KelpDao Loses $280M what happened | TradeSphere
KelpDAO loses $290M in exploits as attackers manipulate RPC infrastructure, exposing risks in single-verifier cross-chain security setups. Yahoo Finance: KelpDAO Loses $292 Million in DeFi Wallet Drain Across Ethereum, Arbitrum 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.
Understanding the Context
KelpDAO uses a LayerZero OFT (Omnichain Fungible Token) adapter to move rsETH across chains. 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.
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Key Insights
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 ... A single victim lost $280M+ across DeFi protocols on Ethereum and Arbitrum in a targeted wallet compromise flagged by ZachXBT. A $280 million exploit in KelpDAO's token via LayerZero has unsettled DeFi markets. Solana reaching $150 by April 30 now sits at 20% YES.
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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 ... AAVE price turns bullish as team moves to contain the KelpDAO exploit If someone loses a quality, characteristic, attitude, or belief, they no longer have it. He lost all sense of reason. The government had lost all credibility. to lose one's job; to lose one's life.
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