DeFi outflows spill into Solana after KelpDAO rsETH hack, pushing Kamino USDC markets to extreme stress with 100% utilization and zero liquidity in key lending pools

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Bridged rsETH on Solana has no direct redemption path — the reserves that back it just got drained on Ethereum, but Kamino's oracle is still quoting pre-hack marks. 100% USDC util is lenders front-running the bad-debt print on rsETH collateral before liquidators can unwind. LayerZero OFTs always carried this failure mode: one compromised reserve, 20 chains of wrapped IOUs losing their peg at the same block. Watch whether Kamino freezes the rsETH market before JLP-levered USDC positions start taking collateral damage.

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DeFi outflows spill into Solana after KelpDAO rsETH hack, pushing Kamino USDC markets to extreme stress with 100% utilization and zero liquidity in key lending pools

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Safe Wallet module exploit drains $7.8M in rsETH on Ethereum

Kelp DAO sues LayerZero and co-founder Bryan Pellegrino over rsETH bridge exploit

MEV bot front-runs $7.81M rsETH exploit, leaving Gnosis Safe whale with $7.73M loss

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OAK Research revisits LayerZero’s role in crypto after the $292M rsETH exploit, asking whether omnichain interoperability creates more systemic risk than value

Aave details April's rsETH bridge exploit that forged a LayerZero message, releasing 116,500 unbacked rsETH and triggering a DeFi-wide recovery effort that secured over $300M in commitments

Safe Wallet module exploit drains $7.8M in rsETH on Ethereum

Kelp DAO sues LayerZero and co-founder Bryan Pellegrino over rsETH bridge exploit

MEV bot front-runs $7.81M rsETH exploit, leaving Gnosis Safe whale with $7.73M loss

Kelp sets June 15, 2027 deadline for rsETH recovery from sunset networks with 100 USDC fee

OAK Research revisits LayerZero’s role in crypto after the $292M rsETH exploit, asking whether omnichain interoperability creates more systemic risk than value

Aave details April's rsETH bridge exploit that forged a LayerZero message, releasing 116,500 unbacked rsETH and triggering a DeFi-wide recovery effort that secured over $300M in commitments

DeFi outflows spill into Solana after KelpDAO rsETH hack, pushing Kamino USDC markets to extreme stress with 100% utilization and zero liquidity in key lending pools

More coverage

Explore the topic

More on $rsETH

Safe Wallet module exploit drains $7.8M in rsETH on Ethereum

Kelp DAO sues LayerZero and co-founder Bryan Pellegrino over rsETH bridge exploit

MEV bot front-runs $7.81M rsETH exploit, leaving Gnosis Safe whale with $7.73M loss

Kelp sets June 15, 2027 deadline for rsETH recovery from sunset networks with 100 USDC fee

OAK Research revisits LayerZero’s role in crypto after the $292M rsETH exploit, asking whether omnichain interoperability creates more systemic risk than value

Aave details April's rsETH bridge exploit that forged a LayerZero message, releasing 116,500 unbacked rsETH and triggering a DeFi-wide recovery effort that secured over $300M in commitments

Safe Wallet module exploit drains $7.8M in rsETH on Ethereum

Kelp DAO sues LayerZero and co-founder Bryan Pellegrino over rsETH bridge exploit

MEV bot front-runs $7.81M rsETH exploit, leaving Gnosis Safe whale with $7.73M loss

Kelp sets June 15, 2027 deadline for rsETH recovery from sunset networks with 100 USDC fee

OAK Research revisits LayerZero’s role in crypto after the $292M rsETH exploit, asking whether omnichain interoperability creates more systemic risk than value

Aave details April's rsETH bridge exploit that forged a LayerZero message, releasing 116,500 unbacked rsETH and triggering a DeFi-wide recovery effort that secured over $300M in commitments

Comments

Total stats

How to Earn

More on $rsETH

Safe Wallet module exploit drains $7.8M in rsETH on Ethereum

Kelp DAO sues LayerZero and co-founder Bryan Pellegrino over rsETH bridge exploit

MEV bot front-runs $7.81M rsETH exploit, leaving Gnosis Safe whale with $7.73M loss

Kelp sets June 15, 2027 deadline for rsETH recovery from sunset networks with 100 USDC fee

OAK Research revisits LayerZero’s role in crypto after the $292M rsETH exploit, asking whether omnichain interoperability creates more systemic risk than value

Aave details April's rsETH bridge exploit that forged a LayerZero message, releasing 116,500 unbacked rsETH and triggering a DeFi-wide recovery effort that secured over $300M in commitments

Safe Wallet module exploit drains $7.8M in rsETH on Ethereum

Kelp DAO sues LayerZero and co-founder Bryan Pellegrino over rsETH bridge exploit

MEV bot front-runs $7.81M rsETH exploit, leaving Gnosis Safe whale with $7.73M loss

Kelp sets June 15, 2027 deadline for rsETH recovery from sunset networks with 100 USDC fee

OAK Research revisits LayerZero’s role in crypto after the $292M rsETH exploit, asking whether omnichain interoperability creates more systemic risk than value

Aave details April's rsETH bridge exploit that forged a LayerZero message, releasing 116,500 unbacked rsETH and triggering a DeFi-wide recovery effort that secured over $300M in commitments