🥷 $293M exploit hits Kelp DAO
Kelp DAO was exploited after a hacker minted 116,500 rsETH (~$293M) via an OFT contract.
Instead of dumping:
▪️ Deposited rsETH into Aave
▪️ Borrowed pure ETH against it
This move sparked panic among whales:
▪️ Over $5.4B withdrawn from Aave
▪️ AAVE dropped ~20% in 24h
Not just a hack — a cascading liquidity shock across DeFi.