Kelp DAO eyes reopening withdrawals after rsETH burn

Kelp DAO has burned the exploiter’s tokens and outlined a two-week plan to refill rsETH through Aave’s Recovery Guardian multisig wallet.

Ethereum liquid restaking platform Kelp and decentralized lending protocol Aave have completed a series of steps to restore rsETH backing, including burning the exploiter’s rsETH tokens.

Kelp DAO detailed a post-exploit recovery for its liquid staking token rsETH on Tuesday, confirming that the hacker’s tokens were burned on the layer-2 Arbitrum network.

The 117,132 rsETH, currently worth about $278 million, will be refilled progressively over two weeks from Aave Recovery Guardian, a multisignature wallet controlled by the DeFi United recovery group and Kelp’s own recovery safe into the LayerZero OFT adapter, a smart contract that handles locking, minting, burning and releasing rsETH during cross-chain transfers.

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