Crypto Community Slams LayerZero: More Verifiers Won’t Stop The Next $290M Hack
LayerZero is facing heavy criticism for its response to the recent $290 million KelpDAO exploit after the omnichain interoperability protocol blamed Kelp’s 1-of-1 verifier configuration for the incident. Related Reading: Bitcoin’s Decentralization Narrative Under Fire After Epstein Files Claims LayerZero Blames KelpDAO For $290M Exploit Over the weekend, liquid restaking protocol KelpDAO was the victim of an attack that drained over $290 million in rsETH from the project after malicious actors exploited a weakness in the protocol’s LayerZero-powered bridge. Two days later, LayerZero....
Related News
As Dogecoin (DOGE) consolidates below a key area, some analysts suggest that the market’s recent bullish momentum and whale accumulation could push the memecoin’s price above a crucial resistan level soon. Related Reading: Crypto Community Slams LayerZero: More Verifiers Won’t Stop The Next $290M Hack Dogecoin Big Price Move Faces Strong Resistance On Tuesday, Dogecoin continued to move sideways between the $0.093-$0.096 price range after failing to break above a crucial resistance level. Amid last week’s market pump, the leading memecoin broke out of the $0.096 barrier for the first....
KelpDAO’s $290 million rsETH exploit has moved into a new phase, with LayerZero and Aave now publicly outlining how the incident unfolded, why the damage appears contained, and what it could mean for crypto cross-chain security standards going forward. The central claim from LayerZero is that the exploit was not a failure of the protocol […]
Layerzero Labs, the firm behind the interoperability protocol Layerzero, has revealed the company has raised $135 million in a Series A+ finance round led by Andreessen Horowitz (a16z), FTX Ventures, and Sequoia Capital. The new financing brings Layerzero Labs’ overall valuation to $1 billion and the funds will be leveraged to develop cross-chain decentralized applications (dapps) powered by Layerzero. Layerzero Raises $135 Million From Andreessen Horowitz, FTX Ventures, Sequoia Capital On March 30, 2022, the company Layerzero Labs announced it had secured $135 million in a Series....
Legislation under consideration in New York to stop Bitcoin mining over environmental concerns won’t stop an increasingly-green industry.
This week, another airdrop controversy has sent the crypto community into havoc. Omnichain interoperability protocol LayerZero recently announced its ZRO Token launch alongside an Airdrop for its community. Related Reading: Trump-Inspired Memecoins Crash 30% After Rumors Of Trump’s Official Token Launch However, investors were shocked when the protocol announced the new ‘Proof-of-Donation’ mechanism. The token’s price has dropped over 20% after launching. LayerZero Faces Backlash For Token Airdrop On June 14, the LayerZero Foundation took X to tease an upcoming airdrop. That day, Bryan....