{"investigation":{"slug":"bryan-pellegrino-layerzero-ceo","entity_name":"Bryan Pellegrino (LayerZero CEO)","trust_score":42,"severity_base":null,"score_modifier":0,"confidence":0.72,"status":"published","content_type":"investigation","summary":"Bryan Pellegrino is co-founder and CEO of LayerZero Labs, the cross-chain messaging protocol used by bridges across more than 70 blockchains. After an April 2026 exploit drained about $292 million in rsETH from KelpDAO's LayerZero-based bridge, KelpDAO's operator Evercrest Technologies filed a civil claim in the Supreme Court of British Columbia naming Pellegrino personally alongside LayerZero, alleging negligent misrepresentation, negligence and defamation. LayerZero has publicly admitted fault in permitting the single-verifier configuration, while Pellegrino has called the lawsuit meritless; the allegations are unproven.","sections":[{"content":"On April 18, 2026, an attacker drained 116,500 rsETH (then worth approximately $292 million) from KelpDAO's LayerZero-powered cross-chain bridge, described as the largest DeFi exploit of 2026. According to Chainalysis and CoinDesk reporting, the attacker did not exploit a smart-contract bug; they compromised the RPC infrastructure supporting the Decentralized Verifier Network (DVN), the single verifier confirming cross-chain messages under a '1-of-1' configuration, replacing node software with malicious versions and knocking out remaining nodes via DDoS, which enabled a forged message that released tokens to an attacker-controlled address. According to LayerZero's incident report, the breach began on March 6, 2026, when a LayerZero developer was socially engineered into installing malware, giving the attacker access to LayerZero's internal RPC infrastructure; the attacker then poisoned those internal nodes and launched a DDoS against an external RPC provider so that the DVN relied exclusively on the compromised internal nodes. KelpDAO's own systems were reportedly not independently compromised. The attack cascaded into DeFi lending: about 89,567 rsETH had been deposited on Aave as collateral (used to borrow roughly $190 million in WETH), and Aave, SparkLend, Fluid and Upshift froze rsETH markets within hours. The exploit reportedly triggered roughly $13-14 billion in DeFi TVL withdrawals within 48 hours.","heading":"The April 2026 rsETH Bridge Exploit","sources":[{"url":"https://www.chainalysis.com/blog/kelpdao-bridge-exploit-april-2026/","name":"Chainalysis — Inside the KelpDAO Bridge Exploit","type":"research","credibility":2},{"url":"https://www.coindesk.com/tech/2026/04/19/2026-s-biggest-crypto-exploit-kelp-dao-hit-for-usd292-million-with-wrapped-ether-stranded-across-20-chains","name":"CoinDesk — Kelp DAO exploited for $292 million with wrapped ether stranded across 20 chains","type":"news_article","credibility":1},{"url":"https://www.kucoin.com/blog/vn-kelpdao-rseth-exploit-how-292m-layerzero-bridge-attack-created-177m-bad-debt-on-aave","name":"KuCoin — KelpDAO rsETH Exploit: How the $292M LayerZero Bridge Attack Created $177M Bad Debt on Aave","type":"news_article","credibility":2},{"url":"https://cryptobriefing.com/kelpdao-exploit-layers-of-compromise/","name":"cryptobriefing — LayerZero says North Korean Lazarus Group behind $292M Kelp DAO attack","type":"news_article","credibility":2},{"url":"https://defiprime.com/kelpdao-rseth-exploit","name":"The KelpDAO rsETH Exploit: $292M Minted From a 1-of-1 Bridge, and Who Actually Pays — DeFi Prime","type":"news_article","credibility":2},{"url":"https://www.openzeppelin.com/news/lessons-from-kelpdao-hack","name":"OpenZeppelin — Lessons From the rsETH Bridge Exploit","type":"research","credibility":2},{"url":"https://layerzero.network/blog/layerzero-labs-kelpdao-incident-report","name":"LayerZero Labs KelpDAO Incident Report — LayerZero","type":"official","credibility":2}],"severity":"critical"},{"content":"LayerZero