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Aave seeks emergency hearing to challenge restraining order tied to Kelp DAO
The dispute could determine whether relatives of a slain minister can claim about $71 million in crypto frozen after the April 18 Kelp DAO hack.
Aave LLC has filed an emergency motion seeking an emergency hearing, scheduled for Wednesday in federal court in New York, to void a restraining order described as potentially “catastrophic.” The case centers on crypto connected to an April 18 Kelp DAO hack that prosecutors and victims have linked to North Korean hackers, according to DL News.
The Kelp DAO exploit reportedly involved hackers stealing nearly $300 million in rsETH and then using the stolen assets as collateral on Aave to borrow more liquid tokens. Several entities were able to freeze part of the stolen crypto before it could be moved, with Arbitrum DAO freezing assets worth about $71 million.
Arbitrum DAO is reportedly poised to send the frozen crypto to a recovery fund intended to compensate users harmed by the hack. However, other claimants are seeking access to the frozen assets, citing older multimillion-dollar legal judgments against North Korea.
DL News reports that the plaintiffs include Han Kim and Yong Kim, relatives of a South Korean minister abducted in 2000 and presumably killed by North Korean agents. They secured a $330 million judgment against North Korea in U.S. federal court in 2015, and DL News says the Wednesday hearing could determine whether they are entitled to the roughly $71 million in frozen crypto.