The $13 billion DeFi wipeout in two days, and it started with KelpDAO attack
CoinDesk
A $292 million exploit of the KelpDAO protocol triggered a $13 billion decline in total value locked across the DeFi ecosystem.Summary
The DeFi ecosystem suffered a major capital exodus after an exploit involving the KelpDAO bridge resulted in the theft of rsETH tokens. Attackers utilized these compromised assets as collateral to borrow funds across multiple lending platforms, creating significant bad debt. Consequently, major platforms like Aave experienced massive deposit outflows, leading to a total $13.21 billion reduction in DeFi's total value locked (TVL) over 48 hours. While markets froze to mitigate the damage, analysts noted that the incident highlights systemic risks in cross-chain bridge verification and the high level of interconnectedness within DeFi.
(Source：CoinDesk)