DeFi Crisis: Kelp DAO $293M Exploit & Recovery

Summary

The Upside reports a DeFi+L1L2 update covering a Kelp DAO exploit that drained $293M after ~45% of LayerZero-related OApps used a single-verifier config. It also details Drift Protocol securing $148M from Tether and partners for recovery. This highlights systemic LayerZero risk and major recovery funding.

DeFi+L1L2 Update:

🚨 Kelp DAO suffered an exploit resulting in a $293M loss
🔍 ~45% of LayerZero-related OApps set a single-verifier config which led to Kelp’s exploit
💲 Drift Protocol secured $148M from Tether and partners for its recovery plan

Full details 👇
https://crypto.com/market-updates/defi-l1l2-weekly-2026-04-22?utm_source=x&utm_medium=x&utm_campaign=rni_defi-l1l2

Image available on Discord

defi kelp dao kelp exploit layerzero drift protocol tether crypto security smart contract exploit l1 l2

The latest from The Upside

Walrus Memory Launches on Product Hunt

# Walrus Memory Launched on Product Hunt 🎯 we just launched our page on Product Hunt today! Take a look and support us <:walrus:1273434089688404008> https://www.producthunt.com/products/walrus-memory?launch=walrus-memory …

Walrus Memory: Portable Agent Memory Live

# Walrus Memory is live <:walrus:1273434089688404008> New name, new look, more to ship. If you've ever had an AI agent lose context, restart a workflow, …

Win BTC: $30,000 Prize Pool Campaign

🔔 The BTC App Campaign is live Build your $BTC balance by at least US$50 and compete for a share of a US$30,000 BTC prize …

Win $25 WAL - Walrus Session 3

# More Ways to Win Walrus Session 3 Prizes <:walrus:1273434089688404008> We are trying out and testing the winner from the last session! So submit your …

SoSoValue Season 3 Airdrop Live

*🚨 Missed S1 & S2? Don’t miss Season 3 – It’s LIVE!* *SoSoValue Season 3 Airdrop* — AI research platform backed by *$19.15M* from Hongshan, …