Wasabi Loses $5M+ in Latest DeFi Exploit

On-chain perpetual futures protocol Wasabi has been hacked with attackers draining over $5 million across Ethereum, Base, Berachain, and Blast, blockchain security firm PeckShield reported on X earlier today, April 30.

Wasabi acknowledged the incident on X, urging users to avoid using the protocol while investigations are under way:

In a follow-up post, the team confirmed it had engaged professional on-chain security responders, including SEAL 911 and Blockaid.

DeFi’s Worst Month Yet?

The hack caps off a brutal month for DeFi, marked by two major exploits and over twenty smaller incidents. The former head of DeFi at Monad wrote on X today that April 2026 has turned out to be DeFi’s worst month in terms of losses from hacks and exploits:

The month’s two largest incidents in terms of dollar losses were the Drift and Kelp DAO hacks. On April 1, Solana-based perpetuals exchange Drift Protocol suffered roughly $270 million in outflows, spanning more than 15 distinct token types, in what The Defiant reported as a North Korean state-linked operation six months in the making.

Then, on April 18, an attacker, also suspected of being North Korean state-backed, exploited a LayerZero bridge on Kelp, forging a cross-chain message that tricked the protocol into minting 116,500 rsETH with nothing locked on the source side. The attacker then deposited the unbacked rsETH into Aave as collateral and borrowed approximately $236 million in real WETH, as The Defiant reported.

The response to the Kelp incident has included an unprecedented collective effort among DeFi protocols and individuals, dubbed DeFi United, which has raised over $300 million to restore the backing of Kelp’s rsETH.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.