The DeFi ecosystem lost $13 billion in just 48 hours
Main cause: a $292 million exploit of KelpDAO
Attackers used unbacked rsETH as collateral to borrow funds
š Impact:
Aave lost $8.45 billion in deposits
Sharp drop in liquidity across multiple platforms
Users rushed to withdraw funds
š Key note:
Token prices like AAVE, UNI, and $LINK saw only limited declines
ā ļø Conclusion:
The incident exposed weaknesses in cross-chain bridges
Highlights systemic risks in DeFi due to interconnected platforms