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Crypto & Web3CoinDesk ·

Chainlink upgrades bridge tech with custom security checks after rival's $292M hack

Chainlink has released an update to its cross-chain bridge technology, allowing companies to implement custom security checks. The upgrade comes in the wake of a $292 million hack at a rival bridge platform that exposed critical vulnerabilities in the sector. The new software is specifically designed to eliminate single-point-of-failure weaknesses that made the rival bridge susceptible to attack. By enabling customizable security layers, Chainlink aims to give organizations greater control over how they protect cross-chain transactions.

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Crypto & Web3CoinDesk ·

THORChain refuses to block hacker as $6M in ETH converted to Bitcoin

Decentralized exchange THORChain declined a request from crypto exchange Bitget to block wallet addresses linked to a major theft. The hacker successfully executed 27 swaps, converting approximately 2,390 ETH into 75.2 BTC, valued at around $6 million. Bitget had urged THORChain to intervene following a $387.5 million theft tied to those addresses. THORChain's refusal highlights the tension between decentralization principles and the need to prevent illicit fund movements in crypto. The incident raises fresh questions about accountability and compliance obligations for decentralized protocols.

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Crypto & Web3CoinDesk ·

Franklin Templeton Enables Tokenized Fund Shares as Collateral on Bybit

Franklin Templeton has partnered with cryptocurrency exchange Bybit to allow its tokenized money market fund shares to serve as trading collateral. Users can leverage these tokenized shares to access USDT or USDC credit lines on the platform. The arrangement allows investors to continue earning yield on their underlying assets while using them as collateral. This move marks a notable step in bridging traditional asset management with decentralized finance infrastructure.

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Crypto & Web3CoinDesk ·

Bitcoin Slides to $83,000 as Altcoin Rally Reverses

Bitcoin declined 1.7% to trade at $83,000, extending losses across the broader crypto market. The CoinDesk 100 index fell harder, dropping 2.6% as altcoins that led Friday's gains gave back their advances. The reversal came as oil prices climbed back above $100 per barrel, signaling a shift in broader market sentiment. Friday's top-performing digital assets were among the hardest hit during the pullback.