Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Thursday, April 30. In today's briefing, the crypto universe is rushing to bail out Aave, which has suffered more than $10 billion in outflows. In Texas, a judge is poised to weigh in on the disputed agreement by The Onion to license content from Alex Jones's Infowars.

Crypto world rushes to bail out decentralized lender. Crypto firms are racing to backstop the industry’s biggest decentralized lender after North Korea-linked hackers absconded with $190 million from the platform.

The novel attack triggered a panic among Aave depositors, who have withdrawn more than $10 billion since then. As the initial wave of users rushed to exit, Aave reached its limits on how much it could lend out, effectively freezing the remaining assets and leaving subsequent users unable to withdraw.

A spokesperson for Aave Labs said the borrowing rates have since normalized as liquidity conditions improved, companies deposited funds into Aave and confidence in the recovery effort took hold.

Alex Jones seeks to halt the Onion’s licensing hearing. Free Speech Systems, the parent company of conspiracy theorist Alex Jones’s Infowars, sought to derail The Onion's agreement to license the website's content.

The licensing deal was reached between the satirical news outlet and a court-appointed receiver, Gregory Milligan, who oversees FSS’s assets. The Onion has said it plans to transform the website into a satirical comedy platform. 

FSS has objected to the agreement, saying it would destroy the value of the company's assets by “licensing/leasing away all of FSS’s” intellectual properties for a minimal fee. The Onion would pay $81,000 a month to control the website for six months, with an option to renew an additional six-month term upon mutual agreement, court papers show. FSS has sought to halt a court hearing scheduled for Thursday where a judge could weigh in.

The receiver was appointed in August following Jones’s failed attempt to use his personal bankruptcy case to resolve judgments for the Sandy Hook families stemming from his false statements that the 2012 school shooting was a government hoax.

While FSS obtained a stay of the initial receivership order, Milligan is moving forward with the Onion licensing deal under a second appointment order granted to a different group of Sandy Hook families. –Akiko Matsuda

Share your tips, suggestions and feedback with the WSJ Pro Bankruptcy team: Alexander Gladstone; Jodi Xu Klein; Akiko Matsuda; Alicia McElhaney; Andrew Scurria; Becky Yerak. 

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