Bitcoin climbs to $79K. Kelp DAO loses $292M in an exploit

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This week had a bit of everything – price action, drama, and a few stories that are hard to make up. Here’s what you need to know:

quick weekly news

Bitcoin climbs to $79,400 as Trump extends the ceasefire and Strategy buy another $2.5B of BTC

Bitcoin broke above $79,400 on Wednesday, up 2.2% over 24 hours and 4.3% on the week, after two things landed in quick succession: Trump announced an indefinite extension of the Iran ceasefire, and Strategy disclosed a $2.54B Bitcoin purchase.  Source: goodcryptoX

Trump attributed the earlier breakdown in negotiations to what he described as a “seriously fractured” leadership structure in Tehran, and said the U.S. would hold off on fresh strikes while keeping its Strait of Hormuz blockade in place.

Strategy’s buy of 34,164 BTC at an average of $74,395 is the firm’s largest single purchase since November 2024. It brings total holdings to 815,061 BTC acquired for $61.6B at an average cost of $75,527. With Bitcoin trading around $77,541, the position is modestly in profit for the first time in months.

Fund flows back the move. Global crypto funds pulled in $1.4B last week according to CoinShares, the strongest week since mid-January. Bitcoin took $1.12B of that, Ethereum $328M. XRP saw $56M in outflows and Solana $2M despite both trading higher.

A clean break above $80,000 would confirm the 46-day funding rate compression is flipping into a short squeeze. A reversal below $75,000 would mean the ceasefire extension is already priced in and the rally needs a fresh catalyst.

Kelp DAO loses $292M in an exploit, leaving wrapped ether stranded across 20 chains

A cross-chain bridge holding nearly a fifth of a restaked ether token’s circulating supply got drained on Saturday, and the fallout is still moving through DeFi.Source: X

An attacker pulled 116,500 rsETH from Kelp DAO’s LayerZero-powered bridge at 17:35 UTC worth roughly $292M and representing about 18% of rsETH’s 630,000-token circulating supply. The attacker tricked LayerZero’s cross-chain messaging layer into believing a valid instruction had arrived from another network, triggering the bridge to release the funds to an attacker-controlled address. Kelp’s emergency multisig froze the protocol’s core contracts 46 minutes later. Two follow-up attempts at 18:26 and 18:28 UTC both reverted, each carrying the same LayerZero packet targeting another 40,000 rsETH worth roughly $100M.

Kelp is a liquid restaking protocol that routes user-deposited ETH through EigenLayer to earn additional yield on top of standard staking rewards, issuing rsETH as a tradeable receipt. The drained bridge was the reserve backing wrapped versions of that token deployed across more than 20 blockchains including Base, Arbitrum, Linea, Blast, Mantle, and Scroll. With the reserve gone, holders on those networks now face questions about whether their tokens have anything underneath them – a feedback loop that can pressure the unaffected Ethereum supply and force Kelp to unwind restaking positions to honor withdrawals.

The contagion spread fast. Aave froze rsETH markets on V3 and V4 within hours. SparkLend and Fluid followed. AAVE fell about 10% as the market priced potential bad debt. Lido paused deposits into its earnETH product, which carries rsETH exposure, while clarifying that stETH and wstETH are unaffected. Ethena temporarily paused its LayerZero OFT bridges as a precaution, saying it has no rsETH exposure and remains over 101% collateralized.Source: goodcryptoX

Kelp acknowledged the incident nearly three hours after the drain and said it was investigating with LayerZero, Unichain, its auditors, and outside security specialists. It has not disclosed how the exploit bypassed the bridge’s validation logic. On Monday, Arbitrum’s Security Council froze 30,766 ETH worth roughly $71M linked to the attack, moving the funds into an intermediary wallet accessible only through further governance action.Source: X

At $292M, this is now the largest DeFi exploit of 2026, overtaking the Drift protocol drain from April 1 by a few million dollars.

Justin Sun sues Trump-linked World Liberty Financial over his frozen assets

Justin Sun filed a lawsuit against World Liberty Financial on Tuesday, alleging the Trump-backed project illegally froze his token holdings, made fraudulent misrepresentations, and defamed him.Source: X

Sun says he invested $45M in WLFI tokens in 2024 after being directly solicited by the World Liberty team, partly because of the project’s DeFi positioning, and partly because of the Trump family’s association with it. 

According to the complaint, World Liberty quietly modified the smart contract governing WLFI in August 2025 to add a blacklisting function that allowed the company to freeze tokens in specific wallets. The change was never put to a governance vote and was not disclosed to investors, even as token holders had just approved a proposal to make a portion of the supply tradable.

“All I want is to be treated the same as every other early investor who received tokens – no better, no worse,” Sun said in a post on X. He also said he had “tried in good faith to resolve this situation” before filing.

World Liberty declined to comment. The lawsuit also takes aim at the project’s claim to be a decentralized platform, alleging that control over the tokens remains fully centralized with its leadership.

A $575 bet on a Shiba-themed token turned into $1.17M in five days

An anonymous wallet bought 2.79B ASTEROID tokens for $575 on April 17 and sold the entire position five days later for 503 ETH, roughly $1.17M, according to on-chain tracker Lookonchain. That’s a return of more than 2,000x.Source: X

ASTEROID is an Ethereum-based memecoin branded as “First Shiba In Space,” built around a drawing made by Liv Perrotto, a teenage cancer patient who died in January 2026 after a five-year battle with the disease. Two years before her death, Perrotto sketched a Shiba Inu while volunteering on SpaceX’s Polaris Dawn ground support team. The design, inspired by Elon Musk’s own dog Floki, flew aboard the Polaris Dawn mission in September 2024 as the crew’s zero-gravity indicator. Before she passed, she wrote down eight questions she hoped to ask Musk – the last one asked whether Asteroid could become SpaceX’s official mascot.

Her mother shared the list publicly after her death. Media personality Glenn Beck amplified it on April 16. The post went viral, reached Musk, and he replied “ok” to making Asteroid the official SpaceX mascot.

That was enough. ASTEROID’s market cap ran from roughly $50,000 to over $20M within hours of the reply, then pushed past $100M over the following days on more than $100M in 24-hour trading volume. At its peak it briefly entered the top 200 cryptocurrencies by market cap.

The token has no formal SpaceX endorsement, no licensing arrangement, and no confirmed Musk involvement beyond the social media replies.

RSI explained – the indicator every trader should know

The RSI is one of the most widely used indicators in crypto trading, and one of the most misread. Knowing when to trust it and when to ignore it is what separates consistent traders from those chasing false signals.

Here’s what makes it worth mastering:

• Overbought and oversold signals: Spot when the market is stretched too far in either direction and position yourself ahead of the reversal;
• Divergence and convergence: Catch early signs of trend weakness before the price confirms it — one of the most powerful signals RSI can give;
• Trendline breakouts: Use RSI to confirm breakouts and filter out the noise on any timeframe.

Want to put it all together? We break down how RSI works, how to read it correctly, and how to build a strategy around it 👇

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top crypto meme of the week

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