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DeFi sector reeling from a suspected North Korea-linked hack which has spread to multiple protocols.
The $290 million Kelp DAO rsETH hack exploited a 1-of-1 Layer Zero DVN bridge setup.
KEY POINTS
- Aave lost nearly $9 billion in TVL and may face up to $341 million in bad debt.
- Layer Zero will no longer act as sole validator for projects using 1/1 DVN configurations.
- rsETH has an estimated 18% shortfall in backing, with Aave depositors facing a possible 5-8% haircut.
- Kelp DAO plans to blame Layer Zero's documentation and default settings for the bridge vulnerability.
COMPANIES
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