🔄 Ondo Launches In-Kind Stock Tokenization

Ondo Finance has introduced a conversion system allowing eligible institutions to mint and redeem tokenized stocks and ETFs directly using underlying shares from their Alpaca accounts. Available on Ethereum and BNB Chain, the mechanism eliminates the need to provide separate cash for token creation, significantly reducing inventory financing costs and timing mismatches.

⚖️ KelpDAO Sues LayerZero Over $292M Bridge Exploit

KelpDAO has filed a lawsuit against protocol LayerZero and CEO Bryan Pellegrino, alleging infrastructural security failures led to the theft of 116,500 rsETH (worth roughly $292 million) in April. The liquid restaking platform claims LayerZero formally endorsed its bridge configuration in writing prior to the hack, while LayerZero previously argued the exploit succeeded because Kelp relied on a single decentralized verifier network (DVN) rather than multiple independent verification layers.

🚨 Bitget Suspends Withdrawals After $351.6M Hot Wallet Breach

Crypto exchange Bitget temporarily halted withdrawals after unauthorized transfers drained an estimated $351.6 million across multiple chains, primarily concentrated on Ethereum, XRP, and BNB Smart Chain. CEO Gracy Chen confirmed that cold storage and customer account balances remain untouched, with the loss fully backed by the platform's $464 million User Protection Fund.