Kelp DAO says rsETH restored 5 weeks after $293M protocol hack

Kelp DAO says that sETH mints, redemptions and rewards operations have been running smoothly since it opened withdrawals for the token earlier this month.

Ethereum liquid staking protocol Kelp DAO says its restaked Ether token has been restored with a five-week recovery effort after the protocol suffered a $293 million exploit by North Korea’s Lazarus Group on April 18.

Kelp DAO posted to X on Monday that the final tranche of 20,373.7 Kelp DAO restaked ETH (rsETH) tokens was sent to the LayerZero smart contract responsible for locking, minting, burning and releasing rsETH during cross-chain transfers. 

“This closes the operational part of the rsETH recovery plan,” Kelp said. Several crypto protocols contributed funds to help restore rsETH’s backing under the DeFi United initiative.

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