Wasabi Protocol exploited for more than $5 million
The Wasabi Protocol defi derivatives platform has been exploited for more than $5 million across multiple blockchains. The attack has been attributed by blockchain security firms to a compromised admin key, which allowed the attacker to upgrade contracts to steal assets.
Polish Zondacrypto exchange stops processing withdrawals amid possible insolvency
The Polish cryptocurrency exchange Zondacrypto faced complaints that withdrawals were not being processed as far back as December 2025, but the crisis seems to have escalated. CEO Przemysław Kral attempted to assuage insolvency fears by pointing to a cryptocurrency wallet containing around 4,500 BTC (~$330 million) as proof of assets, but he also admitted that the keys to the wallet were known only to the exchange's previous CEO and not transferred during the company's 2021 sale. The former CEO has been missing for four years.
Polish authorities have launched investigations into the apparent collapse. Losses have been estimated at 350 million zł (~$96 million).
Poland's Prime Minister Donald Tusk has also recently accused Zondacrypto of sponsoring conservative and right-wing politicians, including Polish President Karol Nawrocki. Nawrocki has repeatedly vetoed legislation aiming to regulate the crypto sector, describing it as overly burdensome to crypto businesses. Tusk has also alleged that Zondacrypto was funded by the Russian mafia and Russian intelligence services. These allegations are also being investigated by Polish authorities, and one report citing the country's Internal Security Agency claims that the Kremlin-linked Tambovskaya Bratva Russian mafia group took over the exchange as far back as 2018.
- "UOKiK zbada sprawę Zondacrypto. 'Znacznie poważniejsze nieprawidłowości'", Money.pl (in Polish) [archive]
- Polish leader Tusk claims Russia-linked crypto firm backed Nawrocki’s presidential bid", AP News [archive]
- "Powerful Russian mafia 'took control' of crisis-hit Polish firm Zondacrypto", TVP World [archive]
Volo Protocol exploited for $3.5 million, most recovered
The Sui-based Volo Protocol defi yield platform was exploited for around $3.5 million after an attacker targeted three vaults holding wBTC, XAUm (a tokenized gold asset), and the USDC stablecoin.
Volo says they have frozen or recovered all but around $60,000. They have also said they are "prepared to absorb this loss", rather than passing losses along to their users.
Aave faces approximately $200 million in bad debt after Kelp DAO bridge exploit
The Aave defi lending protocol is grappling with anywhere from $177 million to $236 million in bad debt after the Kelp DAO bridge exploiter used Aave to cash out their stolen rsETH. Rather than selling the tokens, the attacker used the rsETH as collateral to borrow wETH, leaving Aave stuck with the huge quantity of unbacked rsETH. Although Kelp and Aave both froze affected markets, the attacker had already cashed out. The attacker borrowed essentially all of the wETH available on the platform, leaving those who'd loaned those tokens unable to withdraw.
Aave maintains a $50 million insurance fund to absorb bad debt. However, this can't cover such a huge shortfall.
RaveDAO accused of pump-and-dump as token crashes 98%
Binance and BitGet have confirmed they are investigating allegations that RaveDAO orchestrate a pump-and-dump to push its RAVE token price from around $0.25 to more than $27 over the past few weeks, before the token price plummeted back down to $0.66. Concerns were first raised by blockchain investigator zachbxt, who called on the exchanges to investigate. He later wrote, "While it's good the exchanges responded, I find it unlikely this activity wasn't spotted internally before I raised it publicly."
RaveDAO describes itself as a "community-driven global rave powerhouse", and sells NFT tickets to rave events.
RaveDAO has denied any responsibility for the recent price movements, but did not address allegations of enormous token concentration with the project's team or large transfers to exchanges around the time of the price jump.