Huang Renxun has left Beijing, and NVIDIA has not disclosed whether Huang Renxun met with the DeepSeek founder.

April 20: Ethena announced in an official post that it is extending the suspension of its LayerZero OFT cross-chain bridge, citing an unsatisfactory root cause analysis of the rsETH incident. The protocol also released its latest Proof of Reserve, audited by four independent third-party firms: Chainlink, Chaos Labs, LlamaRisk, and Harris & Trotter. The audit confirms Ethena’s USDe collateralization ratio remains above 100%. Results are publicly available on Ethena’s transparency page and data dashboard. The team noted it will continue monitoring the situation and share further updates.

April 20th — Per EmberCN, a whale that liquidated a $398 million ETH long position at the peak (netting $684.7 million in profit) 4 days ago reentered the market today following a pullback to open a new long position. The whale now holds a 44,000 ETH long position across two wallets, with a position value of $100 million and an entry price of $2,289 per ETH.

April 20: Aave has issued its latest update on the rsETH incident. Analysis shows rsETH on the Ethereum mainnet is fully collateralized. As a precaution, rsETH remains frozen on Aave V3 and V4. WETH reserves are also frozen in affected markets: Ethereum, Arbitrum, Base, Mantle, and Linea. Aave is actively verifying details and evaluating potential fixes.

On April 20, DefiLlama founder 0xngmi outlined three potential moves KelpDAO could take in the wake of the rsETH exploit. Each option carries major downsides, and the final call will put KelpDAO’s reputation and Aave’s risk appetite to the test. ### **Path 1: Spread Losses Across All Users** KelpDAO is pushing a plan to impose a uniform 18.5% loss on all rsETH holders. Right now, ~666,000 rsETH tokens are collateralized across the Aave network—mostly highly leveraged on mainnet and L2s (assuming a 95% liquidation LTV). If losses are socialized, all mainnet positions would be wiped out, creating ~$216M in bad debt. Umbrella Protocol can cover $55M of that, while Aave’s Treasury would absorb an extra $85M, leaving a ~$76M gap. KelpDAO might try to fill this hole via borrowing or selling Aave tokens (currently worth ~$51M), but this would still hit Aave hard—and all users would end up sharing the loss. ### **Path 2: Rug L2 rsETH Holders Outright** KelpDAO wants to protect only

April 20th: Following the KelpDAO hack that led to roughly $177 million to $200 million in losses for Aave, numerous whales withdrew their funds from the protocol as a precaution. Per Defillama data, Aave’s total value locked (TVL) dropped by around 31.7% in the wake of the incident—falling from approximately $26.4 billion pre-incident to about $18 billion.

April 20th — Crypto markets slid again this morning amid fading prospects for the second round of U.S.-Iran talks. Per HTX market data, Bitcoin extended losses this morning, tumbling $2,000 in a short span to drop below $74,000; it’s currently trading at $74,162. Ethereum fell below $2,300 to hit $2,274. Total crypto market cap is down 2% over the past 24 hours, now at $2.589 trillion. Notable crypto token moves: - Yesterday, Musk agreed to make Asteroid the mascot of SpaceX. The Ethereum-based meme coin ASTEROID (set to launch as early as September 2024) saw its market cap peak at $194 million, now retracing to $127 million. It’s up just 14.7% in 24 hours, with trading volume at $78 million. - RAVE has fallen to $0.52, dropping another 82% in 24 hours. Three hours ago, the multisig address 0x53d7 linked to RAVE’s initial distribution sent ~23 million RAVE tokens (worth ~$23 million total) to two Bitget deposit addresses — that sent RAVE’s price tumbling 40% from $1 to $0.6.