Crypto Hack Worth $290 Million Triggers DeFi Contagion Shock

Hackers exploited a cross-chain bridge on Saturday, draining nearly $300 million from a key piece of decentralized finance infrastructure and setting off a ripple effect across multiple crypto platforms.

The attacker siphoned about 116,500 rsETH — a token issued by Kelp DAO that represents “restaked” Ether — by targeting a bridge built using LayerZero, a system that allows different blockchains to communicate. The total losses are estimated at roughly $293 million, making it the largest DeFi exploit of 2026.