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What the Hell is happening with rETH on AAVE right now?

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by COINS NEWS 140 Views

Someone has borrowed almost every subgke rETH on AAVE pushing the borrow interest rake to 3000%

This looks a lot like when the mango exploiter had tried to manipulate the market with CRV recently. Just by looking it would appear that it was all borrowed with the intention of dumping to trigger a liquidation event on that token, allowing the exploiter to buyback the rETH and pay off the loan for less than they paid for the tokens initially.

Does anyone have any information on what the fuck is going on this with? This is kind of a big deal and there is absolutely no reason to short rETH this hard for any other reason than market manipulation or an expectation that the protocol will imminently collapse

submitted by /u/FordPrefect343
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