The $13 billion DeFi wipeout in two days, and it started with KelpDAO attack

What Happened

Decentralized finance platforms experienced a $13.21 billion total value locked decline over 48 hours following a $292 million KelpDAO bridge exploit. Aave lost $8.45 billion in deposits. Attackers used stolen rsETH tokens as collateral to borrow funds, creating shortfalls for lenders. Multiple protocols froze affected markets as panicked users withdrew funds.

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