Kelp DAO announced that rsETH has been fully restored after five weeks of repairs following a $293 million hack.

According to Mars Finance, Kelp DAO announced on Monday that rsETH has been fully restored after five weeks of repairs following a $293 million loss caused by the Lazarus Group attack on April 18. Kelp DAO stated that the final batch of 20,373.7 rsETH was sent to the LayerZero smart contract responsible for cross-chain transfers, officially concluding the operational portion of the rsETH recovery plan. Multiple crypto protocols contributed funds through the DeFi United initiative to assist in restoring rsETH support. The first batch of 25,000 rsETH was transferred on May 13, and withdrawals reopened the following day. Minting, redemption, and reward operations are now running normally. This attack had a ripple effect on the DeFi lending market. The attackers used a large amount of stolen rsETH as collateral to lend WETH on Aave, causing Aave to incur $190 million in bad debts and its TVL to plummet from $26.4 billion to below $14 billion, remaining hovering between $13.9 billion and $15.1 billion without recovery. There were 25 crypto hacking incidents in April, resulting in a total loss of $630 million.