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

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

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