Hacking News
Aave and Lido’s Locked Value Fell Due to Binance Hack
Aave and Lido's locked value dropped by $1.74 billion from October 27 to November 3, according to DeFiLlama. The drop occurred during Aave's freeze after Binance's hack, which raised borrowing costs and blocked new deposits. The Binance hack, which impacted approximately $6.34 billion in assets, affected decentralized lending and caused withdrawals to push some large reserves to 92%-100% utilization, increasing borrowing costs and temporarily reducing interest-rate curves.