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LayerZero faces $292 million lawsuit alleging negligence in its security model, following nearly $15 billion in asset migration from its platform.
Evercrest Technologies Inc., the entity behind KelpDAO, is suing LayerZero Labs, its Canadian affiliates, and CEO Bryan Pellegrino in British Columbia, alleging negligent misrepresentation, negligence, and defamation in connection with the $292 million rsETH exploit in April, and seeking aggravated and punitive damages. Since the incident, Kelp users have withdrawn over $650 million. LayerZero CEO Pellegrino called the lawsuit baseless. As of August 4, projects representing approximately $14.5 billion in assets have announced their migration from LayerZero to Chainlink's CCIP, including BitGo's $7.4 billion WBTC.
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