KelpDAO exploit leaves Aave facing bad debt as LayerZero probes validator path

@laurashin

RT @KelpDAO: Earlier today we identified suspicious cross-chain activity involving rsETH. We have paused rsETH contracts across mainnet an…

@laurashin

RT @ethena: Out of an abundance of caution we are temporarily pausing our LayerZero OFT bridges from Ethereum mainnet until the root cause…

@laurashin

RT @SteakhouseFi: As a precautionary measure, we have paused new deposits on all High Yield Morpho vaults across all chains while we invest…

@officer_secret

The issue with the @KelpDAO 280m$ hack was that it was just secured by just 1/1 validator set (DVN) on @LayerZero_Core . Which means one faulty transaction from a validator is all that's needed. What the actual fuck?! What’s the point of m

@officer_secret

RT @officer_secret: KELPDAO'S liquid staking token potentially exploited for over $100M!

@officer_secret

RT @officer_secret: According to @zachxbt , a victim appears to have had $280M+ stolen from various DeFi protocls one hour ago on Ethereum…

@santiagoroel

RT @Marczeller: If you have WETH on Aave V3 Core, withdraw now, ask questions later.

@wublockchain

Kelp DAO rsETH Bridge Exploit Drains ~$292M, Aave Freezes rsETH Markets Kelp DAO’s rsETH cross-chain bridge was exploited, with approximately 116,500 rsETH drained via LayerZero-related contract calls, valued at about $292 million at curre

@blockaid_

Blockaid's onchain monitoring platform detected in real time the $274M @KelpDAO incident that began at ~17:35 UTC. We have been working with them and our customers to understand the compromise, and our immediate recommendation is: If you o

@blockaid_

Here's what happened and what we know so far: An attacker released 116,500 rsETH (~$274M) from KelpDAO's Ethereum OFTAdapter a forged LayerZero message claiming to come from Unichain - no co

@beaniemaxi

I think I was one of the few who have been warning repeatedly that AAVE is a broken protocol. Today's $300 million exploit again proves how vulnerable these types of platforms are. In this case AAVE listed an asset that can be used as col

@wublockchain

According to @D2_Finance's analysis, the root cause of the nearly $300 million attack on Kelp DAO's rsETH cross-chain bridge has been confirmed on-chain: a trust issue with OApp nodes caused by the leakage of private keys on the source chai

@lookonchain

KelpDAO was exploited, with ~$294M stolen! 🚨 The attacker minted 116,500 $RSETH ($294M). By selling $RSETH and using it as collateral to borrow $ETH, the attacker obtained 106,467 $ETH ($250M).

@lookonchain

Due to the KelpDAO exploit, the attacker deposited $RSETH into #Aave to borrow $ETH, creating bad debt on #Aave. Many whales have already rushed to withdraw their $ETH from #Aave. $ETH Utilization Rate on Aave has now reached 100%. https

@aggrnews

AAVE MULTISIG GUARDIAN FREEZES WETH ON LENDING MARKETS: ONCHAIN

@officer_secret

This is some of the OFT adapters at risk. Urgent for teams! Yes, the @KelpDAO exploit is different. But also relies on this principal of trusting 1 source Because any OFT that inherited LayerZero's default DVN config (single LZ Labs DVN,

@stanikulechov

@AggrNews As a precautionary follow-up to the rsETH freeze

@peckshieldalert

#PeckShieldAlert The @KelpDAO exploiter is the #8 largest variableDebtEthWETH holder on #Aave (#Ethereum) with 52,443.94 units ($123M), and the #4 largest variableDebtarbWETH holder on #Arbitrum with 12,381.93 units ($22M) Total Holding: 1

@layerzero_core

We’re fully aware of the rsETH exploit and have been in active remediation with the @KelpDAO team since the incident and continue to monitor. All other applications remain safe. We are still identifying the root cause alongside @_SEAL_Org

@bitcoinnews

💸 $280M KelpDAO exploit flagged by ZachXBT after rsETH vulnerability triggered massive bad debt on Aave V3. AAVE token plunged 10-13% as the multisig guardian froze rsETH across lending markets to contain the damage. 🗞️ @jamieCrypto has m

@cointelegraph

🚨 ALERT: KelpDAO has been hit by a $280M+ Ethereum/Arbitrum exploit, with attacker wallets funded via Tornado Cash.

@beaniemaxi

DeFi platforms like AAVE are NOT decentralized. Management makes decisions on what assets to allow as collateral. One bad decision and it can be catastrophic. Today somebody managed to counterfeit an asset AAVE accepts as collateral. And wi

@slowmist_team

Regarding the $280M @KelpDAO exploit — the suspected root cause is its use of a 1/1 DVN configuration on @LayerZero_Core , meaning a single compromised validator is all it takes. All of this is still speculation. Waiting on an official po