TL;DR
KelpDAO was exploited for $293M worth of rsETH through a cross-chain bridge vulnerability.
The hack triggered a significant drop in DeFi TVL and sparked widespread ‘DeFi is dead’ sentiment on crypto Twitter.
The incident is pushing some investors to reconsider DeFi risk exposure and explore NFTs as an alternative.
KelpDAO Hack: $293M rsETH Stolen via Cross-Chain Bridge Exploit
KelpDAO has suffered a major security breach, with hackers exploiting a vulnerability in the cross-chain bridge to steal $293 million worth of rsETH (restaked ETH). The attack has sent shockwaves across the DeFi ecosystem, with “DeFi is dead” trending across crypto Twitter.
DeFi TVL Takes a Major Hit
In the aftermath of the KelpDAO exploit, DeFi Total Value Locked (TVL) has dropped sharply. The incident has reignited debates about the security risks inherent in cross-chain bridges and restaking protocols, raising serious concerns about the long-term viability of DeFi infrastructure.
Is DeFi Dead? Why NFTs May Be a Safer Bet
With DeFi TVL collapsing and high-profile hacks continuing to erode user confidence, some investors are shifting their attention toward NFTs as an alternative. While no asset class is risk-free, NFT markets operate without the same smart contract bridge vulnerabilities that have repeatedly plagued DeFi protocols.
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