ahead ‌after an auction for Munich-based WRC Promoter was held by existing rights holders Red Bull and German investment firm KW25 earlier this year, the people said.
If negotiations and financing are concluded successfully, ​a deal could be announced in the summer, one person said.
The sources, ​who asked not to be named because the matter is confidential, ⁠said there remained a chance of no deal.
A Cosmobilis spokesperson declined to comment. ​WRC, Red Bull and KW25 did not reply to requests for comment
The likely price ​for WRC Promoter is expected to be less than 500 million euros ($585 million), one person said.
Eric Boullier, co-founder and CEO of Cosmobilis' Circle unit, is leading the bid, the people said. Boullier, ​who did not respond to requests for comment, was previously Lotus Formula One -- now ​Renault-owned Alpine -- principal and was racing director of McLaren from 2014 to 2018.
Motorsport's governing body, the ‌International ⁠Automobile Federation (FIA), announced last year a tender process to replace Red Bull and German investment company KW25 as commercial rights holders of the World Rally Championship after Reuters reported preparations for a sale.
The FIA is committed to ensuring ​the WRC continues to grow as one of the world's premier ​motor sport ⁠disciplines, and we are confident the outcome of this process will reflect that ambition.”
The WRC races on four different continents with 14 rounds this year. Its reigning champion ⁠is France's ​Sebastien Ogier. Since 2022, WRC Promoter has also ​organised the European Championship and the Rallycross Championship.
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United States President Donald Trump’s nominee to succeed Jerome Powell as Federal Reserve Chair, Kevin Warsh, faced senators, and there was no subtlety. When directly asked if he believes his nomination was directly linked to Trump’s “obsession” with lower rates, the answer was no surprise: he dodged that question – and many others – like a champion.
An educated guess would suggest that US President Trump chose Warsh because of his criticism of current Chair Jerome Powell.
Inflation is a choice, and the Fed’s track record under Chairman Jerome Powell is one of unwise choices,” Warsh stated in an essay titled “The Federal Reserve’s Broken Leadership,” published last November. “Americans would have higher pay and greater purchasing power if the Fed got its act together,” Warsh added. Not bad for a Trump-ish start.
He also put the focus on the massive Fed balance sheet, now running at around $6.7 trillion. Warsh believes the Fed has injected unnecessary liquidity into the economy, pumping up the stock market and boosting deficit spending, while crowding out private investment. Warsh wants to reduce it significantly, that’s out of question.
But Warsh also pushed against the Fed’s narrative of “transitory” inflationary pressures in 2021. “Jerome Powell’s Fed believes the party is just getting started and won’t remove the punch bowl until the fun is in full swing and the neighbors know it,” he noted back then.
Indeed, Warsh has not saved any criticism of Powell, and that was one major factor tipping the scale in his favor.
But don’t be fooled. Warsh is not getting the chair position just because of his criticism of Powell’s actions. He has an extensive background that supports the nomination, including acting as Fed Governor between 2006 and 2011, when the mortgage crisis hit the global economy.
He is also a tech-geek, with strong ties to Silicon Valley monsters, and if confirmed, he will be the wealthiest chair ever. Warsh is also an advocate of the free market, having an anti-regulatory view of the world
Warsh's prepared statement before the Senate Committee gave some discrete hints on where he is heading. Warsh defended the Fed’s independence, but also noted he doesn’t believe that dynamic is endangered when the central bank’s actions are questioned by elected leaders.
It’s well known that Fed chairs over the last few decades have respected continuity. His criticism of Powell and focus on reducing the balance sheet already suggest continuity won’t be as strong as it had been in the past.
President Trump also demands lower rates and even told CNBC on Tuesday that he will be disappointed if Warsh doesn’t cut interest rates “right away” after being confirmed as the next Fed chair. When asked whether he is here to work for the people or for Trump, Warsh said that “all presidents” tend to favor lower interest rates, and that the Fed’s independence is up to the Fed. He also dismissed inflationary pressures related to tariffs, adding that his broad sense is that inflation risk has improved somewhat.
Looking further ahead, the weekly chart for DXY offers a neutral stance. The index seesaws around a directionless 20-week SMA while technical indicators are stuck around their midlines for a second consecutive week, reflecting the lack of directional conviction.
A slide below the aforementioned April low exposes the multi-month bottom set last January at 95.56. A recovery beyond 99, on the other hand, exposes the 99.30 region, while steady gains beyond the latter could signal an extension towards the March peak at 100.54
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June E-mini S&P 500 Index futures are pushing higher Friday morning and two things are driving it. Intel soared 24% in premarket after a blowout earnings report and word out of Pakistan suggests U.S. and Iran negotiations may be back on. That combination gave buyers a reason to show up after a week that was shaping up as a losing one for the major averages. Keep reading for the key levels and what traders need to watch into the close.
June E-mini S&P 500 Index futures are edging higher shortly before the cash market opening on Friday. The overnight trade has been volatile, producing two-sided trading action
At 13:04 GMT, it’s trading $7158.00, up $14.50 or +0.20%.
The index hit a record high at 7189.50 early in the session. Traders are going to have to take out this level to resume the uptrend. From the top down, the key levels to watch today are Thursday’s close at 7143.50, last week’s close at 7161.50 and the minor swing bottom at 7079.25
A close below 7161.50 will produce a weekly closing price reversal top. If confirmed, this could trigger the start of a 2 to 3 week correction. Finishing below 7143.50 will form a daily closing price reversal top. If confirmed, this could trigger the start of a 2 to 3 day correction. But the combination of the daily and weekly reversal could send a strong signal that momentum is shifting lower
A trade through 7079.25 will change the minor trend to down and confirm the shift in momentum. This could lead to a steep break into the short-term retracement zone at 7079.25
Longer-term targets are the 50-day moving average at 6833.36, the 200-day moving average at 6826.00 and the retracement zone at 6771.50 to 6672.75.
A Pakistani government official told reporters that Iranian Foreign Minister Abbas Araqchi is expected in Islamabad Friday evening and that U.S.-Iran negotiations are likely to follow. Oil pulled back on the news and futures pushed higher. That’s the trade in one sentence. Any credible signal that talks are resuming takes risk premium out of energy prices and gives equities room to breathe.
Trump also announced Thursday that Israel and Lebanon agreed to extend their ceasefire by three weeks. The Strait of Hormuz situation remains active with both the U.S. and Iran seizing commercial ships this week. The Middle East is still capable of moving this market on any headline and Friday proved it again.
Intel jumped 24% in premarket after beating earnings estimates and issuing strong guidance. That’s the kind of move that pulls the whole semiconductor space higher and the sector needed it. The iShares Semiconductor ETF posted its 17th straight positive session Thursday and is on pace for a 6% weekly gain. The rally in chips is the one thing holding this market together right now. Everything else is flat to lower on the week with the S&P 500 and Dow both down about 0.3% and the Nasdaq off 0.1%
The weekly close is the number that matters most today. A finish below 7161.50 puts a weekly closing price reversal top on the chart and that’s a signal traders around the world will notice over the weekend. Intel and the Iran talk headlines bought the bulls some time Friday morning. Whether that holds into the close decides how next week sets up.
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