The $280M DeFi Exploit That Changes Crypto Forever | Dan Elitzer & Odysseus
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 23 April 2026
⏱️ 74 minutes
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| 0:00.0 | Security is not an issue in Trotify more than it is an issue in most other services |
| 0:05.0 | because of the long settlement, right? |
| 0:08.3 | You can go back, as we said. |
| 0:10.2 | Do a couple of meetings, pay a couple of millions or tens of millions, but you can fix the damage. |
| 0:16.5 | In crypto, a hack is a physics event. |
| 0:19.2 | It's closer to an aerospace, right? |
| 0:21.4 | Because if you have an issue in an airplane, people die. |
| 0:25.2 | In crypto, okay, if you have an issue, people don't die. |
| 0:29.2 | But it's still very severe, right? |
| 0:31.7 | And you have this irreversible damage and now we see like systemic even. |
| 0:36.1 | Bank of the station, welcome to the irreversible damage and now we see like systemic even. |
| 0:42.0 | Bankless Nation, welcome to the podcast. |
| 0:46.3 | We're here with Dan Litzer from Nacent and also Odysseus from Phylax Systems. |
| 0:50.3 | Guys, it's great to have you on, although the circumstances are not fantastic. |
| 0:52.2 | We're talking about a hack today. |
| 0:53.0 | How are you guys doing, though? |
| 0:54.1 | Doing well. Thanks for having us. Thank you for having us, yes. Let me give us a sit-rep just so we can kind of just move forward through some of the details, and then we'll kind of dive in a little bit deeper on some of the important details here. So April 18th, we had a hack in Defi, likely North Korea's Lazarus Group, is kind of who everyone is assuming is behind this attack, |
| 1:12.5 | exploited Kelpdow's layer zero powered bridge to create 116,000 RS-Eth tokens, |
| 1:20.1 | that is the restaked ETH token out of Kelpdao without any backing. |
| 1:25.0 | So extra tokens minted, they then deposited those tokens into Ave V3 across |
| 1:30.8 | Arbitrum and Ethereum Mainnet to borrow $236 million in wheat. So unbacked R.S. ETH tokens |
| 1:38.9 | deposited into AVE, allowed them to withdraw real ETH from the AVE system, leaving AVE with about $280 million |
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