Lido Suspends EarnETH Vault Redemptions Following KelpDAO Bridge Hack
Lido has temporarily halted redemptions from its EarnETH vault due to exposure to approximately $21.6 million of rsETH linked to KelpDAO's $292 million bridge hack.
According to NS3.AI, the rsETH is part of a leveraged rsETH/ETH position on Aave, accounting for about 9% of the vault's total assets.
Lido has assured that a $3 million first-loss protection mechanism is in place to cover potential losses if necessary.
The incident does not impact stETH, wstETH, or the core Lido staking protocol.
AAVE
93.4
+1.59%
ETH
2,399.88
+3.57%