'DeFi is dead': crypto community scrambles after this year's biggest hack exposes contagion risks
CoinDesk
A massive $292 million exploit of Kelp DAO has triggered panic and widespread withdrawals across major decentralized finance lending protocols.Summary
The $292 million hack of Kelp DAO’s rsETH token has exposed critical structural vulnerabilities in decentralized finance, leading to significant liquidity stress across platforms like Aave. Experts suggest the exploit resulted from a configuration failure within the LayerZero cross-chain messaging system rather than a flaw in the core smart contracts themselves. As protocols scramble to pause markets and developers call for stricter security standards, the incident has fueled widespread market fear and debate regarding the long-term viability of complex, cross-chain DeFi architectures.
(Source：CoinDesk)