Overview
- DeFi United, which reported 132,650 ETH in pledges Monday, reached about $303 million to restore backing for rsETH after the bridge exploit.
- On Tuesday the group published a recovery plan that refills the rsETH lockbox with tranche-based ETH-to-rsETH conversions, runs controlled liquidations on Aave and Compound, and keeps rsETH and WETH markets frozen until completion.
- Consensys and Joseph Lubin committed up to 30,000 ETH to the effort, while Circle Ventures bought AAVE tokens as a show of support for the protocol and its recovery.
- Key pieces of funding still require approvals, including a proposal to direct Arbitrum’s 30,765 ETH—currently frozen by its Security Council—to the recovery address on a process estimated to take roughly 49 days.
- Aave is weighing treasury actions after the April 18 bridge misconfiguration let attackers mint 116,500 unbacked rsETH and strain liquidity, with a vote to pause buybacks and a separate plan to contribute 25,000 ETH from the DAO under consideration.