Kelp DAO Suffers $292 Million Crypto Exploit Across Multiple Chains
An attacker drained 116,500 rsETH, roughly 18% of circulating supply, from Kelp's LayerZero-powered bridge on Saturday, triggering emergency freezes across Aave, SparkLend, Fluid and Upshift.
A devastating blow hit the crypto world as Kelp DAO fell victim to a massive exploit, losing a staggering $292 million with wrapped ether left stranded across 20 chains. The attacker managed to drain 116,500 rsETH, equivalent to about 18% of the circulating supply, from Kelp's LayerZero-powered bridge, causing chaos and forcing emergency measures on platforms like Aave, SparkLend, Fluid, and Upshift.
The incident has sent shockwaves through the community, highlighting the vulnerabilities that still exist within the decentralized finance sector. Investors and developers are now scrambling to assess the damage and implement heightened security measures to prevent such attacks in the future.
Experts are closely monitoring the situation as the aftermath of this exploit reverberates across the crypto landscape, raising concerns about the safety and security of digital assets in an increasingly interconnected and complex ecosystem.