LayerZero

Lombard Finance is moving its $1 billion in Bitcoin assets away from LayerZero after the Kelp DAO exploit resulted in a loss of $292 million. The company will now use Chainlink to power its assets. This change follows a significant financial loss due to the exploit.

Lombard joins LayerZero exodus with $4 billion in assets switching to Chainlink's bridge, marking a significant move in the industry. This shift involves a substantial amount of assets and indicates a change in strategy. The move is expected to have implications for the market.

Kraken has joined the exodus from LayerZero and switched to Chainlink CCIP, following an exploit in April that led to a reevaluation of cross-chain providers. This move is part of a larger trend of crypto protocols seeking safer alternatives. The switch aims to provide a more secure solution.

Chainlink CCIP has gained over $2.5 billion in TVL from protocols migrating from LayerZero, with Kraken Bitcoin being the latest to join. This migration follows the Kelp DAO attack, which led to multiple products deprecating their LayerZero cross-chain tech. Kraken Bitcoin is at least the fourth product to make this move.

Kraken is migrating its wrapped Bitcoin technology to Chainlink due to security concerns following a $292 million exploit of Kelp DAO last month. This move marks Kraken's shift away from LayerZero tech. The decision comes after a significant financial loss

Kraken is replacing LayerZero with Chainlink to enable bridging of assets across different blockchains. This move aims to improve interoperability and accessibility of assets. The change is expected to enhance the overall blockchain experience.

Bitcoin's isolation from DeFi is largely due to historical difficulties in moving BTC on-chain, but new intent-based execution models may change this. Currently, only about 0.8% of BTC is used in DeFi. Centralized exchanges still dominate BTC liquidity, but intent-based protocols may eventually compete.

Over $770 million has been stolen in DeFi this year, with 40+ protocols shutting down due to bridge exploits, highlighting a fundamental problem with the bridge model. The largest single-day losses are often caused by bridges, which are designed as massive honeypots. Alternative solutions like data availability layers exist and are production-ready.

LayerZero issued a public apology for their response to the Kelp DAO exploit and admitted fault in their single-verifier setup. They also disclosed a previously unreported incident involving a multisig signer. The incidents highlight security concerns with LayerZero's systems.

LayerZero admitted to making a mistake in a $292 Million Kelp exploit, acknowledging an error. The incident involved a significant financial loss. LayerZero is taking responsibility for the mistake.

Solv Protocol has dropped LayerZero in favor of Chainlink for a $700 million tokenized bitcoin project, citing security concerns as the reason. This decision comes after a recent exploit of LayerZero-powered Kelp DAO. The move aims to enhance security measures.

Solv Protocol is migrating its $700M tokenized Bitcoin infrastructure to Chainlink due to security concerns, following Kelp DAO's decision after blaming LayerZero for a hack. This move aims to enhance security and reliability. Solv Protocol's decision may impact the cryptocurrency and blockchain industry.

Solv Protocol is migrating from LayerZero to Chainlink at a cost of $700 million. This decision marks a significant shift in Solv Protocol's infrastructure. The migration aims to enhance the protocol's functionality and security.

Solv Protocol is migrating from LayerZero to Chainlink CCIP for secure cross-chain transactions, including over $700M in Bitcoin assets. This migration aims to reduce risk exposure and standardize on a battle-hardened infrastructure. The move affects SolvBTC and xSolvBTC bridging support.

Kelp DAO is migrating rsETH to Chainlink CCIP, amid a blame game between parties involved. Bryan Pellegrino, co-founder and CEO of LayerZero, disputes Kelp DAO's accusations. A postmortem report by external security firms will be published soon.

Kelp blames LayerZero for a $292 million hack and plans to switch to Chainlink. A $71 million court fight is ongoing. The protocol shift is a result of the hacking incident.

Kelp DAO has ditched LayerZero for Chainlink's cross-chain infrastructure after a $292 million exploit. The attack was blamed on LayerZero's default infrastructure setup, which used a 1-of-1 configuration. This change aims to improve security

Kelp claims LayerZero approved a setup that was blamed for a $292 million bridge hack, sparking controversy and debate. The incident raises questions about security and accountability in the industry. Kelp's statement has significant implications for the future of cybersecurity.

