Lido Earn Pauses Deposits Following Kelp DAO Exploit
Lido Earn Pauses Deposits Following Kelp DAO Exploit
馃毃 Lido Pauses Deposits
Lido Earn has suspended deposits into earnETH as a precautionary measure following a security incident involving Kelp DAO.
Key Details:
- earnETH has direct exposure to rsETH, the affected asset
- An exploiter stole $300m worth of rsETH from Kelp DAO's bridging contracts on Ethereum
- The stolen rsETH was used as collateral across lending protocols (primarily Aave and Compound)
- Critical issue: More rsETH now exists in circulation than actual backing, creating undercollateralized debt
Current Status:
- Aave and Compound governance paused relevant assets and markets
- Resolution approaches being discussed by affected teams
- Lido Earn team monitoring situation with partners
Further updates will be shared as the situation develops.
[Lido Earn Disclosure] The Lido Earn team is aware of the developing situation with the Kelp DAO exploit. earnETH has exposure to rsETH. As a precaution, further deposits into earnETH have been paused while the situation is assessed alongside relevant partners. We will share
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