Aave and Lido lose $1.7B in massive DeFi capital drop after the Binance hack

Binance's security breach hit a crypto market whose stablecoin market was already shrinking, as DeFiLlama's dashboard put stablecoin market capitalization at $293.8 billion by Nov. 3, down over $10 billion in 30 days. Binance's Nov. 3 report estimated that approximately $6.34 billion in assets were impacted on October 29 and said the company would absorb the financial impact. The exchange's Oct. 29 incident added a separate shock to decentralized lending when an exploiter-linked wallet supplied USDT to the Aave lending protocol.

Source: CryptoSlate