Cross-Chain and Security Updates
Verus bridge compromise while Lombard transitions to Chainlink
Here is what we have in store in this Market Summary:
1. Verus bridge exploit drains $11.6M
2. SBI Securities and Rakuten Securities prepare crypto investment trusts in Japan
3. Saudi Arabia expands tokenization efforts across major sectors
4. Lombard migrates cross-chain infrastructure to Chainlink
5. Bitcoin Depot files for Chapter 11 bankruptcy protection
Verus-Ethereum hacked for over $11M
The Verus-Ethereum, a cross-chain bridge that lets users move value between the Verus network and Ethereum, was hacked for over $11M.
The attacker drained multiple assets from the bridge before swapping the stolen funds into roughly 5,402 ETH.
Read the full article by The Block here
SBI Securities and Rakuten plan crypto investment trusts
SBI Securities and Rakuten are preparing to offer crypto investment trusts in Japan.
The products are expected to provide regulated exposure to digital assets through traditional investment structures, expanding access for retail and institutional investors in the country.
Read the full article by CoinDesk here
Saudi Arabia expands tokenization push across real-world assets
Saudi Arabia is advancing plans to tokenize large parts of its economy through real-world asset platform droppRWA, beginning with real estate.
Faisal Monai, who previously helped build Saudi Arabia’s digital payments infrastructure, is leading the initiative with $12.5B in tokenization mandates already secured. The plans extend beyond property markets and aim to bring broader financial and real-world assets onchain progressively..
Read the full article by CoinDesk here
Lombard migrates cross-chain infrastructure to Chainlink
Lombard is moving away from LayerZero infrastructure and adopting Chainlink for cross-chain asset transfers.
The transition is part of a broader shift that now includes around $4B in assets moving toward Chainlink’s interoperability infrastructure following recent security concerns tied to bridge systems.
Read the full article by CoinDesk here
Bitcoin Depot files for Chapter 11 bankruptcy protection
Bitcoin Depot filed for Chapter 11 bankruptcy in the Southern District of Texas as the company moves to wind down operations.
The firm said increasing regulatory pressure made its current business model difficult to maintain. Bitcoin Depot also disclosed that it suffered a $3.7M security breach in April, adding further pressure to the business.
Read the full article by The Block here
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Disclaimer:
The content covered in this newsletter is not to be considered investment or financial advice. It is for informational and educational purposes only. The views and opinions expressed in this publication do not reflect those of AP Collective.