Lido releases KelpDAO incident update: All losses of EarnETH users are borne by the Lido Earn mechanism

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Mars Finance News, May 7 — Lido Finance released an update on the KelpDAO attack incident.
On April 29, Lido DAO voted to make a one-time donation of 2,500 stETH to the DeFi United bailout plan for rsETH incident relief, and this stETH was officially transferred last week.
On May 6, according to the established recovery plan, Aave fully liquidated the attacker’s rsETH positions on Ethereum and Arbitrum, and the collateral after liquidation has been entrusted to the Recovery Guardian, with no other users affected.
On May 7, the Lido Snapshot vote reached the quorum and officially approved the EarnETH first-loss protection mechanism to provide full coverage when the loss rate is below 1%, with all losses of EarnETH users fully borne by the Lido Earn mechanism.
The EarnETH vault operations are expected to resume immediately after the Kelp protocol lifts the suspension, and user funds will be unfrozen after a brief waiting period; during this time, EarnETH and EarnUSD vaults will continue generating revenue.
Lido thanks the community for their patience and support, and will continue to provide updates on the progress.

STETH-1.91%
AAVE-1.73%
ETH-2.55%
ARB-1.86%
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