A major hack of the Kelp DAO has shaken the DeFi market. Hackers exploited a system vulnerability to create "fake" rsETH, then used it as collateral to borrow hundreds of millions of dollars worth of real ETH, resulting in total losses of approximately $292 million.
Notably, this time the ecosystem didn't stand idly by. Arbitrum quickly froze over 30,000 ETH linked to the hacker to limit losses. Simultaneously, Aave also temporarily halted the rsETH market to prevent the risk from spreading.
This incident highlights a reality: even though DeFi aims for decentralization, when crises occur, intervention is still necessary to protect the system
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