Author: CryptoPress

LayerZero clarified that the $290 million exploit of Kelp DAO’s rsETH bridge resulted from external security configurations rather than a flaw in the LayerZero protocol. The attack is being attributed to the North Korean Lazarus Group, involving a sophisticated DDoS attack and the compromise of RPC nodes. Kelp DAO has paused its liquid restaking operations while security teams work to trace the stolen assets across multiple chains. LayerZero...

RAVE token prices plummeted nearly 90% in a 24-hour window, erasing approximately $5.7 billion in market capitalization following a record-breaking rally. On-chain investigator ZachXBT alleged that 90% of the token supply is controlled by team-linked wallets, claiming coordinated transfers to exchanges triggered a massive short squeeze. Binance and Bitget have initiated internal investigations into the trading activity after liquidations...

An attacker drained 116,500 rsETH ($292 million) from the Kelp DAO LayerZero bridge, using the unbacked tokens as collateral to borrow WETH on Aave. Aave is currently grappling with approximately $280 million in bad debt as the fraudulent rsETH collateral is effectively worthless and unliquidatable. The protocol’s ETH pool utilization reached 100%, temporarily preventing further withdrawals and sparking over $5.4 billion in total...