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Arbitrum DAO has approved the release of approximately $70 million in frozen ETH to compensate victims of the KelpDAO exploit, though a federal court order in the United States could still block the transfer.
The proposal, co-created by Aave Labs, KelpDAO, LayerZero, EtherFi, and Compound, received 182.2 million votes in favor, accounting for 90.96% of the total, with almost no opposition.
The vote authorizes the transfer of the funds to a Gnosis Safe wallet controlled by representatives of Aave, KelpDAO, EtherFi, and Certora. The assets are intended for exclusive use in the rsETH token recovery process.
In April, the Arbitrum Security Council froze 30,765.67 ETH days after an attacker exploited a flaw in Kelp’s cross-chain bridge that relied on LayerZero.
According to the proposal details, the attacker minted 116,500 rsETH on Ethereum without the corresponding burn on the source chain. The unbacked rsETH tokens were then used as collateral to drain approximately $230 million in ETH from users of the Aave protocol.
Even with DAO approval, the transfer could be prevented from being completed if a federal court order from the United States intervenes.
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