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After achieving unicorn status, MORPHO
faced challenges following the $292 million hack that befell Kelp DAO. Morpho co-founder Paul Frambot tweeted on his account, "X," about the impact of the hack.
"As a follow up to the recent events involving Kelp DAO, I want to reiterate the following:
- Morpho smart contracts are safe and continue to operate as intended.
- The exposure was limited with curators taking preemptive measures immediately.
- Only ~$1M of ETH is borrowed against rsETH as collateral, across two isolated markets out of thousands.
- Of this, only 2 of ~500 Morpho Vaults (with >$10k in deposits) have exposure to these markets, with the final impact dependent on how the situation unfolds.
- Every other vault is not exposed thanks to Morpho’s fully isolated market design.
Although the direct impact to Morpho was limited, there may still be second order effects due to broader ecosystem exposure. Stay safe.
#Defi
$MORPHO $ETH