DeFi Coalition Raises $161M in ETH to Stabilize Hacked Token

DeFi United, a coalition of 14 protocols and individuals, has successfully raised $161 million in ETH to stabilize the rsETH token after a hack on KelpDAO. The initiative, led by Aave and its ecosystem partners, aims to restore confidence in the DeFi ecosystem.

The funds will be used for a buyback program to support the price of rsETH, liquidity provision to improve trading depth, and compensation for affected users. This effort demonstrates the resilience of decentralized finance and its ability to self-correct without centralized intervention.