DeFi United Tops $300M War Chest to Backstop Kelp DAO Exploit Losses

Circle Ventures, Consensys, and Ethereum co-founder Joseph Lubin have pledged support for DeFi United, an initiative set up to absorb losses tied to the Kelp DAO vulnerability, Odaily Planet Daily reported. Circle Ventures said it is backing the effort by purchasing AAVE tokens. Consensys and Lubin committed 30,000 ETH. DeFi United has now raised more than 132,000 ETH in total, valued at over $300 million. The pool is intended to cover bad debt after an attacker minted uncollateralized rsETH through the LayerZero bridge and used it to borrow assets on Aave. Earlier contributions floated include an Aave proposal to donate 25,000 ETH. Lido DAO, Ether.fi, and Kelp have each proposed or committed to donations of 2,500 ETH, 5,000 ETH, and 2,000 ETH, respectively.