Solv Protocol to migrate $700 million assets to Chainlink

Kiswahili

Solv Protocol is shifting more than $700 million in tokenized Bitcoin from LayerZero to Chainlink's CCIP. The move follows Kelp DAO's similar decision after a major exploit.

Solv Protocol has announced it will move its SolvBTC and xSolvBTC assets, worth over $700 million, to Chainlink’s Cross-Chain Interoperability Protocol. Support for LayerZero bridges will be deprecated on Corn, Berachain, Rootstock and TAC. The change follows an updated security review and recent cross-chain hacks across the sector.

Makala yanayohusiana

Dramatic courtroom scene depicting lawyers arguing over frozen Ethereum coins from Kelp DAO hack amid terrorism claims.
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Aave fights to unfreeze $71 million amid Kelp DAO hack court battle

Imeripotiwa na AI Picha iliyoundwa na AI

A federal case is unfolding over $71 million in frozen cryptocurrency following the Kelp DAO exploit, as Aave seeks to release the funds for DeFi recovery. Victims of decades-old North Korean terrorist acts have filed a restraining notice against Arbitrum DAO, claiming the 30,765 ETH as DPRK-linked property. The dispute pits recent hack victims against long-standing terrorism judgment holders.

Kelp blames LayerZero for approving $292 million hack setup

Kelp DAO has accused LayerZero personnel of approving the 1-of-1 verifier setup blamed for a $292 million exploit on its rsETH bridge. The protocol plans to migrate from LayerZero's OFT standard to Chainlink's CCIP. The hack has been linked to North Korea's Lazarus Group.

LayerZero admits mistake in $292 million Kelp exploit

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LayerZero has acknowledged it made a mistake by allowing its own verifier network to secure high-value assets in a vulnerable setup. The admission comes weeks after a $292 million hack on Kelp DAO that the company had initially blamed on the developer. The firm says its core protocol remained unaffected.

Crypto

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Bitwise CIO challenges Layer 1 commoditization view

Bitwise CIO Matt Hougan argues that the notion of Layer 1 blockspace becoming a commodity is premature, as institutional activity concentrates on top chains like Ethereum and Solana. He points to low fees resulting from excess bandwidth rather than true commoditization. Hougan also defends prediction markets as a tool that levels the information playing field in crypto.

Solana price declines amid strong network metrics

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Solana's token price has continued a downward trend, dropping over 73% from its peak, even as key network metrics surpass those of Ethereum. Spot Solana ETFs saw inflows of over $61 million this month, while Ethereum ETFs experienced outflows. Transaction volumes and active addresses on Solana have also risen significantly.

DTCC plans July pilot and October launch for tokenized securities

The Depository Trust & Clearing Corporation (DTCC) will begin limited production trades of tokenized securities in July, aiming for a full platform launch in October. The service targets assets like Russell 1000 stocks, ETFs, and U.S. Treasuries, backed by input from over 50 firms including BlackRock and JPMorgan. DTCC, custodian of $114 trillion in securities, secured SEC no-action relief in December to enable this move.

Ethereum, XRP, Solana, and Dogecoin prices drop today

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Major cryptocurrencies including Ethereum, XRP, Solana, and Dogecoin saw price declines on Monday, with Bitcoin falling below $69,000. Ethereum dropped over 5% to below $2,000, while Dogecoin crashed by 10.91%. The global crypto market capitalization fell to $2.35 trillion amid regulatory uncertainty and other pressures.

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