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Aave Faces Potential $230 Million Loss After Kelp DAO Bridge Exploit

🚨 A recent exploit involving the Kelp DAO bridge and LayerZero has put Aave's lending protocol at risk of losing up to $230 million. The incident revolves around the rsETH liquid token for restaking, issued by KelpDAO. The protocol's bridging mechanism, which locks tokens on one blockchain while releasing copies on another, was compromised.

🛠 An attacker manipulated a transfer message to appear legitimate, allowing a transfer to be approved without the actual withdrawal of tokens from the sender's blockchain. This resulted in the unauthorized creation of new tokens, freeing up 116,500 rsETH from the Ethereum side of the bridge.

💰 Instead of selling the assets on the open market, the attacker deposited 89,567 rsETH into Aave as collateral and borrowed approximately $190 million in ETH and related assets across Ethereum and Arbitrum platforms. This left Aave vulnerable to potential collateral devaluation.

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Aave Labs acted swiftly to mitigate risks, freezing rsETH markets across all platforms, resetting lending ratios, and suspending new borrowings against the asset. The outcome now largely depends on how Kelp addresses the shortfall. If losses are distributed among all rsETH holders, the token could face an expected 15% depeg (meaning staked token value won't match real ETH value), leading to approximately $124 million in losses for Aave. However, if losses are confined to layer 2 networks, the impact could escalate to around $230 million concentrated in networks like Arbitrum and Mantle.

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April: The Worst Month for Cryptocurrency Security in a Year

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April marked the worst month for the cryptocurrency market in terms of security, with losses from hacks exceeding $630 million across more than 25 incidents. Decentralized finance (DeFi) was at the center of these events, with attacks becoming increasingly sophisticated.

📊 According to DeFiLlama, the total amount stolen in April was $629.7 million—the highest since February 2025 when $1.47 billion was stolen. The two largest incidents were the KelpDAO hack totaling $293 million and the Drift Protocol exploit amounting to $280 million, which together accounted for 82% of all losses in April. This concentration of losses from a few major attacks demonstrates how targeted strikes can overshadow any industry-wide improvements in security.

🔍 Other notable cases included the hack of the Wasabi Protocol derivatives DeFi platform, from which approximately $5.5 million was withdrawn across the Ethereum, Base, Blast, and Berachain networks. The Sweat Economy platform, operating on a move-to-earn model, lost $3.46 million—about 65% of its liquidity pool—in less than 30 seconds. The protocol later reported that the stolen funds were frozen on the MEXC exchange shortly after the incident, and efforts to recover them were ongoing.

⚠️ The Aftermath Finance decentralized trading platform on the Sui blockchain also fell victim to an exploit: according to Blockaid, an attacker withdrew approximately $1.1 million in USDC through 11 transactions in about 36 minutes.

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Grinex Exchange Promises Compensation to Hacked Clients

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The largest Russian-speaking cryptocurrency exchange, Grinex, has announced its decision to compensate clients for assets lost due to a hacking attack two weeks ago, estimating the losses at 1 billion rubles. Affected clients will be able to withdraw the A7A5 ruble stablecoins first, the platform promised.

🔒 Currently, the assets withdrawn from the platform remain in the hackers' wallet and are not available for return. Grinex representatives informed Bits media that international AML services have marked the funds in the attackers' wallet as "stolen assets." The Russian police have opened a case following Grinex's report.

The attack was prolonged, complex, and highly technical in nature,

said the exchange in a conversation with Bitsmedia.

💵 The unknown attackers managed to withdraw approximately $14 million in USDT stablecoins from Grinex by stealing from 54 addresses (48 on the Tron network and five on Ethereum) and transferring the funds to two Tron wallets. The withdrawn assets were converted to TRX through the DeFi protocol SUN and were eventually consolidated into one address.

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US Banks and Cryptocurrency Sector Reach Agreement Amid Ongoing Issues with Clarity Act

💼 Tensions are rising between the US banking sector and the cryptocurrency industry over stablecoins. Trade associations representing various sectors of the American banking industry have called for significant changes to the reward and yield mechanisms outlined in the Tillis-Ossoff stablecoin agreement. In a letter sent to the Senate Banking Committee, banking institutions argued that the current draft text would allow for "circumventing" restrictions on rewards for stablecoins.

