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DeFi United has published a technical recovery plan to restore rsETH backing after a $292 million exploit that affected Kelp DAO on April 18. The proposal centers on converting committed ETH into rsETH in tranches, transferring the funds to the affected lockbox contract, and resuming bridge operations, alongside controlled liquidations intended to recover additional ETH from affected lending positions.
DeFi United’s plan calls for converting committed ETH into rsETH in tranches. The resulting rsETH would then be transferred to the affected lockbox contract to enable the bridge to safely resume operations. Execution is contingent on obtaining governance approvals and signing definitive agreements.
In parallel, the plan includes liquidating eight affected positions on Aave Ethereum Core and Arbitrum markets. To facilitate efficient liquidations, the rsETH oracle price would be temporarily adjusted. After liquidation, the rsETH collateral would be moved to a multisig controlled by DeFi United, redeemed for ETH through Kelp DAO, and used to cover temporary deficits generated in Aave’s markets. DeFi United estimates this process would allow recovery of approximately 13,000 ETH.
For Compound, the plan outlines a similar procedure to recover around 16,776 ETH, following the same general approach of liquidation and redemption to address deficits created by the exploit.
The final phase involves reactivating and unfreezing rsETH and ETH across all affected instances. The plan also includes restoring loan-to-value ratios that were adjusted during the crisis.
DeFi United noted that execution depends on governance approvals that have not yet been secured. During this period, the attacker could attempt to interfere.
The coalition also warned that deliberate interference could lead to incomplete accumulation of deficits, potentially requiring additional liquidation steps. It further stated that new security measures implemented in LayerZero and Kelp DAO after the attack have not yet been tested in real-world conditions, which is part of the rationale for executing conversions and deposits in tranches.
DeFi United said it plans to publicly communicate progress as the recovery advances.
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