Kelp DAO Loses $292 Million in Crypto Exploit

Decentralized finance protocol Kelp DAO suffered a massive exploit, resulting in the loss of approximately $292 million worth of wrapped ether (rsETH). The attack targeted Kelp's LayerZero-powered bridge, draining a significant portion of the protocol's circulating supply. In response to the breach, several major DeFi platforms, including Aave, SparkLend, Fluid, and Upshift, have initiated emergency freezes to mitigate further losses and contain the fallout from this substantial crypto heist.