Coinraftar reports that KelpDAO operator Evercrest Technologies has sued LayerZero Labs and CEO Bryan Pellegrino in British Columbia over an April exploit that drained 116,500 rsETH worth about $292 million. KelpDAO says LayerZero approved its bridge configuration, while LayerZero argues the 1-of-1 verifier setup created a single point of failure. Pellegrino called the claim "meritless." The attack involved a forged cross-chain message after an attacker compromised LayerZero's verifier infrastructure. Coinraftar notes the lawsuit alleges LayerZero failed to disclose risks and did not adequately secure its verifier. Full story on Coinraftar.

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Target Link: https://www.coinraftar.com/crypto/kelpdao-sues-layerzero-over-292m-rseth-exploit-and-bridge-security/