<div id="readability-page-1"><div>HACKERS exploited a cross-chain bridge on Saturday (Apr 18), draining nearly US$300 million from a key piece of decentralised finance infrastructure and setting off a ripple effect across multiple crypto platforms.The attacker siphoned about 116,500 rsETH – a token issued by Kelp DAO that represents “restaked” Ether – by targeting a bridge built using LayerZero, a system that allows different blockchains to communicate. The total losses are estimated at roughly US$293 million, making it the largest DeFi exploit of 2026.“We identified suspicious cross-chain activity involving rsETH,” Kelp DAO said in a post on X.Kelp DAO is a restaking protocol that lets users deposit popular staking tokens such as stETH or cbETH and receive rsETH in return, which can then be used across other crypto applications while still earning rewards. This flexibility has helped rsETH spread widely across decentralised lending, trading and liquidity platforms.That same interconnectedness quickly turned the breach into a broader market issue.“This was not just a protocol exploit, it immediately became a cross-protocol contagion event,” security firm Cyvers said, estimating that at least nine other platforms were affected.In simple terms, DeFi protocols are often stacked on top of each other. Assets such as rsETH are reused across multiple services, for example, as collateral for loans or as liquidity in trading pools. When one piece fails, it can undermine all the places where that asset is used.“This is exactly the kind of incident that highlights the risks” of interconnected systems in DeFi, said Cyvers chief executive Deddy Lavid. “The challenge is no longer just preventing exploits at the contract level, but understanding how fast they can cascade across integrated protocols.”Aave, the largest DeFi lending protocol with more than US$20 billion in locked assets, froze markets related to rsETH to contain the damage. “Freezing the rsETH markets prevents new deposits and borrowing against rsETH collateral while the situation is assessed,” the platform said. Its token was down 20 per cent during Asian trading hours on Sunday, according to Coingecko.Cyvers chief technology officer Meir Dolev said the situation could have been worse. The protocol was “just three minutes away from losing an additional US$100 million”, he said, with a rapid blacklist blocking a second attempt by the attacker.The hack surpasses an earlier breach of Solana-based project Drift as the biggest DeFi exploit this year, and comes at a sensitive moment for the sector. BLOOMBERG</div></div>

CRCL

GLXY

Hackers exploited a cross-chain bridge, draining nearly US$300 million from decentralized finance (DeFi) infrastructure, marking the largest DeFi exploit of 2026. The attack affected multiple platforms, with Kelp DAO reporting suspicious activity involving its token, rsETH. The interconnectedness of DeFi protocols led to a broader market issue, prompting Aave to freeze rsETH markets to mitigate damage. The incident highlights the risks of interconnected systems in DeFi, as assets like rsETH are reused across various services. The hack surpasses previous breaches, occurring at a critical time for the sector.

- Hackers exploited a cross-chain bridge on April 18, draining nearly US$300 million from a decentralized finance infrastructure, marking the largest DeFi exploit of 2026.  
- The attacker targeted a bridge using LayerZero, siphoning around 116,500 rsETH, a token from Kelp DAO, leading to broader market issues affecting at least nine other platforms.  
- In response, Aave, a major DeFi lending protocol, froze rsETH markets to prevent further losses, reflecting the cascading risks inherent in interconnected DeFi systems.

Businesstimes News

Circle

Galaxy Digital

Hut 8 Mining

American Bitcoin

Grayscale Bitcoin Mini Trust ETF

Grayscale Bitcoin Trust BTC - ETF

Grayscale Ethereum Staking ETF

Bitfarms Canada

Coinbase

Invesco Galaxy Bitcoin ETF

Franklin Ethereum ETF

Direxion Daily Crypto Industry Bear1XETF

WisdomTree Bitcoin Fund

Proshares Ether Strategy ETF

Amplify Transform Data Sharing ETF

Bitwise Solana Staking ETF

Grayscale Ethereum Mini Staking ETF

Bitwise MARA Option Income Strategy ETF

GraniteShares 2x Long MARA Daily ETF

GraniteShares 2x Long COIN Daily ETF

iShares Bitcoin Trust ETF

Roundhill COIN WeeklyPay ETF

Siren ETF Trust Siren Nasdaq NexGen Economy ETF

Bitwise Ethereum ETF

ARK 21Shares Bitcoin ETF

Leverage Shares 2X Long COIN Daily ETF

Bitwise Bitcoin ETF

IShares Ethereum Trust ETF

Defiance Daily Target 2X Short MSTR ETF

ProShares Bitcoin Strategy ETF

Crypto hack worth US$290 million triggers DeFi contagion shock