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Arbitrum Security Council Blocks KelpDAO Hacker From 30,766 ETH

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Arbitrum Security Council Blocks KelpDAO Hacker From 30,766 ETH

Arbitrum’s Security Council has frozen 30,766 ETH on Arbitrum One tied to the recent KelpDAO exploit.

The council said that it acted after coordinating with law enforcement on the identity of the exploiter.

Arbitrum Council Moves Funds to a Wallet-Only Governance Can Unlock

BeInCrypto reported that attackers drained roughly 116,500 rsETH, worth about $292 million, from KelpDAO on April 18. The attacker then supplied the stolen rsETH as collateral on Aave V3 and borrowed a large volume of WETH against it.

“KelpDAO appears to have had $280M+ stolen one hour ago on Ethereum and Arbitrum. The attack addresses were funded via Tornado Cash,” ZachXBT wrote on Telegram.

Now, the Arbitrum Security Council transferred the 30,766 ETH to an intermediary frozen wallet shortly before midnight ET on April 20, according to the team’s statement. Thus, the original address holding the funds can no longer access them.

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Only further governance action can move the ETH from its new location. Arbitrum said that the process will be coordinated with the relevant parties.

“After significant technical diligence and deliberation, the Security Council identified and executed a technical approach to move funds to safety without affecting any other chain state or Arbitrum users,” the team said.

The Security Council is a 12-member body elected by the Arbitrum DAO. It is responsible for making time-sensitive decisions and emergency measures to safeguard the DAO, its members, and the wider Arbitrum community. Today’s action is a notable use of those emergency powers.

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The KelpDAO hack marked the largest Decentralized Finance (DeFi) exploit of 2026. LayerZero attributed the attack based on preliminary evidence to North Korea’s Lazarus Group, most likely its TraderTraitor subunit.

The post Arbitrum Security Council Blocks KelpDAO Hacker From 30,766 ETH appeared first on BeInCrypto.

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Crypto World

Philippine SEC Warns Against dYdX, Crypto Platforms

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Philippine SEC Warns Against dYdX, Crypto Platforms

The Philippine Securities and Exchange Commission (SEC) has issued a public investor alert warning Filipinos not to invest in dYdX and six other crypto trading platforms, saying they are not registered or authorized to solicit investments in the country.

In a Facebook post on Tuesday, the SEC named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv and Ostium, stating that based on its findings, the platforms appear to be offering investments to the public in exchange for promised returns, profits or interest. 

The regulator said none of the listed entities are registered with the Commission or hold the required authorization under its crypto-asset service provider (CASP) framework, which requires firms offering crypto-related services in the Philippines to obtain licenses and meet capital and operational requirements.

The SEC also warned that individuals promoting any of the listed platforms in the Philippines may face criminal liability under the Securities Regulation Code. Under Sections 28 and 73 of the law, violators could be fined up to 5 million Philippine pesos (about $89,000) or imprisoned for up to 21 years, or both.

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The advisory highlights a broader shift toward stricter enforcement in the Philippines, where regulators have increasingly moved from warnings to access restrictions. On Dec. 24, 2025, Philippine regulators blocked Coinbase and Gemini as part of their broader crackdown on unlicensed CASPs. 

Philippine SEC advisory against dYdX. Source: Philippine SEC

Broader crackdown on unlicensed crypto operators

The latest advisory comes as Philippine regulators continue to step up enforcement against crypto platforms operating without local authorization.

In 2024, authorities moved to block access to Binance after a compliance deadline expired, with regulators also directing app stores to remove the trading platform’s app from users’ devices in the country. 

Related: Cambodian lawmakers propose severe prison time for crypto scammers

The crackdown has since expanded to include other major platforms. In August 2025, the SEC issued an advisory naming 10 exchanges, including OKX, Bybit, KuCoin and Kraken, for offering crypto services without registration, warning that their activities exposed Filipino investors to risks. 

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While regulators have targeted unlicensed operators, compliant firms have continued rolling out crypto products. In 2025, PDAX partnered with Toku to enable stablecoin salary payouts, while digital bank GoTyme launched crypto services with Alpaca, allowing users to buy and hold digital assets within its app.

Magazine: Telegram avoids Philippines ban, yen carry trade going onchain: Asia Express