Flash News

TREE NEWS update: KelpDAO has sued LayerZero and its CEO Bryan Pellegrino over the April 18 rsETH exploit that drained $292 million, alleging the bridge setup used in the attack was endorsed in writing. The suit targets LayerZero’s role in the configuration that KelpDAO says it relied on.

TREE NEWS update: KelpDAO has filed a lawsuit against LayerZero and its CEO Bryan Pellegrino over a $292 million rsETH bridge exploit, saying LayerZero endorsed its bridge setup before the attack. Pellegrino has dismissed the lawsuit as meritless.

TREE NEWS update: Attackers exploited Limit Break’s Payment Processor V2 contract to impersonate NFT holders and transfer previously approved NFTs at zero price, with roughly three transactions draining about $1.7 million worth of NFTs so far. Users who granted the contract approval to operate their NFTs should revoke it immediately.

TREE NEWS update: Yuga Labs blockchain vice president Quit warned users to revoke approvals for the Ethereum Payment Processor V2 and ApeChain Payment Processor V3 contracts using tools such as revoke.cash. Assets moved without permission and now held at an address starting with 0x71cf are safe, though affected users must still revoke the approvals, Quit said. The warning follows a suspected security flaw at NFT marketplace Magic Eden, where white-hat hackers moved 3,832 NFTs worth about $1.5 million from hundreds of wallets.

TREE NEWS reports: Garrett Jin has transferred a cumulative $146.98 million to Binance, leaving just $92,100 in his Hyperliquid account, on-chain data tracked by Arkham shows. Hours later, $200 million moved out of Binance to a cluster of wallet addresses that lost $50 million in March while attempting to buy AAVE through a mobile app interface.

TREE NEWS reports: Circle issued about $10.1 billion of USDC and redeemed about $9.8 billion in the seven days to Sept. 21, lifting the stablecoin’s circulating supply by roughly 300 million tokens. Total USDC in circulation now stands at 74.6 billion, backed by about $74.8 billion in reserves, including $41.2 billion in overnight reverse Treasury repo, $26.5 billion in Treasuries maturing within three months, $5.9 billion in systemically important institution deposits and $1.2 billion in other bank deposits.

TREE NEWS update: KelpDAO has sued LayerZero and co-founder Bryan Pellegrino over the exploit of the rsETH LayerZero cross-chain bridge earlier this year, alleging the incident stemmed directly from LayerZero’s negligence, including failing to disclose inherent technical weaknesses and risks and failing to prevent its security infrastructure from being breached. KelpDAO said LayerZero has publicly blamed it over recent months, but records show LayerZero reviewed and approved its technical deployment and configuration in writing.

TREE NEWS update: KelpDAO has filed a civil claim in British Columbia against LayerZero, who said he is also named in the filing. Pellegrino called the claim “meritless” and said he will defend himself in Vancouver. No further details of the claim or its allegations were disclosed.

TREE NEWS update: Morpho founder Paul Frambot proposed splitting onchain vaults into “noncustodial” and “discretionary” categories for regulators. Aave founder Stani Kulechov called the split “self-serving,” and vault builders said a timelock does not remove the manager.

TREE NEWS reports: A newly created wallet drained hot and cold reserves labeled as belonging to Bitget across multiple blockchains in under an hour, with $350 million reported missing from the crypto exchange’s wallets. The funds were moved across several chains within roughly 60 minutes of the wallet’s creation.

TREE NEWS reports: About $176 million in ETH and USDT0 was moved from multiple Bitget wallets to a single address, in what appears to be unauthorized activity. Bitcoin was not involved in the suspected hack. Bitget has not yet commented on the transfers.

TREE NEWS update: DoubleZero has launched a dedicated fiber market-data service for decentralized exchange Hyperliquid, giving professional trading firms access to full order-book data over fiber rather than relying solely on public APIs. The service covers Hyperliquid’s native perpetuals and markets run by trade.xyz, which offers perps tied to crude oil, gold and silver on Hyperliquid infrastructure. Hyperliquid is the third platform to join DoubleZero’s Edge market-data service, after Solana and prediction market Kalshi.

TREE NEWS update: DoubleZero launched a dedicated fiber market data feed for Hyperliquid, giving professional trading firms faster access to the exchange’s full order book. The feed is aimed at trading firms that need low-latency connectivity to Hyperliquid’s market data.

TREE NEWS reports: Chainalysis identified 4,708 new country-to-country stablecoin routes, yet those new corridors carried only $2.64 billion of the $220.3 billion in total measured cross-border flows. The finding indicates that while the number of payment paths is expanding, actual stablecoin volume remains concentrated in a small set of routes.

TREE NEWS update: Payy paused deposits, withdrawals and card payments after roughly $1.92 million in USDC was drained from the network. The proceeds were converted into about 683 ETH, most of which was then sent to three wallets, the project said. The halt covers all core services as the team investigates the incident.

TREE NEWS update: SoFi has moved its entire card program onto blockchain-based settlement using its SoFiUSD stablecoin, with more than $25 billion in expected annualized volume. The tie-up positions stablecoins as an alternative settlement rail for card payments, deepening the lender’s push into payments infrastructure.

TREE NEWS update: Payy Network said its bridge contract deployed on Ethereum was attacked and its entire balance was transferred out. The team is investigating under its security incident response process. All transactions have been suspended during the investigation, including deposits, withdrawals, transfers and card transactions, with further updates promised.

TREE NEWS reports: Crypto futures liquidations across exchanges totaled $400 million in the past 24 hours, with long positions accounting for $297 million and shorts $103 million, CoinGlass data shows. Bitcoin liquidations reached $136 million and Ether $82.8 million. The largest single liquidation was a $11.49 million ETHUSDT order on Binance.