Ethereum Falls Below $2,300
On April 19th, Ethereum dipped below $2,300, posting a 4.45% 24-hour drop, per HTX market data.
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Morpho CEO: KelpDAO Incident Has Limited Impact on the Platform, But Second-Order Effects May Exist
**April 19 Update: Morpho CEO Comments on Recent KelpDAO Incident**
Morpho Co-Founder and CEO Paul Frambot outlined key details about the protocol’s stance on the latest KelpDAO incident in a post today:
- Morpho’s smart contract security is still operating as expected.
- The protocol’s exposure is limited, with curators having taken prompt preventive measures.
- Only ~$1 million worth of ETH has been borrowed against rsETH, across two isolated markets.
- Of the ~500 Morpho Vaults (with deposits over $10,000), just 2 are involved in these markets—final impact will depend on how the situation unfolds.
- Morpho’s fully isolated market design means all other Vaults remain unaffected.
While the direct impact on Morpho is limited, secondary effects may still emerge due to broader ecosystem exposure. Exercise caution.
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Morpho: Pause of MORPHO's OFT Cross-Chain Bridge on Arbitrum Pending Root Cause Analysis of rsETH Incident
On April 19th, Morpho announced that shortly after the KelpDAO and LayerZero incidents, it has proactively suspended the MORPHO token’s OFT cross-chain bridge on Arbitrum.
Cross-chain functionality on Arbitrum will remain suspended until the root cause of the rsETH incident is fully understood.
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Current mainstream CEX and DEX funding rates show that BTC and ETH have been in a continuous bearish range, with market sentiment remaining gloomy.
April 19th — Per HTX market data, Bitcoin (BTC) is currently trading at $75,376.87 with a 2.26% 24h drop; Ethereum (ETH) is at $2,325.41, down 3.51% over the same period.
Coinglass data shows funding rates on major centralized exchanges (CEXs) signal a broad bearish outlook for both BTC and ETH, with market sentiment remaining subdued.
Notably, BTC funding rates on most top platforms (including Binance) are negative, meaning shorts are paying ongoing fees to longs. Rates across platforms fall within a broad bearish range. For ETH, Binance and similar exchanges see rates in the -0.007% to -0.009% range—deeper in negative territory. While some platforms show slight positive rates, none exceed 0.005%, underscoring stronger overall short pressure on ETH than BTC.
BlockBeats Note: Funding rates are fees set by crypto exchanges to align perpetual contract prices with underlying asset prices. They facilitate fund transfers between long and short traders; exchanges do not collect thes
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The cryptocurrency industry has lost over $600 million in April, with KelpDAO and Drift hacks both exceeding $280 million.
April has emerged as one of the cryptocurrency industry’s most devastating months this year, with losses from hacks exceeding $600 million across at least 13 protocols and platforms. Two major incidents—Drift and KelpDAO—account for over $280 million in losses, and several high-profile attacks are linked to a North Korea-affiliated hacker group. Key events follow:
- **April 1**: Drift Protocol, Solana’s largest decentralized perpetual contract platform, was hacked for ~$285 million. On-chain activity traced to March 11 (when the attacker withdrew 10 ETH from Tornado Cash) spanned nearly 3 weeks; the exploit took ~12 minutes, with most funds cross-chained to Ethereum via Circle CCTP within hours. It’s Solana’s second-largest security event, behind the 2022 $326 million Wormhole cross-chain bridge hack.
- **April 13**: Hyperbridge, a blockchain interoperability protocol, was breached via a cross-chain proof verification vulnerability, losing ~$2.5 million.
- **April 16**: Two hack
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