Kelp DAO says rsETH restored 5 weeks after $293M protocol hack
Kelp DAO says that sETH mints, redemptions and rewards operations have been running smoothly since it opened withdrawals for the token earlier this month....
Key takeaways
- 1Kelp DAO restored rsETH token operations 5 weeks after a $293 million exploit by North Korea's Lazarus Group in April.
- 2The hack caused Aave's TVL to crash from $26.4 billion to below $14 billion, with $190 million in bad debt.
- 3April 2026 saw 25 crypto hacks totaling $630 million in losses, the worst month since February 2025's $1.5 billion Bybit breach.
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Why it matters
This incident demonstrates DeFi protocol interconnectedness risks and systemic contagion effects in crypto markets. Indian retail investors should understand how major protocol failures can cascade across lending platforms and impact liquidity across the entire ecosystem.
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