(Bloomberg) — Hackers exploited a cross-chain bridge on Saturday, draining nearly $300 million from a key piece of decentralized finance infrastructure and setting off a ripple effect across multiple crypto platforms.

The attacker siphoned about 116,500 rsETH — a token issued by Kelp DAO that represents “restaked” Ether — by targeting a bridge built using LayerZero, a system that allows different blockchains to communicate. The total losses are estimated at roughly $293 million, making it the largest DeFi exploit of 2026.

“We identified suspicious cross-chain activity involving rsETH,” Kelp DAO said in a post on X. “We have paused rsETH contracts across mainnet and several L2s while we investigate.”

Kelp DAO is a restaking…