The proposed wording includes exceptions that would allow for circumventing the intended ban, encouraging customers to hold and increase their stablecoin balances at the expense of deposits

the letter stated.

⚠️ This letter from the banking sector is considered one of the most serious warnings regarding the cryptocurrency market structure bill. Industry representatives warned senators that the current consensus on reward systems for using stablecoins could accelerate the outflow of deposits from the financial system.

👀 Meanwhile, all eyes are on the Senate Banking Committee in Washington. Reports indicate that the committee may begin considering the cryptocurrency market structure bill as early as next week.

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Ethereum as the "Fuel" for AI Agents: Insights from Jordi Visser

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Jordi Visser, the founder of 22V Research, has recently increased his position in Ethereum, predicting a massive tokenization of assets this year that will serve as the foundation for AI agent payments.

🔗 Visser emphasizes the underestimated connection between artificial intelligence and blockchain. AI agents lack access to traditional banking services and require digital assets like Ethereum or stablecoins for autonomous transactions. He stated,

AI agents are already among us. They need food. And that food is tokens.

💰 According to x402, transactions through autonomous payment systems based on Coinbase exceeded $24 million last month. Visser pointed out that Ethereum remains the leading platform for real asset tokenization with over 60% market share. He noted that this technology is essential for unlocking capital in illiquid instruments such as private lending and venture investments.

⚠️ Despite his optimism about these technologies, Visser warned about inflation risks. To protect his capital, he also holds positions in Bitcoin, gold, and silver.

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Jerome Powell Leaves the Fed: Expectations for Interest Rates at the Next Meeting

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According to data from the cryptocurrency forecasting platform Polymarket, the market overwhelmingly anticipates that the Federal Reserve (Fed) will keep interest rates unchanged at its June meeting. This meeting is critically important as it will be the first one after Jerome Powell's term as Fed Chair has ended. Investors are closely watching how policy will be shaped under the new Fed Chair, Kevin Warsh.

According to Polymarket data, the probability of no change in interest rates at the June 17 meeting is 98 percent.

Meanwhile, the likelihood of a rate cut by 25 basis points is estimated at 1 percent, and the probability of a cut by 50 basis points or more is below 1 percent. The markets also consider scenarios for rate hikes to be extremely unlikely. The probability of a 25 basis points increase remains below 1 percent, and the probability of an increase of 50 basis points or more is also below 1 percent.

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Jerome Powell, who successfully navigated many critical periods during his tenure, including the pandemic, high inflation, and banking crises, completed his eight-year term as Fed Chair on Friday. Despite the end of his term, Powell announced that he will remain on the Fed's Board of Governors and continue to fulfill his duties until the investigation into the reconstruction of the central bank's headquarters in Washington is completed. This will allow Powell to continue influencing interest rate policy until 2028.

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WhiteBIT Launches Dedicated Platform for UK Users

📊 WhiteBIT, Europe's largest cryptocurrency exchange by traffic, has officially entered the UK market with the launch of whitebit.uk — a dedicated platform built specifically for British users.
The platform supports GBP deposits via payment cards and Faster Payments Service (FPS), offering spot trading, market analytics, and instant conversion for retail users. Institutional participants gain access to liquidity and market-making support, token listing, Crypto-as-a-Service, and API connectivity.

According to the Financial Conduct Authority, 91% of UK adults are aware of cryptoassets, while around 8% already hold crypto. Meanwhile, 73% of users rely on centralised exchanges — the segment WhiteBIT is now targeting directly.

🔔 WhiteBIT consistently ranks among the top 3 most secure exchanges globally according to CER.live and was the first exchange to achieve Level 3 certification under the Cryptocurrency Security Standard (CCSS). The platform applies full AML and KYC procedures and has received FCA financial promotion approval ahead of its UK launch.

The exchange serves 8M+ users globally and processes over $3 trillion in annual trading volume. Partners include Visa, FC Barcelona, Juventus FC, and FACEIT.

Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment.

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Michael Saylor says Strategy Bitcoin sale ‘not unlikely’

🚫 Strategy executive chairman Michael Saylor told the Coin Stories podcast it was “not unlikely” the company would sell some Bitcoin before year-end. The comment softens his long-standing public position that Strategy would never sell.

⚠️ Saylor described Strategy’s capital management as programmatic and data-driven, with liabilities evaluated against a mix of cash, equity, credit and Bitcoin. Strategy holds 818,334 BTC acquired for approximately $61.6 billion at an average price of $75,527.

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Saylor also confirmed Strategy does not plan to retire its STRF, STRD, and STRK preferred products, calling them useful parts of the capital structure while convertible bonds remain senior liabilities to be retired over time.“I think it’s not unlikely that we’ll sell some Bitcoin between now and the end of the year,” Saylor said. “Any model that we put together that’s limited only to equity or only to credit or only to Bitcoin always underperforms.”

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Citigroup blames ETF exodus for Bitcoin drop, not Strategy sale

📌 In a recent note, Citigroup analysts said investors may be placing too much emphasis on Strategy’s latest Bitcoin transaction while overlooking the sustained withdrawals from U.S. spot Bitcoin exchange-traded funds. The bank argued that ETF flows remain one of the strongest indicators of demand for the cryptocurrency and continue to have a major influence on price movements.

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Strategy disclosed in its latest filing that it sold 32 BTC worth roughly $2.5 million between May 26 and May 31. The transaction marked the company’s first Bitcoin sale in four years and only the second in its history, prompting speculation across the crypto market because the firm has long promoted a strategy centered on accumulating and holding Bitcoin.

🌐 Looking beyond the Strategy transaction, Citigroup pointed to the persistent outflow trend from spot Bitcoin ETFs as the main factor weighing on prices. According to the bank’s analysis, ETF flows account for roughly 45% of weekly fluctuations in Bitcoin returns, making them one of the most important gauges of investor sentiment. Recent data from SoSoValue shows that U.S. spot Bitcoin ETFs recorded nearly $4 billion in net outflows between May 15 and June 2. Among the largest withdrawal days during that period were May 27, when investors pulled $733.4 million, June 2 with $519.1 million in net redemptions, and June 1 with another $483.7 million leaving the funds.

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Can XRP price rebound from $1.10 as Binance reserves fall?

📌 The token moved between $1.10 and $1.16 as the wider crypto market remained weak. The price sits about 70% below its July 2025 record of $3.65. Momentum is oversold, but on-chain data shows holders continue to realize losses while XRP Ledger activity has cooled.

⚠️ The daily chart keeps a bearish structure after XRP formed lower highs and lower lows. Price remains below the Supertrend level at $1.2638, making $1.26 to $1.33 the first major resistance zone.

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The relative strength index stands at 29.03, below its average of 31.48. A reading under 30 places XRP in oversold territory, but it does not confirm that sellers have finished. The RSI must recover above 30 and then 50 to show stronger momentum.

➡️ Buyers must reclaim $1.16 and $1.21 before challenging the Supertrend barrier. Market analyst EGRAG Crypto says a falling wedge and several Fibonacci tools point toward a possible macro decision zone. The analyst places the main bullish trigger between $1.66 and $2.00.

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BitGo Singapore, dtcpay team up on global crypto payments

⚠️ In a Tuesday announcement, the companies said the deal will let dtcpay use BitGo Singapore’s infrastructure to improve operations, strengthen asset security, and expand its payment network. They did not disclose financial terms.

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Meanwhile, BitGo Singapore is a subsidiary of BitGo Holdings, the digital asset infrastructure company listed on the New York Stock Exchange under BTGO. The unit is licensed by the Monetary Authority of Singapore as a Major Payment Institution for Digital Payment Token Service and Cross-border Money Transfer Service.

➡️ Under the partnership, dtcpay plans to use BitGo Singapore’s digital asset infrastructure as it builds out its global payment network. The companies said the work will focus on stronger operational capacity, better asset security, and wider payment connectivity.

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