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DeFi United has published a recovery plan aimed at restoring full backing for Kelp DAO’s rsETH after a $292 million exploit earlier this month.
The April 18 exploit targeted Kelp DAO’s rsETH bridge using a forged message. The attacker minted 116,500 unbacked rsETH tokens, and about 107,000 rsETH were later moved into lending positions on Aave.
Under the plan, DeFi United will convert committed ETH into rsETH in multiple tranches. The converted rsETH will then be transferred to the affected lockbox contract to restore backing and support bridge operations.
“The restoration process involves converting the committed ETH into rsETH in tranches, which will then be transferred to the affected lockbox contract,” the coalition said.
Aave said DeFi United has gathered enough ETH commitments to begin the process. The initiative raised more than $300 million in ETH from DeFi participants.
The recovery plan also addresses eight affected lending positions across Aave Ethereum Core and Arbitrum markets. Clearing these positions may help recover about 13,000 ETH from Aave.
The coalition said the process will use a controlled liquidation sequence. It will adjust the rsETH oracle price for a short period to enable liquidation of the affected positions. After liquidation, the rsETH collateral will move to a DeFi United-controlled multisig.
Compound may follow a similar path to clear the attacker’s position. The recovery outline estimates that step could recover about 16,776 ETH worth of funds.
In the final phase, the plan calls for unpausing and unfreezing rsETH and ETH across affected markets. It will also restore loan-to-value ratios that were changed during the response.
DeFi United said the recovery still depends on governance approvals, legal agreements, and execution timelines before full restoration can proceed.
The coalition also warned that the attacker could attempt to interfere during the process. It said such interference could require additional liquidation steps to fully resolve the positions.
“Deliberate interference by the attacker could result in incomplete deficit accrual, requiring additional liquidation steps to fully resolve the positions,” the statement said.
DeFi United added that new security measures on LayerZero and Kelp DAO remain in production. As a result, the ETH-to-rsETH conversion and lockbox deposits will be carried out in stages rather than all at once.
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