LayerZero said that Kelp’s DVN setup allowed the $290 million exploit, as investors questioned which protocol would step up to cover the shortfall. Interoperability protocol LayerZero claims that an inadequate setup tied to Kelp’s decentralized verifier network (DVN) enabled malicious actors to steal $290 million from Kelp DAO, adding that preliminary signs point to North Korea-linked threat actors. An attacker drained about 116,500 Restaked ETH (rsETH), worth as much as $293 million at the time, from Kelp DAO’s LayerZero-powered rsETH bridge on Saturday. LayerZero said Monday that the exploit stemmed from a single point of failure in Kelp’s setup, which relied on a single LayerZero DVN as the only verified path, despite LayerZero previously advising them against this. Read more
Mastercard is testing stablecoin settlement with SoFiUSD to speed up card transaction clearing and help bridge traditional finance and blockchain. Mastercard is integrating stablecoins into its payment infrastructure to modernize the back-end settlement process, allowing banks and issuers to settle card transactions using regulated digital dollars such as SoFiUSD. The partnership with SoFi Technologies enables SoFi Bank to settle Mastercard transactions in SoFiUSD, while Galileo’s platform allows other banks and fintech issuers to adopt stablecoin settlement. Stablecoin settlement focuses on the post-transaction clearing stage, meaning consumers will continue using cards normally while the underlying settlement between banks may occur through blockchain-based digital assets. Read more
Pakistan and Egypt concluded a two-week-long military exercise focused on counter-terrorism, the military’s media wing said on Monday. In a press release, the Inter-Services Public Relations (ISPR) said the “Pakistan-Egypt Joint Exercise Thunder-II” concluded in Cherat, Khyber Pakhtunkhwa — the military’s premier Special Operations School (SOS). “[The] two-week-long exercise was designed to enhance interoperability by refining drills, procedures, and techniques related to counterterrorism operations through joint training,” ISPR said. It added that “combat teams from the Special Services Group (SSG) of the Pakistan Army and the Egyptian Special Forces actively participated” in the exercise. The military’s media wing further said that the participants exhibited “exceptional professionalism and operational skill throughout the exercise”. The picture shows Pakistan-Egypt Joint Exercise Thunder-II underway. — ISPR General officer commanding SSG and Commander of Egyptian Paratroopers, Major General Mohamed Saad Ab...