Aave Faces Significant Sell-Off Amid KelpDAO Vulnerability

Aave experienced a notable decline of over 18% today following a vulnerability in KelpDAO, prompting several major investors to sell off their holdings. According to PANews, the monitoring service Lookonchain reported that prominent investors have been offloading AAVE tokens. One investor, smaugvision, sold 20,015 AAVE at an average price of $103 per token, receiving 2.06 million USDC in return. Another major investor, identified as 0xFC56, sold 20,000 AAVE at the same average price, exchanging them for 2.05 million USDC.