Cross-chain interoperability protocol LayerZero acknowledges primary responsibility for a $292M exploit affecting KelpDAO, reversing its initial framing of the incident as a developer configuration failure.
A CertiK report reveals a surge in physical extortion attacks targeting crypto holders, with criminals increasingly threatening victims’ family members. The so-called wrench attacks represent a growing physical security threat in the crypto space.
Kraken Parent Company Payward Has Applied for an OCC Charter Payward, the parent company of cryptocurrency exchange Kraken, has filed an application with the Office of the Comptroller of the Currency (OCC) to become a federally regulated trust company. This would add a federal banking charter to Kraken’s existing Wyoming state bank charter and Federal Reserve master account access. The move represents a significant step in crypto industry regulatory engagement, as Kraken seeks to operate under federal banking oversight. The OCC charter would allow the company to offer trust services and potentially expand its banking operations under federal supervision. ...
[Brief] Bitcoin’s rally cooled after April jobs data failed to break through macroeconomic resistance levels, with Iran tensions and Bitcoin ETF outflows adding downward pressure. Analysts suggest BTC may need to consolidate while awaiting clearer macro signals. Source: The Block
[Brief] European Central Bank President Christine Lagarde warned Friday that Europe should not simply replicate the US stablecoin model when launching the digital euro. She emphasized that Europe needs its own regulatory framework and monetary policy transmission mechanism, rather than relying on private-sector issuance. Source: CoinDesk
Bitcoin Falls Below $80,000 Triggering $300M in Liquidations Bitcoin retreated below $80,000 on May 8, triggering approximately $300 million in futures contract liquidations, according to CoinDesk. The drop followed US military strikes on Iran that briefly pushed oil prices above $100 per barrel, sparking risk-off sentiment across markets and a shift toward bearish positioning in crypto futures. CryptoQuant data indicates traders are taking profits into strength. Analysis firm Enflux linked the move to easing tensions in the Strait of Hormuz, while Glassnode argues that Bitcoin has reclaimed key on-chain support levels despite the price decline. ...
Coinbase Trading Disrupted for Hours Due to AWS Outage Coinbase, one of the world’s largest cryptocurrency exchanges, experienced a multi-hour trading outage on May 8, attributing the disruption to a technical fault with Amazon Web Services (AWS). According to reports from CoinDesk and The Block, Coinbase entered “Cancel Only” and auction-mode restrictions during the incident, preventing users from executing normal trades. The company has since announced that services have been fully restored but stated it will conduct a thorough investigation into the cause and impact of the outage. ...
Stablecoin Card Spending Growing 100% Year Over Year Stablecoin card spending is growing 100% year over year, according to a Rain executive. Stablecoin settlement enables weekend and holiday processing, reducing trapped capital by over 40% and improving card economics.
ECB’s Lagarde Warns Euro Stablecoins Pose Financial Stability Risk ECB President Christine Lagarde warned that euro-denominated stablecoins pose risks to financial stability and monetary policy, advocating for a digital euro over private stablecoins. Her stance diverges from that of the Bundesbank.
Arbitrum DAO Approves $70M ETH Release for Kelp DAO Recovery Arbitrum DAO has voted to approve the release of approximately $70 million in ETH to recover funds related to the Kelp DAO incident. However, a May 1 court order restricted Arbitrum DAO from moving the recovered funds, prompting Aave to file an emergency application to lift the restrictions. This marks an increasingly complex interaction between decentralized governance and the judicial system. The Arbitrum community had previously voted to recover funds transferred due to a Kelp DAO bridge vulnerability, but legal uncertainty has stalled the transfer process. ...