- Total DeFi TVL fell 14%% to $148 billion from about $172 billion after the KelpDAO hack, a sign that investment sentiment remains under pressure.
- Hackers linked to Lazarus, the North Korean hacking group, targeted the off-chain infrastructure of the LayerZero bridge and stole about $292 million worth of rsETH.
- Outflows continued in lending and liquid restaking, indicating broader risk aversion is spreading across DeFi.
Forecast Trend Report by Period
DeFi total value locked has continued to shrink since the KelpDAO hack, according to The Block.
Total DeFi TVL has fallen to $148 billion from about $172 billion in mid-April, a drop of roughly 14%, The Block reported on May 26.
The crypto news outlet said the April 18 hack of KelpDAO’s bridge has had a lasting impact on sentiment across the broader DeFi market.
Hackers linked to Lazarus, the North Korean hacking group, attacked KelpDAO’s LayerZero bridge and stole about $292 million worth of rsETH.
The breach targeted off-chain infrastructure rather than a smart-contract vulnerability. The hackers manipulated internal RPC nodes and disrupted the external validator system to feed false data, according to the report. That allowed them to withdraw funds on the destination chain without burning the underlying assets.
Among major DeFi segments, lending was hit hardest. TVL in the sector fell to about $40 billion from roughly $53 billion. Liquid restaking also continued to post outflows.
“The fact that outflows have continued for more than five weeks after the hack suggests this is not a problem limited to a single protocol, but a sign that risk aversion is spreading across DeFi,” The Block wrote.
It added that smart-contract security has improved in recent years, but off-chain infrastructure is emerging as a new attack surface. Current monitoring systems have yet to fully adapt to that shift in threats.
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