The decentralized finance (DeFi) sector has experienced its most severe month of losses, with over $606 million stolen from more than ten protocols in less than three weeks, according to Forbes. Notably, the Drift and Kelp DAO incidents accounted for $285 million and $292 million in losses, respectively, making up approximately 95% of the total losses. These events highlight that DeFi risks extend beyond smart contract vulnerabilities. Drift's issues included human signature errors, governance permission flaws, and lack of time locks, while Kelp DAO faced risks from cross-chain verification, RPC nodes, and off-chain infrastructure. The stolen rsETH was subsequently used in lending protocols like Aave, spreading risk across major DeFi markets. The article suggests that future DeFi risk assessments should consider collateral sources, cross-chain bridges, oracles, governance structures, and off-chain dependencies, in addition to code audits.