Forwarded from Ian's Intel
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Forwarded from Ahboyash Reads
The KelpDAO rsETH Exploit: $292M Minted From a 1-of-1 Bridge
Steps of the attack:
• rsETH (Kelp's liquid restaking token) can move between chains using LayerZero's messaging system. Kelp configured it so that only ONE "Decentralized Verifier Network" (DVN) which is by LayerZero Labs was needed to approve any transfer message
• Since it was a single point of trust, attackers gained control of the verification key/node tied to Kelp's own deployed contract on the source chain
• The sent a "fake" transfer message that claimed: "116,500 rsETH is being sent from another chain to Ethereum mainnet." (In reality, no rsETH was ever deposited or burned on the source chain)
• The attacker called a function called to trigger the release directly, because the single DVN "approved" the message, Kelp’s bridge contract on mainnet trusted it 100% and released 116,500 rsETH straight to the attacker’s wallet
• The money was draine. No real tokens came in from another chain, the attacker just got brand-new unbacked rsETH worth ~$290–293 million. Literally magic internet money
• They then tried to use it as collateral on lending platforms like Aave to borrow even more real ETH
https://defiprime.com/kelpdao-rseth-exploit
Steps of the attack:
• rsETH (Kelp's liquid restaking token) can move between chains using LayerZero's messaging system. Kelp configured it so that only ONE "Decentralized Verifier Network" (DVN) which is by LayerZero Labs was needed to approve any transfer message
• Since it was a single point of trust, attackers gained control of the verification key/node tied to Kelp's own deployed contract on the source chain
• The sent a "fake" transfer message that claimed: "116,500 rsETH is being sent from another chain to Ethereum mainnet." (In reality, no rsETH was ever deposited or burned on the source chain)
• The attacker called a function called to trigger the release directly, because the single DVN "approved" the message, Kelp’s bridge contract on mainnet trusted it 100% and released 116,500 rsETH straight to the attacker’s wallet
• The money was draine. No real tokens came in from another chain, the attacker just got brand-new unbacked rsETH worth ~$290–293 million. Literally magic internet money
• They then tried to use it as collateral on lending platforms like Aave to borrow even more real ETH
https://defiprime.com/kelpdao-rseth-exploit
Defiprime
The KelpDAO rsETH Exploit: $292M Minted From a 1-of-1 Bridge
A single-signer DVN on KelpDAO's LayerZero bridge let an attacker mint 116,500 unbacked rsETH and walk out with ~$236M in WETH from Aave. Here's the full on-chain breakdown, who pays, and what it says about liquid restaking.
Ahboyash Reads
The KelpDAO rsETH Exploit: $292M Minted From a 1-of-1 Bridge Steps of the attack: • rsETH (Kelp's liquid restaking token) can move between chains using LayerZero's messaging system. Kelp configured it so that only ONE "Decentralized Verifier Network" (DVN)…
X (formerly Twitter)
Elfa AI (@elfa_ai) on X
INSIGHT: The biggest DeFi contagion event of the year happened yesterday.
$292M drained from KelpDAO's $rsETH bridge, funneled into Aave as collateral to borrow real ETH. ~$177M in bad debt now sitting on Aave.
Full breakdown below.
$292M drained from KelpDAO's $rsETH bridge, funneled into Aave as collateral to borrow real ETH. ~$177M in bad debt now sitting on Aave.
Full breakdown below.
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my claude scolds me tho
https://x.com/itsolelehmann/status/2045578185950040390?s=46&t=nluSw7cwYGx8zFxfoYi5Iw
https://x.com/itsolelehmann/status/2045578185950040390?s=46&t=nluSw7cwYGx8zFxfoYi5Iw
X (formerly Twitter)
Ole Lehmann (@itsolelehmann) on X
anthropic's in-house philosopher thinks claude gets anxious.
and when you trigger its anxiety, your outputs get worse.
her name is amanda askell.
she specializes in claude's psychology (how the model behaves, how it thinks about its own situation, what…
and when you trigger its anxiety, your outputs get worse.
her name is amanda askell.
she specializes in claude's psychology (how the model behaves, how it thinks about its own situation, what…
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Forwarded from tradfi
*IRAN'S IRNA: IRAN REJECTED TAKING PART IN THE SECOND ROUND OF THE TALKS WITH THE U.S
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Forwarded from The Kobeissi Letter
BREAKING: President Trump says the US Navy has struck an Iranian ship transiting the Strait of Hormuz and US Marines have taken “full custody” of the vessel. https://t.co/oAkdfzmXpJ
(@TheKobeissiLetter)
(@TheKobeissiLetter)
Forwarded from Monitoring The Situation
Iran State Media: New details of the Strait of Hormuz management plan, According to Chairman of the Parliament's Civil Commission:
1. The passage of any vessel or cargo belonging to or related to the israel through the Strait of Hormuz is absolutely prohibited
2. The passage of vessels from hostile countries is prohibited as determined by the authority.
3. The passage of vessels or cargo from countries that take hostile actions against the Resistance Front is prohibited.
4. Other vessels are allowed to pass if they obtain a permit and pay the "guidance, supervision, and security" fees.
5. Payments must be made in Iran's national currency (rial).
6. Any country that participated to any extent in the imposed war, after paying compensation for damages, will be allowed to pass.
7. Any country or individual or legal entity that imposes unilateral sanctions against Iran or takes any hostile action will be banned from passing through the Strait of Hormuz.
8. The passage of fleets from countries that use forged names other than the name Persian Gulf in their documents and statements is prohibited through the Strait of Hormuz.
9. The financial resources obtained from the fees will be used in three areas: strengthening the country's defense capabilities and the livelihood of the armed forces; reconstruction and development of the country's infrastructure; and providing for the people's livelihood.
10. Non-compliance with these laws will result in the seizure of the violating vessel and a fine and confiscation of 20% of the value of its cargo.
1. The passage of any vessel or cargo belonging to or related to the israel through the Strait of Hormuz is absolutely prohibited
2. The passage of vessels from hostile countries is prohibited as determined by the authority.
3. The passage of vessels or cargo from countries that take hostile actions against the Resistance Front is prohibited.
4. Other vessels are allowed to pass if they obtain a permit and pay the "guidance, supervision, and security" fees.
5. Payments must be made in Iran's national currency (rial).
6. Any country that participated to any extent in the imposed war, after paying compensation for damages, will be allowed to pass.
7. Any country or individual or legal entity that imposes unilateral sanctions against Iran or takes any hostile action will be banned from passing through the Strait of Hormuz.
8. The passage of fleets from countries that use forged names other than the name Persian Gulf in their documents and statements is prohibited through the Strait of Hormuz.
9. The financial resources obtained from the fees will be used in three areas: strengthening the country's defense capabilities and the livelihood of the armed forces; reconstruction and development of the country's infrastructure; and providing for the people's livelihood.
10. Non-compliance with these laws will result in the seizure of the violating vessel and a fine and confiscation of 20% of the value of its cargo.
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Crypto Mumbles
[i might be bearholed so take me w a pinch of salt or ignore me completely] same stance, even if SoH's opening is permanent idt supply chains can simply go back to business as usual in a snap refer: https://x.com/dpycm/status/2045034804887044284?s=20 markets…
yeah i think maybe even the quick resolution mindset fades eventually
some are expecting one last blow off top or relief rally before down only
what if we don’t even get that?
some are expecting one last blow off top or relief rally before down only
what if we don’t even get that?
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