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Liquid Staking Is Easy to Enter. The rsETH Hack Reminded Me to Study the Exit.

In April, the Lazarus group, a cybersecurity organization sponsored by the North Korean government, exploited KelpDAO for about $292 million. The hackers used forged cross-chain messages to mint 116,500 unbacked rsETH and then utilized that asset inside DeFi lending markets. Note: rsETH, issued by Kelp DAO, is a liquid restaking token (LRT), that allows users to deposit their Ethereum staking assets (like stETH or ETHx) into EigenLayer and earn compounded yields. The exploit destabilized the DeFi markets.

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Written by Rika

Making crypto accessible and understandable for all.