#kelpdaofacesattack KelpDAO just got hit for $292M – DeFi in panic mode
Another day, another massive DeFi hack. This time it's KelpDAO.
The numbers:
Metric Value
Loss $292M (116,500 rsETH)
Timeline 46 minutes
Current status rsETH markets frozen across 9+ protocols
How it happened:
Attackers exploited a "1-of-1 DVN" configuration on LayerZero's bridge – basically a single validator could approve cross-chain messages. That's NOT the recommended setup.
They minted fake rsETH, dumped it into Aave as collateral, and borrowed real .$ETH Now $AAVE is sitting on ~$177M in bad debt.
The fallout:
$13.21B wiped from DeFi TVL in 48 hours
$8.45B left Aave alone
$AAVE down 10-22%
LayerZero (ZRO) down 40%
Key levels (AAVE):
Level What it means
$90 Recent low after attack
$91.45 Current price
$118.65 7-day high before hack
Who's behind it?
LayerZero says North Korea's Lazarus Group (TraderTraitor subgroup) is responsible.
My take:
DeFi's "composability" is a double-edged sword. One misconfigured bridge parameter and the whole house of cards starts falling.
Curve's Michael Egorov said it best: "Crypto is a harsh environment which no bank would have survived – yet we are working with that."
Are you pulling funds from DeFi or staying put? 👇
Educational only. Not financial advice.
#KelpDAO #DeFiHack #AAVE #BinanceSquare
