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.

On April 20th, Reserve—an Ethereum-based stablecoin platform—announced it’s closely monitoring the attack on Kelp DAO’s LayerZero bridge. Currently, Reserve DTF holders are expected to be almost unaffected. If mainnet rsETH sees a significant devaluation (potentially 15.5-18.5%), Aave could face defaults, which may then impact Aave V3’s USDC collateral. RSR stakers in Reserve Protocol’s USD3 and eUSD may act as “first loss capital” to provide protection, but the impact is minimal. Reserve’s RSR overcollateralization is sufficient to cover any losses here. ETH+ and bsdETH hold no rsETH collateral whatsoever, making them zero-risk. As a precaution, Reserve has temporarily paused minting, rebalancing, and RSR unstaking for eUSD and USD3. Redemption remains open. For users seeking RSR overcollateralization protection, holding is advised.

On April 20th, OnchainLens data shows a whale deposited $5.99M USDC into HyperLiquid and opened a 3x leveraged long position on Brent Crude Oil (BRENTOIL) worth $7.5M. The same whale also holds a 3x leveraged short position of 254,771 SOL (valued at $21M) that is currently facing an unrealized loss of over $1.679M.

On April 20, blockchain analytics platform OnchainLens reported that a crypto whale sold 9,765 ETH this morning at an average price of $2,300. The transaction converted the ETH into $22.46 million in USDC, netting the whale a profit of $2.38 million. Currently, the whale holds 1,064 ETH, valued at roughly $2.4 million.

**April 20** On-chain sleuth ZachXBT reported that three hours ago, the multi-sig address 0x53d7 linked to RAVE’s initial allocation transferred ~23 million RAVE (valued at $23 million) to two Bitget deposit addresses. Subsequently, the RAVE token price dropped 40%—falling from $1 to $0.6. Deposit Addresses: - 0x26aC542f5a04D574580881723224DAcD1EDB9B45 - 0x64D6E91D0bd9cB7be44E1e627264539493f73c2b