Kelp restaking platform exploited, $293M drained in attack

The attack triggered a "cross-protocol contagion" that has hit at least nine crypto protocols, blockchain security firm Cyvers said.

Kelp, a liquid restaking protocol, was the target of a cyber attack on Saturday, causing the platform to pause smart contracts for its restaking token (rsETH), as it “investigates” the attack amid reports of hundreds of millions of dollars in losses.

“Earlier today, we identified suspicious cross-chain activity involving rsETH. We have paused rsETH contracts across mainnet and several Layer-2s,” the Kelp platform said in an X post.

The attacker exploited the rsETH adapter bridge contract, the software code that manages Kelp’s rsETH token, and drained the platform of about $293 million in funds, according to blockchain security firm Cyvers.

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