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Aave seeks emergency hearing to overturn a restraining order
A New York federal judge set Wednesday’s hearing that could affect claims to about $71 million in frozen crypto tied to the April 18 Kelp DAO hack.
Aave LLC has filed an emergency motion seeking to void a restraining order it describes as “catastrophic,” with a hearing scheduled for Wednesday in New York federal court, according to DL News.
The dispute centers on crypto nearly stolen in the April 18 Kelp DAO hack, where hackers allegedly took nearly $300 million in rsETH from the protocol and then used the stolen assets as collateral on Aave to borrow more liquid tokens.
Some of the stolen crypto was frozen before it could be laundered, with Arbitrum DAO freezing crypto worth about $71 million. Arbitrum DAO is poised to route those frozen assets to a recovery fund meant to compensate users affected by the hack.
Other claimants are contesting the frozen assets, including relatives of a South Korean minister abducted by North Korean agents in 2000, DL News said. The relatives, Han Kim and Yong Kim, are tied to a 2015 US federal court judgment against North Korea for $330 million, and the hearing could determine whether they are entitled to the frozen crypto.