KelpDao Loses $280M | TradeSphere
Yahoo Finance: KelpDAO Loses $292 Million in DeFi Wallet Drain Across Ethereum, Arbitrum KelpDAO loses $290M in exploits as attackers manipulate RPC infrastructure, exposing risks in single-verifier cross-chain security setups. A single victim lost $280M+ across DeFi protocols on Ethereum and Arbitrum in a targeted wallet compromise flagged by ZachXBT. Crypto Briefing: Bitcoin eyes $60K dip in April amid KelpDAO hack fallout, $293M loss Bitcoin eyes a $60,000 dip in April after the KelpDAO hack causing a $293M loss.
Understanding the Context
Bitcoin above $60K by April 19 at 99.9% YES. Bitcoin eyes $60K dip in April amid KelpDAO hack fallout, $293M loss Invezz: AAVE price turns bullish as team moves to contain the KelpDAO exploit AAVE price turns bullish as team moves to contain the KelpDAO exploit KelpDAO suffered a $290M exploit on , after attackers used a highly targeted cross-chain message spoofing attack. According to post-incident analysis, North Korea’s Lazarus Group is the likely source. KelpDAO uses a LayerZero OFT (Omnichain Fungible Token) adapter to move rsETH across chains.
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The adapter is the bridge. When rsETH leaves Ethereum, it’s locked in an escrow contract on mainnet, and a matching amount is minted on the destination chain. When a cross-chain message comes back, the escrow releases. That escrow release is what got ... Attackers exploited KelpDAO’s rsETH cross-chain bridge on April 18, minting roughly 116,500 fake rsETH tokens worth approximately $290 million through a manipulated LayerZero OFT contract The fake tokens were deposited as collateral on Aave lending markets on Ethereum and Arbitrum, allowing attackers to borrow over $280 million in real WETH and ETH before liquidation Aave froze all rsETH ...
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Invezz on MSN: AAVE price turns bullish as team moves to contain the KelpDAO exploit Aave has shown signs of stabilisation after a sharp decline triggered by the KelpDAO exploit that rattled confidence across decentralised finance markets. The token, which had fallen sharply amid ...