Kelp Hacked, Losses Climb to $293M As Other Protocols Impacted
Cointelegraph
The liquid restaking protocol Kelp suffered a $293 million exploit, forcing multiple decentralized finance platforms to freeze their exposure to the rsETH token.Summary
The liquid restaking protocol Kelp was hit by a major cyberattack that resulted in the loss of approximately $293 million. The attacker exploited the rsETH adapter bridge contract, prompting Kelp to pause its smart contracts. Blockchain security firm Cyvers reported that most of the stolen funds have already been converted into Ether.
In response to the breach, various decentralized finance (DeFi) platforms, including Aave, have frozen rsETH markets to mitigate risks. Cyvers noted that at least nine crypto protocols with exposure to the token have halted operations. This incident highlights ongoing security vulnerabilities within the DeFi ecosystem and the inherent risks of composability in crypto protocols.
(Source：Cointelegraph)