2026's biggest crypto exploit: $292 million gets drained from Kelp DAO with wrapped ether stranded across 20 chains
CoinDesk·2h ago·Fear
What Happened
Attackers drained 116,500 rsETH tokens worth approximately $292 million from Kelp DAO's LayerZero-powered bridge on Saturday, representing 18% of circulating supply. The exploit manipulated cross-chain messaging to fraudulently release tokens. Kelp's emergency response froze core contracts within 46 minutes, blocking two subsequent $100 million drain attempts. Wrapped rsETH remains stranded across 20+ blockchains.
Key Entities
Kelp DAOLayerZerorsETH116,500 tokens$292 millioncross-chain bridgeDeFi exploit