A $3.8M EXPLOIT JUST WIPED ABOUT $40M OFF KAVA'S MARKET VALUE
New on-chain detail shows how small the theft was next to the damage
According to The Block's analysis, the attacker inflated deposit values in a nearly idle BUSD market on Kava Lend about 243,000 times, then borrowed roughly 55.2M $KAVA , worth around $3.76M before the attack
🔍 About 49.2M of those tokens crossed to BNB Chain through LayerZero and sold for roughly $2.09M, a different route from the Axelar bridge Kava paused as a precaution
📉 With about 1.08B $KAVA circulating, the fall from roughly $0.068 to $0.031 erased close to $40M in market value as of 21:51 ICT, around 10 times the amount drained
⚠️ The gap is the market pricing unknowns: whether Kava Lend lenders get repaid, and whether other dormant markets share the flaw
Kava has promised a full incident report but has not published one, and Binance currently shows KAVA deposits and withdrawals closed on every network
A clear report and a repayment plan could narrow that gap
More silence usually widens it
$KAVA #KAVA
New on-chain detail shows how small the theft was next to the damage
According to The Block's analysis, the attacker inflated deposit values in a nearly idle BUSD market on Kava Lend about 243,000 times, then borrowed roughly 55.2M $KAVA , worth around $3.76M before the attack
🔍 About 49.2M of those tokens crossed to BNB Chain through LayerZero and sold for roughly $2.09M, a different route from the Axelar bridge Kava paused as a precaution
📉 With about 1.08B $KAVA circulating, the fall from roughly $0.068 to $0.031 erased close to $40M in market value as of 21:51 ICT, around 10 times the amount drained
⚠️ The gap is the market pricing unknowns: whether Kava Lend lenders get repaid, and whether other dormant markets share the flaw
Kava has promised a full incident report but has not published one, and Binance currently shows KAVA deposits and withdrawals closed on every network
A clear report and a repayment plan could narrow that gap
More silence usually widens it
$KAVA #KAVA
