DeFi Platforms Bleed ₱898.35 billion ($15 billion) After ₱17.61 billion ($294 million) Kelp DAO Hack
The hack triggered a mass exodus from DeFi lending protocols, with Aave shedding ₱598.9 billion ($10 billion) and Morpho losing $1.7 billion in the days following the breach.
Key Takeaway
DeFi's trust crisis deepens as North Korean hackers accelerate attacks to record pace.
Hackers stole 116,500 rsETH tokens from Ethereum restaking app Kelp DAO on Saturday, draining $294 million in what became the second-largest crypto theft this year.
Aave, the sector's biggest app, watched $10 billion walk out the door — 22% of its total deposits. Morpho lost $1.7 billion. Sky dropped $600 million. DefiLlama data shows Total Value Locked across major DeFi platforms fell by $15 billion in the days following the breach.
Solana's DeFi ecosystem took a parallel hit. Kamino, the blockchain's largest lending market, recorded $280 million in outflows since April 18, following another major attack on April 1 when hackers hit Solana-based app Drift for $285 million.
North Korean hackers have already stolen $600 million from onchain apps in the first four months of 2026. That's nearly double the $3.4 billion they took in all of 2023, which was the worst year on record for crypto theft. Chainalysis described their evolving tactics in a December report, noting the hackers show increasing sophistication and patience in their operations.
The pattern mirrors their traditional banking heists. In 2016, North Korean operatives targeted Bangladesh's central bank in an attempted $1 billion theft, ultimately getting away with $101 million. This year's crypto theft toll has already hit $771 million across all attacks, with the Kelp DAO breach accounting for nearly 40% of that total.
This article was written based on reporting from Dlnews.
