Based on reports from April 2026, the phrase refers to the Kelp DAO bridge hack, where approximately $293 million to $296 million was lost in a 46-minute incident.
- The Incident: The hack targeted a Kelp DAO bridge, breaking major decentralized finance (DeFi) security assumptions.
- Timeframe: The funds were moved or stolen within a 46-minute window.
- Context: This event caused significant disruption in the DeFi space in April 2026, occurring during a period of volatility where Ethereum was trading near $2,300, and it highlighted ongoing vulnerabilities in cross-chain bridges. MEXC +2
Separate reports from February 2026 indicated that $285 million to $355 million was liquidated from the crypto market in a single hour when Bitcoin dropped below $73,000–$75,000, though this was due to market volatility rather than a single