🚨 KELDAO JUST GOT REKT FOR $292M
Attackers exploited LayerZero bridge and drained 116,500 rsETH (18% of total supply).
Kelp shut down 45 mins later, blocking 2 more attempts that could've taken another $100M. Could've been way worse.
Immediate damage:
- Aave froze rsETH markets (bad debt concerns)
- SparkLend & Fluid paused
- Upshift halted vaults
- Compound & Euler have exposure
Ripple effects hitting:
- Pendle
- Yearn & Beefy
- Lido strategies
This is the LRT contagion risk playing out in real time. When one asset is woven into every protocol, one exploit cascades everywhere.
Also KelpDAO's SECOND exploit in a year. If you're holding rsETH or have it as collateral anywhere, check your positions NOW.
LST/LRT composability is a double-edged sword. This is why we stress test exposure.
Attackers exploited LayerZero bridge and drained 116,500 rsETH (18% of total supply).
Kelp shut down 45 mins later, blocking 2 more attempts that could've taken another $100M. Could've been way worse.
Immediate damage:
- Aave froze rsETH markets (bad debt concerns)
- SparkLend & Fluid paused
- Upshift halted vaults
- Compound & Euler have exposure
Ripple effects hitting:
- Pendle
- Yearn & Beefy
- Lido strategies
This is the LRT contagion risk playing out in real time. When one asset is woven into every protocol, one exploit cascades everywhere.
Also KelpDAO's SECOND exploit in a year. If you're holding rsETH or have it as collateral anywhere, check your positions NOW.
LST/LRT composability is a double-edged sword. This is why we stress test exposure.