The CFTC is using AI to review crypto derivative applications after losing 20% of its staff, raising concerns about biased algorithms and lack of oversight. The move coincides with major crypto events like Aave's $300M recovery and LayerZero's $23M pledge, as critics argue the agency is relying on unvetted AI due to budget and staffing cuts.

LayerZero has committed 10,000 ETH to the DeFi United initiative, while Kelp disclosed that its LayerZero-powered Decentralized Verifier Network was exploited due to using default configuration settings.

Chiliz is expanding its Fan Tokens to Solana and Base blockchains using LayerZero’s Omnichain Fungible Token standard, unifying supply across chains and eliminating wrapped tokens. The move includes allocating 10% of cross-chain revenue to $CHZ buybacks and burns, while enabling deeper DeFi integration for 70+ partner clubs like Barça, PSG, and Juventus.

Aave, Kelp, and LayerZero have requested the Arbitrum DAO to release $71 million in frozen ETH to support the rsETH recovery effort. The standard Constitutional AIP lifecycle, which takes approximately 49 days from forum publication to onchain execution, has been criticized by some delegates as excessively slow.

Several cryptocurrency protocols have pledged 43,000 ETH to restore the backing of rsETH through the 'DeFi United' recovery initiative. Participating entities include Mantle, EtherFi Foundation, Golem Foundation, Lido DAO, Ethena, LayerZero, Ink Foundation, and Tyrdo.

KelpDAO's cross-chain bridge was exploited for $292 million via a fake LayerZero message, with stolen rsETH used to borrow $236M on Aave. The attack triggered panic pauses across DeFi platforms and highlighted a surge in crypto hacks, with $606M lost in April alone.

North Korea is suspected of stealing $292 million from DeFi protocols Kelp DAO and Aave by exploiting a cross-chain bridge vulnerability. The attack involved draining 116,500 rsETH, using it as collateral to borrow $196 million in ETH, and triggering a $13 billion drop in DeFi TVL. Kelp and LayerZero are publicly blaming each other for the breach.

Kelp DAO is disputing LayerZero's claim about a security flaw, asserting the 1-of-1 DVN setup was LayerZero's default configuration. The dispute follows a $292 million exploit, while Aave reviews potential bad debt scenarios.

DeFi losses have exceeded $600 million in recent weeks due to the Kelp DAO exploit, causing total value locked (TVL) to drop to a one-year low. Kelp DAO, Aave, and LayerZero are disputing responsibility for the incident, leaving the distribution of losses unresolved.

Kelp DAO is accusing LayerZero of attempting to deflect responsibility following a significant security exploit. The incident has sparked debate within the blockchain community regarding accountability in decentralized finance protocols.

Kelp DAO attributes a $290 million loss to LayerZero’s 'default' settings, claiming these settings were the root cause of the disaster. The incident highlights potential vulnerabilities in blockchain protocol configurations.

LayerZero attributed a $290 million exploit to a misconfigured Kelp Finance setup, claiming the attack was carried out by North Korea's Lazarus hacking group. The incident highlights vulnerabilities in blockchain infrastructure and state-sponsored cyber threats.

LayerZero attributes a $292 million hack of the KelpDAO Bridge to North Korea’s Lazarus Group, who forged a cross-chain message to execute the attack and nearly repeated the exploit before erasing their digital footprint.

LayerZero attributed a $290 million exploit to Kelp’s DVN setup, while investors are questioning which protocol will cover the financial shortfall. The incident has raised concerns about accountability in the DeFi sector.

The LayerZero exploit on KelpDAO resulted in a $290–300 million loss due to compromised cross-chain messaging, highlighting risks in centralized verifier setups. Solana developers emphasize building trust-minimized interoperability via IBC Solray to avoid such vulnerabilities, enabling direct chain verification without external bridges.

LayerZero attributes the Kelp DAO exploit to North Korea's Lazarus group, citing a single-point setup vulnerability. The DeFi sector's total value locked dropped 7% to $86 billion in 24 hours.

LayerZero attributes a $290 million exploit to a misconfigured Kelp setup and links it to North Korea's Lazarus hacking group. The incident highlights vulnerabilities in blockchain infrastructure and geopolitical cybersecurity threats.

Kelp DAO's rsETH bridge was exploited in a LayerZero-based attack, resulting in a $292 million theft. The protocol's emergency pauser multisig froze core contracts 46 minutes later, preventing further losses.