Kelp DAO says rsETH restored 5 weeks after $293M protocol hack

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The Kelp DAO hack in April caused a ripple effect throughout the crypto lending market that disrupted billions of dollars in liquidity and resurfaced concerns about the interconnectedness of decentralized finance protocols. Aave was one of the hardest hit as the Kelp DAO attacker put a large portion of the stolen 116,500 rsETH up as collateral on its lending platform to borrow wrapped Ether, leaving $190 million in bad debt and triggering a wave of withdrawals. The Kelp DAO hack was one of 25 crypto hacks in April, which saw a combined $630 million worth of losses, the worst month since February 2025, when crypto exchange Bybit was hacked for a record $1.5 billion. The first tranche of 25,000 rsETH was transferred on May 13, allowing rsETH bridging between the Ethereum mainnet and the blockchain’s layer 2 networks to reopen. Kelp reopened withdrawals for rsETH the following day and said on Tuesday that rsETH mints, redemptions and rewards operations “have been running normally.”. The Kelp DAO exploit contributed to Aave’s total value locked falling from $26.4 billion to below $14 billion, losing its long-held position as the largest DeFi protocol by TVL. Related: Crypto hackers stole $17B over past 10 years: DefiLlama DefiLlama data shows that net outflows from Aave’s lending markets have eased over the past month. However, Aave’s TVL has shown no signs of recovery, hovering between the $13.9 billion and $15.1 billion mark since about a week after the incident took place. Source: Aave’s change in TVL in 2026. Source: DefiLlama Magazine: The legal battle over who can claim DeFi’s stolen millions More on the subject

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