$600 million gone in 18 days. - Is DeFi broken?

On April 20, a $292 million Kelp DAO cross-chain exploit triggered a secondary contagion that helped spark a $15 billion run from DeFi, exposing how interconnected protocols can turn a precise smart-contract failure into widespread illiquidity. At the same time, a meme token called Asteroid surged to a $150 million market cap after a social-media push tied to a Shiba Inu plush sent to space — underscoring how capital can flee opaque technical risk into transparent, attention-driven speculation. Compounding the chaos is a $3 trillion private-credit shadow banking problem: mark-to-model valuations, rising defaults and PIK loans threaten forced liquidations across public markets. Bitcoin remains under bearish pressure, while institutions reposition and policymakers may be forced to inject liquidity, creating a volatile, high-stakes backdrop for all assets. Subscribe to our daily Free Crypto Newsletter: https://crypto.report