Black April for DeFi: KelpDAO Hack for $293 Million
April 2026 will go down in history as one of the most disruptive months for decentralized finance. The total damage from the actions of the attackers exceeded $620 million. The largest incident was the exploit of the KelpDAO liquidity restaging protocol, which occurred on April 18. As a result of the attack on KelpDAO, hackers withdrew assets worth approximately $293 million.This incident caused a chain reaction in the market: frightened users began to massively withdraw liquidity from related protocols, including Aave, which led to a sharp jump in interest rates on loans.The issue of smart contract security remains the main obstacle to mass adoption of DeFi. Experts are calling for the introduction of insurance standards in the restaging sector, as the complexity of protocols (layering smart contracts on top of each other) creates unpredictable vulnerabilities.
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