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How tokenized stocks fail as collateral even when the stock price does not move
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DeFi lending protocol Edel disclosed a $403,000 exploit that hit the layer where tokenized stocks are trying to become DeFi collateral.
Key facts
- RWA.xyz puts tokenized stocks' onchain value at $1.7 billion, up 2.17% over the past 30 days
- XStocks alone lists more than 100 stocks and ETFs across more than 50 integrated platforms, with over $25 billion in total transaction volume
- Robinhood launched stock and ETF tokens for EU customers in June 2025, then opened a public testnet for Robinhood Chain
- DeFi lending protocol Edel disclosed a $403,000 exploit that hit the layer where tokenized stocks are trying to become DeFi collateral
Summary
01 Edel disclosed a $403,000 exploit in its tokenized-stock lending protocol after a wrapped Google token's exchange rate was manipulated. 02 The bug let an attacker inflate collateral about 78 times, borrow real assets, and expose wrapper pricing as DeFi's new weak point. 03 Edel says users will be made whole and v2 will rebuild its oracle design, but wrapper and exchange-rate risk remains unresolved. Edel said no depositor would bear losses, and the team would absorb the bad debt, restore affected balances one-to-one, and rebuild the protocol's oracle architecture for a version two release.