and outside investigators attributed the rsETH exploit to North Korea's Lazarus Group, specifically its TraderTraitor sub-group, based on infrastructure and fund-movement analysis. Reporting indicated that a portion of the exploit's initial funding was traceable to a Bitcoin wallet with historical ties to a Chinese broker previously indicted in the U.S. for laundering Lazarus-linked crypto proceeds, and that stolen ETH was subsequently moved through further laundering channels, prompting exchange freezes (including roughly $71 million frozen on Arbitrum-related infrastructure) and law-enforcement engagement. This attribution, if accurate, would mean the underlying theft was carried out by a sanctioned state-linked actor rather than being an inside job or contract bug — a point LayerZero has emphasized in its public communications, though it does not resolve the separate dispute over whether LayerZero's own configuration guidance created the vulnerability that Lazarus exploited. LayerZero, Mandiant and CrowdStrike are reported to have attributed the attack to TraderTraitor (also known as UNC4899).","heading":"Attribution to North Korea's Lazarus Group","sources":[{"url":"https://www.upi.com/Top_News/World-News/2026/04/22/KelpDAO-LayerZero-North-Korea-crypto-hack-theft-Lazarus-Group/6151776848419/","name":"UPI — North Korean hackers tied to $290M crypto heist, firm says","type":"news_article","credibility":1},{"url":"https://news.bitcoin.com/lazarus-group-suspected-of-moving-175m-in-eth-after-arbitrum-freezes-71m-from-kelpdao-exploit/","name":"news.Bitcoin.com — Lazarus Group Suspected of Moving $175M in ETH After Arbitrum Freezes $71M From KelpDAO Exploit","type":"news_article","credibility":2},{"url":"https://www.chainalysis.com/blog/kelpdao-bridge-exploit-april-2026/","name":"Chainalysis — Inside the KelpDAO Bridge Exploit","type":"research","credibility":2},{"url":"https://www.coindesk.com/tech/2026/04/19/2026-s-biggest-crypto-exploit-kelp-dao-hit-for-usd292-million-with-wrapped-ether-stranded-across-20-chains","name":"CoinDesk — Kelp DAO exploited for $292 million with wrapped ether stranded across 20 chains","type":"news_article","credibility":1},{"url":"https://defiprime.com/kelpdao-rseth-exploit","name":"The KelpDAO rsETH Exploit: $292M Minted From a 1-of-1 Bridge, and Who Actually Pays — DeFi Prime","type":"news_article","credibility":2},{"url":"https://www.openzeppelin.com/news/lessons-from-kelpdao-hack","name":"OpenZeppelin — Lessons From the rsETH Bridge Exploit","type":"research","credibility":2},{"url":"https://layerzero.network/blog/layerzero-labs-kelpdao-incident-report","name":"LayerZero Labs KelpDAO Incident Report — LayerZero","type":"official","credibility":2}],"severity":"medium"},{"content":"In the days after the exploit, LayerZero's initial post-mortem stated the protocol had 'functioned exactly as intended' and characterized KelpDAO's 1-of-1 verifier setup as a configuration chosen 'despite expressing recommendations to configure multi-DVN redundancy,' effectively placing responsibility on KelpDAO. KelpDAO publicly disputed this characterization on April 20, 2026, stating that 'the 1-of-1 DVN setup at the center of the incident reflects LayerZero's documented default configuration,' and outside commentators — including a security researcher known as Banteg and a Chainlink product manager — noted that LayerZero's reference deployment shipped with single-verifier defaults and characterized LayerZero's framing as deflecting responsibility. On May 5, 2026, KelpDAO escalated its account, alleging LayerZero personnel had approved its 1-of-1 setup over roughly two and a half years across multiple integration discussions without warning of risk, citing an (independently unauthenticated) Telegram screenshot in which a LayerZero team member reportedly wrote 'No problem on using defaults either,' as