Kelp, a liquid restaking protocol, has suffered a major security breach resulting in the loss of approximately $293 million. The exploit targeted the rsETH adapter bridge contract, exposing vulnerabilities in cross-chain infrastructure.
Following the incident, Kelp suspended its smart contracts across multiple networks to prevent further damage.
Blockchain security firm Cyvers described the attack as a “cross-protocol contagion,” as its effects spread to at least nine interconnected platforms.
The breach highlights systemic risks within decentralized finance, particularly in protocols relying on complex integrations. It also raises concerns about the robustness of smart contract security and the need for stronger safeguards to protect user funds in rapidly evolving DeFi ecosystems.
Source: X.com
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