Kelp DAO Faces $294 Million Loss in LayerZero Bridge Exploit

Onchain Lens posted on X that Kelp DAO has suffered a significant loss of approximately $294 million due to a bridge exploit involving LayerZero Core. The incident has led to a sharp decline in the value of $ZRO, which fell from $2 to $1.4. A major investor, referred to as a whale, who held a long position on HyperLiquid, was partially liquidated, incurring a loss of $2,879,854.36. Despite this setback, the whale continues to maintain their position, currently experiencing a floating loss exceeding $750,000. In total, the whale's losses amount to roughly $28.98 million.