AAVE Experiences Significant Drop Following Whale Sell-Off

AAVE's value has decreased by 15% due to substantial sell-offs by major holders. According to Foresight News, the decline follows a hacking incident involving the illegal minting of rsETH through Aave collateral, leading to the borrowing of a large amount of ETH. Several large-scale transactions contributed to the drop, including a sale by Polymarket user 'smaugvision,' who sold 20,015 AAVE tokens at $102.9 each, totaling approximately $2.06 million. Another transaction involved the address starting with 0xFC5, which sold 20,000 AAVE tokens at $102.8 each, amounting to roughly $2.05 million. Additionally, the address 0xA2E sold 19,665 AAVE tokens at $99.2 each, totaling about $1.95 million.