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But we saved everything 🙂.
Kelp DAO faces $292M exploit and Arbitrum freezes $70M+, Momin Saqib notes
April 2026 is being described by Momin Saqib as potentially the most expensive month in DeFi history. The statement follows a $292 million loss by Kelp DAO due to a LayerZero bridge exploit, with $80 million reportedly laundered via THORChain in less than 48 hours. In response, Arbitrum's Security Council intervened to freeze over $70 million linked to the attacker. Lending platform Aave also imposed asset freezes during the episode.
Momin Saqib previously cited high energy prices as a driver of persistent inflation and tight liquidity for both equities and crypto markets in recent commentary. Earlier this year, he raised concerns about security practices after a $270 million protocol loss. The latest exploit has intensified scrutiny around DeFi security measures.
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