KelpDAO, a decentralized finance protocol, has been hit by a massive security breach resulting in the loss of hundreds of millions of dollars. The incident involved a targeted compromise of a single user's wallet, with funds drained across the Ethereum and Arbitrum networks.
According to blockchain investigator ZachXBT, the victim lost over $280 million. The total loss reported by BeInCrypto is $292 million. The funds were siphoned from various DeFi protocols where the wallet was active, highlighting the concentrated risk in high-value crypto accounts.