Indexed Podcast

Is DeFi dead? The biggest bank run in history

28 Apr 2026

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In today’s episode, we’re breaking down the Kelp DAO exploit and the cascading fallout across DeFi. We unpack how a LayerZero configuration was abused to mint unbacked rsETH, how the attacker used Aave to extract liquidity, and why this turned into DeFi’s first true “bank run” moment.We discuss:Kelp DAO rsETH exploit overviewLayerZero configuration and RPC attackMinting 290m unbacked rsETHBridged assets and blast radiusDepositing fake collateral into AaveHow looping and leverage amplified riskAave’s monolithic pool design flawMorpho’s isolated market comparisonLiquidation mechanics and bad debt$10B Aave outflows and bank runTVL quality vs headline TVLDeFi reputation and permissioned shiftAnd more—enjoy—Timestamps:(00:00) Intro(02:00) What got exploited(05:20) Restaking and looping explained(08:15) LayerZero config vulnerability(10:08) 290m rsETH minted(16:10) Depositing into Aave(18:45) Morpho vs Aave design(24:30) Governance responsibility debate(28:40) LayerZero network scale(34:55) $10B Aave outflows(41:00) DeFi reputation hit(52:00) TVL quality discussion(56:24) Outro—NEW: Join the Indexed Pod group chat:https://t.me/+Jmox7c6mB8AzOWU0And our new website is live:https://indexedpod.com—Follow the co-hosts:https://x.com/hildobbyhttps://x.com/0xBoxerhttps://x.com/sui414Follow the Indexed Podcast:https://x.com/indexed_pod—The Indexed Podcast discusses hot topics, trendy metrics and chart crimes in the crypto industry, with a new episode every 1st and 3rd Thursday of the month, brought to you by wizards @hildobby @0xBoxer @sui414.Subscribe/follow the show and leave a comment to help us grow the show!—DISCLAIMER: All information presented here should not be relied upon as legal, financial, investment, tax or even life advice. The views expressed in the podcast are not representative of hosts' employers views. We are acting independently of our respective professional roles.

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13:00H | 21 DIC 2025 | Fin de Semana

01 Jan 1970

Fin de Semana

10:00H | 21 DIC 2025 | Fin de Semana

01 Jan 1970

Fin de Semana

12:00H | 20 DIC 2025 | Fin de Semana

01 Jan 1970

Fin de Semana

2ª PARTE | 06 ENE 2026 | EL PARTIDAZO DE COPE

01 Jan 1970

El Partidazo de COPE

3ª PARTE | 22 ENE 2026 | EL PARTIDAZO DE COPE

01 Jan 1970

El Partidazo de COPE

3ª PARTE | 04 MAR 2026 | EL PARTIDAZO DE COPE

01 Jan 1970

El Partidazo de COPE

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Indexed Podcast

Is DeFi dead? The biggest bank run in history

This episode hasn't been transcribed yet

Other recent transcribed episodes

13:00H | 21 DIC 2025 | Fin de Semana

10:00H | 21 DIC 2025 | Fin de Semana

12:00H | 20 DIC 2025 | Fin de Semana

2ª PARTE | 06 ENE 2026 | EL PARTIDAZO DE COPE

3ª PARTE | 22 ENE 2026 | EL PARTIDAZO DE COPE

3ª PARTE | 04 MAR 2026 | EL PARTIDAZO DE COPE

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