well as LayerZero's own OFT Quickstart documentation and GitHub examples defaulting to a single DVN. LayerZero responded at the time that its protocol defaults use multi-DVN configurations and that KelpDAO had 'deployed multiDVN and then manually downgraded to a 1/1.' On May 9, 2026, LayerZero reversed its posture, issuing a public apology stating 'We've done a terrible job on comms over the past three weeks' and admitting 'We made a mistake by allowing our DVN to act as a 1/1 DVN for high-value transactions' and 'We didn't police what our DVN was securing, which created a risk we simply didn't see.' LayerZero subsequently disabled 1-of-1 DVN configurations for high-value transactions across its network. Because LayerZero's own account changed materially over a three-week period — from blaming KelpDAO's configuration to admitting its own defaults enabled the exploit — the underlying facts of who authorized the setup remain genuinely disputed and are now the subject of litigation; claims from both KelpDAO/Evercrest and LayerZero should be treated as allegations pending judicial resolution. LayerZero's initial April 19 statement had said KelpDAO's setup 'directly contradicts' the multi-DVN redundancy model it had 'consistently recommended to all integration partners.' After the May 9 apology, LayerZero announced it would no longer allow its DVN to service 1-of-1 configurations and would migrate default settings to require at least five verifiers, with a floor of three on chains where fewer DVNs are available. Pellegrino also posted that 'nobody should be relying on sole DVN.' The admission is directly relevant to the litigation, since Evercrest alleges the initial blame-shifting statements were defamatory.","heading":"Dispute Over the Single-Verifier Configuration and LayerZero's Shifting Account","sources":[{"url":"https://www.coindesk.com/tech/2026/04/20/layerzero-blames-kelp-s-setup-for-usd290-million-exploit-attributes-it-to-north-korea-s-lazarus","name":"CoinDesk — LayerZero blames Kelp's setup for $290 million exploit, attributes it to North Korea's Lazarus","type":"news_article","credibility":1},{"url":"https://www.coindesk.com/tech/2026/04/20/kelp-dao-claims-layerzero-s-default-settings-are-what-actually-caused-the-usd290-million-disaster","name":"CoinDesk — Kelp DAO claims LayerZero's default settings are what actually caused the $290 million disaster","type":"news_article","credibility":1},{"url":"https://www.coindesk.com/web3/2026/05/05/kelp-claims-that-layerzero-approved-the-setup-it-blamed-for-usd292-million-bridge-hack","name":"CoinDesk — Kelp claims that LayerZero approved the setup it blamed for $292 million bridge hack","type":"news_article","credibility":1},{"url":"https://www.theblock.co/post/400629/layerzero-issues-public-apology-for-kelp-dao-exploit-response-admits-fault-in-single-verifier-setup","name":"The Block — LayerZero issues public apology for Kelp DAO exploit response, admits fault in single-verifier setup","type":"news_article","credibility":1},{"url":"https://www.openzeppelin.com/news/lessons-from-kelpdao-hack","name":"OpenZeppelin — Lessons From the rsETH Bridge Exploit","type":"research","credibility":2},{"url":"https://www.coindesk.com/tech/2026/05/09/layerzero-says-it-made-a-mistake-in-usd292-million-kelp-exploit","name":"LayerZero says it 'made a mistake' in $292 Million Kelp exploit — CoinDesk","type":"news_article","credibility":1},{"url":"https://www.crowdfundinsider.com/2026/05/278326-layerzero-apologizes-for-kelp-dao-exploit-response-admits-fault-in-single-verifier-setup/","name":"LayerZero Apologizes For Kelp DAO Exploit Response, Admits Fault In Single-Verifier Setup — Crowdfund Insider","type":"news_article","credibility":2}],"severity":"high"},{"content":"On or around September 24, 2026, Evercrest Technologies Inc., the company that operates KelpDAO, filed a notice of civil claim in