Crypto's Biggest Heist of 2026: $292 Million Stolen from Kelp DAO

In a shocking turn of events, a hacker has successfully drained nearly 18% of the circulating supply of restaked ether tokens from Kelp DAO's LayerZero-powered bridge, triggering a wave of panic throughout the DeFi ecosystem. The attack, which occurred on Saturday at 17:35 UTC, saw the thief make off with 116,500 rsETH, valued at roughly $292 million at current prices. This staggering loss has sent shockwaves across the cryptocurrency landscape, with numerous DeFi platforms, including Aave, SparkLend, and Fluid, scrambling to respond to the crisis by freezing rsETH markets. The hack has also sparked fears of a potential liquidity crisis, as holders of wrapped versions of the token on other blockchains face uncertainty over the value of their assets. As the situation continues to unfold, all eyes are on Kelp DAO and its efforts to recover the stolen funds and contain the damage. The incident is the latest in a string of high-profile DeFi exploits, including the recent attack on Solana-based perpetuals protocol Drift, which lost approximately $285 million to North Korea-affiliated actors. With the crypto market already on edge, the Kelp DAO hack has raised concerns about the security and stability of DeFi platforms, and the potential for further contagion.