An attacker targeting Kelp DAO's LayerZero-powered cross-chain bridge, appears to have drained ~$292M worth of rsETH before Kelp paused all rsETH contracts
Quick Take — An attacker seemingly drained 116,500 rsETH from Kelp DAO's LayerZero-powered cross-chain bridge on Saturday …
The Block Zack Abrams
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Discussion
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@kelpdao
@kelpdao
on x
Earlier today we identified suspicious cross-chain activity involving rsETH. We have paused rsETH contracts across mainnet and several L2s while we investigate. We are working with @LayerZero_Core, @unichain, our auditors and top security experts on RCA. We will keep you
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@delitzer
Dan Elitzer
on x
Ok, so now looking like it comes down to how losses are socialized by KelpDAO, which then impacts backing of rsETH on Aave. This is messy.
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@banteg
@banteg
on x
it's really crazy that layerzero doesn't have some redundant sanity check and allows to bridge 116,500 rseth from a chain with a supply of 49 anyway here is my investigation https://gist.github.com/...
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@monetsupply
@monetsupply
on x
with stablecoin markets beginning to become illiquid, the situation is now entering a more dangerous stage imo to break down the driving factors: the ETH market is ~16.5% backed by rsETH, and rsETH backed loans could see up to 10-15% haircut in emode if losses are socialized [ima…
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r/CryptoCurrency
r
on reddit
Kelp DAO exploited for $292 million with wrapped ether stranded across 20 chains