Category: crypto

LayerZero Labs released an incident report on the KelpDAO bridge attack, revealing that $292 million in rsETH was stolen due to attackers poisoning the RPC infrastructure. This led to policy changes regarding single-signer configurations. The attack targeted the LayerZero Labs DVN’s RPC infrastructure rather than the protocol itself, resulting in the theft.

Fragmented crypto liquidity across exchanges and pairs creates inefficiencies in trading, with slippage, spread drag, and inconsistent execution impacting traders, tokens, and venues. Market makers play a crucial role in smoothing out depth, tightening spreads, and maintaining usable liquidity across venues to address these challenges. Liquidity fragmentation affects trading efficiency, pricing inconsistencies, and market health,…

The global crypto market cap has risen to around $2.7 trillion, with Bitcoin, Ethereum, and XRP leading the top-10 price action. Solana and Internet Computer are among the top gainers. The market is showing strength due to money rotating into Bitcoin and large-cap altcoins while traditional markets show mixed signals.

Drift Protocol announced that its insurance fund was not affected by a recent attack. Users who staked into the fund will be able to withdraw their shares normally once the protocol is back online. The fund was spared from losses because the protocol was paused before any liquidation or bankruptcy occurred.

Plume has received a digital asset business license from the Bermuda Monetary Authority, becoming the first regulated on-chain vault manager. This approval places Plume among firms operating under Bermuda’s digital asset framework. The license strengthens Plume’s position in the tokenization and blockchain-based financial infrastructure space, giving it regulatory legitimacy.

Former CFTC chair Timothy Massad believes that a US digital dollar is inevitable despite a CBDC ban. He highlighted Project Agora as evidence of US involvement in CBDC infrastructure. The Federal Reserve’s chief payments executive acknowledged that a digital dollar could fall under the Fed’s responsibility if introduced. Massad warned that staying out of global…

Dollar stablecoin supply remains at 99% of the global market, while non-dollar stablecoins have stalled at a 0.24% share. Despite the growth in non-dollar stablecoins, their market share has decreased. Dollar stablecoin issuers benefit from a reserve advantage with tokenized US Treasuries, giving them a significant advantage.

Bitfinex margin long positions in Bitcoin surged to 80,636 BTC on May 20, the highest since December 2023. Despite a 13% decline in Bitcoin’s price in 2026, long positions increased by 10%. This indicates a possible price floor, but some traders are cautious due to the risk of liquidations.

Jane Street has rejected new insider trading claims involving a private Telegram channel during the 2022 Terra collapse. The lawsuit alleges the firm used the channel to sell $192 million in TerraUSD before the collapse, making $134 million in profit. Jane Street denies the claims and is defending vigorously.

AI search startup Exa Labs raised $250 million in funding led by Andreessen Horowitz, increasing its valuation to $2.2 billion. The company is focused on building search infrastructure for AI systems instead of traditional users, aiming to improve how large language models retrieve and process live web information. Investors are optimistic about disrupting traditional web…