Kelp

The Kelp DAO exploit on April 18, 2026, in which attackers minted 116,500 unbacked rsETH by poisoning a single LayerZero verifier node, has catalyzed more than $600 million in sector-wide DeFi losses over recent weeks, with cumulative damage across protocols approaching $1 billion. The downstream effect is now visible on-chain: total value locked across DeFi has collapsed to its lowest point in twelve months, per DefiLlama data, as capital flight accelerates across restaking, lending, and cross-chain bridge protocols.The core question…

LayerZero has attributed the Kelp DAO exploit to North Korea’s Lazarus Group, identifying a single-point-of-failure in the protocol’s verifier setup as the technical root cause that made the attack possible. The breach drained an estimated $292 million from Kelp DAO’s rsETH pool on April 18, marking the largest DeFi hack of 2026 to date – and sent total value locked across the DeFi sector down 7% in 24 hours to $85 billion, according to DefiLlama. DeFi Total Value Locked /…

Kelp is a new cryptocurrency aiming to become the stable foundation of a modern, global financial ecosystem. Its mission is to succeed where other crypto projects have failed and deliver the promise of digital money by combining actual econometric models and central banking theorems. Kelp is inspired by a growing demand within the crypto community for a stablecoin 2.0. Several prominent voices, such as Brian Armstrong of Coinbase and renowned investor Ray Dalio, have discussed the possibility of “Flatcoin” -…