Kelp DAO’s $ETH LayerZero-based bridge was exploited, with attackers draining around 116,500 rsETH (~$292M) — nearly 18% of total supply.

The protocol quickly paused core contracts to contain damage.

Since the bridge backed rsETH across 20+ networks, the incident has raised serious concerns about its collateral strength. Major DeFi platforms like Aave, SparkLend, and Fluid reacted by freezing related markets.

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