KAVA fell 47% in a single day, as an attacker borrowed 55.2 million tokens from Kava Lend.
The Defiant reported that the attacker borrowed the KAVA using overvalued BUSD collateral on Kava Lend, causing the token’s price to plunge 47%. Three South Korean exchanges have suspended cross-chain bridge withdrawals and transfers.
· The affected parties are Kava Lend’s lending pools and KAVA holders, and the cross-chain bridge was also impacted.
· The suspension of withdrawals and transfers by three South Korean exchanges shows that the risk has spilled beyond the protocol to deposit and withdrawal channels; the source material does not say how the losses will ultimately be handled.
Are you more concerned about the size of bad debt in the lending pools or when the cross-chain bridge will resume operations?
$KAVA $BUSD
The Defiant reported that the attacker borrowed the KAVA using overvalued BUSD collateral on Kava Lend, causing the token’s price to plunge 47%. Three South Korean exchanges have suspended cross-chain bridge withdrawals and transfers.
· The affected parties are Kava Lend’s lending pools and KAVA holders, and the cross-chain bridge was also impacted.
· The suspension of withdrawals and transfers by three South Korean exchanges shows that the risk has spilled beyond the protocol to deposit and withdrawal channels; the source material does not say how the losses will ultimately be handled.
Are you more concerned about the size of bad debt in the lending pools or when the cross-chain bridge will resume operations?
$KAVA $BUSD
