Kelp DAO Restaked ETH (RSETH)

Kelp DAO Recovery Outlook Worsens as Hacker Launders Nearly All $220M in Stolen Funds.

Funds stolen in the $293 million exploit of Kelp DAO have largely been moved, with about $220 million laundered over the past six weeks, based on blockchain tracking data from Arkham and on-chain analysts.

Meanwhile, only about $1.7 million of the stolen assets remains traceable in the attacker’s wallet. The breach involved the withdrawal of 116,500 rsETH on April 18 and formed part of a broader spike in crypto-related losses during the month.

In response, around $71 million was frozen on April 21 by the Arbitrum Security Council, although the rapid movement of funds has made further tracking more difficult.

Wu reported that Aave released a post‑event investigation on April 18 regarding the rsETH incident, stating that the rsETH LayerZero V2 cross‑chain bridge of the liquid staking protocol Kelp accepted forged messages during the Unichain‑to‑Ethereum transfer, causing the Ethereum‑side adapter to release 116,500 rsETH, while no corresponding burn occurred on the Unichain side.

Aave stated that the attack originated from third‑party bridge infrastructure, but the attacker deposited the stolen rsETH into eight Aave V3 positions and borrowed 82,650 WETH and 821 wstETH, affecting the Aave market. Aave added that the rsETH on Arbitrum held by the attacker has been burned, and the LayerZero OFT adapter has distributed five batches to replenish a total of 116,131.72 rsETH, fully restoring rsETH asset backing, and the affected WETH and rsETH markets have returned to normal.
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