Lido releases KelpDAO Incident Update: All user losses covered by Lido Earn mechanism

2026.05.07 22:10:23

May 7 – Lido Finance has issued an update on the KelpDAO attack. On April 29, Lido DAO voted to donate 2,500 stETH in a one-time contribution to the DeFi United relief fund for the rsETH incident; the stETH was officially transferred last week. On May 6, Aave settled the attacker’s rsETH position on Ethereum and Arbitrum per the established recovery plan. Post-settlement collateral has been handed over to the Recovery Guardian for safekeeping, with no impact on other users. Also on May 7, Lido’s Snapshot vote reached the required majority, formally approving full coverage under the EarnETH first-loss protection mechanism for loss rates below 1%. All losses incurred by EarnETH users will be fully covered by the Lido Earn mechanism. EarnETH treasury operations are expected to resume immediately after the Kelp protocol unpauses, with a brief waiting period for user funds to unfreeze. During this period, both the EarnETH and EarnUSD treasuries will continue generating yield. Lido thanks the community for its patient support and will provide further progress updates.

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