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. Aave's risk service provider LlamaRisk reported that an exploiter-linked wallet supplied 60 million USDT and borrowed 19,762 units of Wrapped Ethereum (WETH), worth about $44.6 million at the time. Its Oct.

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