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Aave seeks emergency hearing to challenge restraining order

The Wednesday hearing in New York could decide whether relatives of a South Korean minister can claim $71 million in crypto frozen after the April 18 Kelp DAO hack.

Reported · Written up by our desk · DeFi

Aave LLC has filed an emergency motion seeking to void a restraining order tied to crypto stolen in the April 18 Kelp DAO hack, with a scheduled hearing in New York on Wednesday, according to DL News.

The hack allegedly carried out by North Korean hackers resulted in nearly $300 million in rsETH stolen from the Kelp DAO protocol, which the attackers then used as collateral to borrow other, more liquid assets on Aave, the largest DeFi protocol.

Arbitrum DAO was able to freeze crypto worth about $71 million, and that frozen amount is poised to be sent to a recovery fund intended to compensate users affected by the hack.

However, other victims are trying to claim the frozen assets, including Han Kim and Yong Kim, relatives of a South Korean minister abducted in 2000, who obtained a $330 million judgment against North Korea in US federal court in 2015, per the restraining order.

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