Lido: rsETH risk exposure is approximately 21.6 million USD, and a 3 million USD first loss protection will be activated if necessary

By: rootdata|2026/04/20 17:03:32

Lido stated on platform X that its EarnETH treasury was affected by the theft of 116,500 rsETH (approximately $29.2 million) from the Kelp DAO cross-chain bridge on April 18.

EarnETH holds approximately $21.6 million in rsETH risk exposure through leveraged positions in rsETH/ETH on Aave, accounting for about 9% of the total assets in the treasury. The EarnETH team is currently actively deleveraging to reduce risk, and the outcome depends on the final decisions made by Kelp, LayerZero, and Aave regarding loss sharing and bad debt handling.

Lido further stated that EarnETH has a $3 million "first loss protection mechanism" funded by the Lido DAO treasury, which will be used to cover losses if necessary. The treasury has currently suspended redemption processing to assess the losses. This incident does not affect stETH and wstETH, and the core staking protocol of Lido is not involved.

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