the Supreme Court of British Columbia against LayerZero Labs Ltd., LayerZero Labs Canada Inc., and Bryan Pellegrino individually. The claim alleges negligent misrepresentation, negligence, and defamation. According to reporting on the filing, Evercrest alleges that LayerZero — through Pellegrino and other personnel — reviewed and endorsed in writing KelpDAO's deployment and configuration of LayerZero's technology, including the 1-of-1 verifier setup later exploited, and that LayerZero warned a different protocol developer, USDT0, about similar configuration risks while giving no comparable warning to KelpDAO. The defamation count centers on Evercrest's allegation that after the exploit, LayerZero and Pellegrino publicly blamed KelpDAO's configuration choices — including language from LayerZero's post-mortem stating KelpDAO's setup 'directly contradicts' the multi-DVN model LayerZero promotes — which Evercrest characterizes as false and reputationally damaging given LayerZero's own alleged prior endorsement of that same setup. The claim reportedly seeks aggravated and punitive damages, citing more than $650 million in user withdrawals from KelpDAO-related products following the exploit and losses tied to a decline in the KERNEL token. Pellegrino responded publicly on X, stating 'Evercrest (KelpDAO) filed a notice of civil claim today in BC (British Columbia, Canada) against myself and LZ (LayerZero)' and separately, 'The claim continues to be meritless. I will meet them in Vancouver and defend myself accordingly.' As of this writing, no statement of defense has been reported, and the allegations in the civil claim are unproven.\n\nA second account of the filing adds that Evercrest alleges LayerZero endorsed the 1-of-1 DVN configuration in writing on at least three occasions: February 2024 (allegedly describing the default as 'good' with 'no problem'), March 2024 (allegedly directing use of the 1-of-1 setup) and January 2025 (allegedly stating that a compromised verifier could only fail to verify messages correctly). Evercrest also alleges LayerZero instructed KelpDAO to mirror another bridge's single-verifier setup. The defamation claims target Pellegrino's personal posts on X and Telegram after the exploit and LayerZero's April 19 blog post. LayerZero's position is that KelpDAO independently downgraded from a multi-verifier default to a single-verifier configuration against its recommendations. The parties had not filed formal defenses and no trial date had been set; the claim is at the notice-of-claim stage and no court has made any finding of liability. The allegations are unproven. The filing date is reported as September 24, 2026 by one page and September 25, 2026 by another (see contradictions).","heading":"Evercrest v. LayerZero: Civil Claim Naming Pellegrino Personally","sources":[{"url":"https://www.coindesk.com/business/2026/09/25/kelpdao-sues-layerzero-for-the-largest-exploit-2026-has-seen-so-far","name":"CoinDesk — KelpDAO sues LayerZero for the largest exploit 2026 has seen so far","type":"news_article","credibility":1},{"url":"https://www.theblock.co/news/regulation/2026-09-25-kelpdao-sues-layerzero-claims-it-endorsed-setup-used-in-292-million-rseth-exploit-416361","name":"The Block — KelpDAO sues LayerZero, claims it endorsed setup used in $292 million rsETH exploit","type":"news_article","credibility":1},{"url":"https://decrypt.co/379288/kelpdao-developer-sues-layerzero-over-292m-bridge-exploit","name":"Decrypt — KelpDAO Developer Sues LayerZero Over $292M Bridge Exploit","type":"news_article","credibility":2},{"url":"https://www.cryptotimes.io/2026/09/25/kelpdao-sues-layerzero-and-ceo-bryan-pellegrino-in-canada-over-292m-rseth-exploit/","name":"CryptoTimes — Evercrest (KelpDAO) Files Civil Claim Against LayerZero and CEO Bryan Pellegrino","type":"news_article","credibility":2},{"url":"https://cryptopotato.com/kelpdao-sues-layerzero-and-ceo-bryan-pellegrino-over-292m-hack/","name":"CryptoPotato — KelpDAO Sues LayerZero and CEO Bryan Pellegrino Over $292M Hack","type":"news_article","credibility":2},{"url":"https://www.cryptopolitan.com/layerzero-negligence-defamation-suit-kelpdao/","name":"Cryptopolitan — LayerZero faces a negligence and defamation suit over the $292 million KelpDAO hack","type":"news_article","credibility":2},{"url":"https://unchainedcrypto.com/kelp-dao-sues-layerzero-and-ceo-bryan-pellegrino-over-292-million-rseth-bridge-exploit/","name":"Kelp DAO Sues LayerZero and CEO Bryan Pellegrino — Unchained","type":"news_article","credibility":2},{"url":"https://cryptoslate.com/nearly-15-billion-is-moving-off-layerzero-now-a-292-million-lawsuit-puts-its-security-model-on-trial/","name":"Nearly $15B is moving off LayerZero — CryptoSlate","type":"news_article","credibility":2}],"severity":"critical"},{"content":"Following the April 2026 exploit and the ensuing blame dispute, LayerZero experienced a significant loss of institutional integrators. Multiple major protocols announced migrations from LayerZero to Chainlink's CCIP cross-chain infrastructure, including Kelp's rsETH (moving to Chainlink), Solv Protocol (approximately $700 million in tokenized bitcoin), Kraken's kBTC and future wrapped assets, BitGo's WBTC (approximately $7.4 billion), Mantle's Super Portal (approximately $2.5 billion), Lombard (over $1 billion in bitcoin-backed assets), and Virtuals Protocol (approximately $700 million). The Wyoming Stable Token Commission additionally signed an exclusive multi-year infrastructure agreement with Chainlink. CoinDesk reported that over $7.2 billion had migrated from LayerZero to Chainlink CCIP as of July 9, 2026, with total announced migrations reaching approximately $15 billion by mid-August 2026 according to crypto.news. LayerZero's ZRO token declined more than 20% in the immediate aftermath of the exploit, with CoinMarketCap reporting a 5.03% drop within 25 hours of the incident becoming public, and the token's market capitalization fell to approximately $302 million by mid-2026. The Nethermind DVN operator also exited LayerZero and joined Chainlink.","heading":"Reputational and Market Impact","sources":[{"url":"https://www.coindesk.com/business/2026/07/09/over-usd7-2-billion-have-migrated-from-layerzero-to-chainlink-ccip-as-mantle-joins-exodus","name":"Over $7.2 billion have migrated from LayerZero to Chainlink CCIP — CoinDesk","type":"news_article","credibility":1},{"url":"https://www.coindesk.com/business/2026/05/07/solv-drops-layerzero-for-chainlink-ccip-in-usd700-million-tokenized-bitcoin-migration","name":"The $700 million migration: Solv Protocol ditches LayerZero for Chainlink — CoinDesk","type":"news_article","credibility":1},{"url":"https://www.coindesk.com/business/2026/05/14/kraken-to-replace-layerzero-with-chainlink-to-bridge-assets-across-blockchains","name":"Kraken to replace LayerZero with Chainlink for kBTC — CoinDesk","type":"news_article","credibility":1},{"url":"https://ambcrypto.com/?p=597001","name":"LayerZero loses $2B in protocol TVL after exploit fallout — AMBCrypto","type":"news_article","credibility":2},{"url":"https://en.cryptonomist.ch/2026/08/20/layerzero-crypto-migration-shift/","name":"LayerZero Crypto Migration Sparks $15 Billion Shift to Chainlink — Cryptonomist","type":"news_article","credibility":2}],"severity":"high"},{"content":"Bryan Pellegrino is co-founder and CEO of LayerZero Labs, an omnichain interoperability protocol providing cross-chain messaging used by bridges and applications across more than 70 blockchains. He co-founded LayerZero in February 2021 with Caleb Banister and Ryan Zarick, who met through computer network research at the University of New Hampshire, where Pellegrino holds a degree in Computer Science. He played poker professionally for roughly eight years and co-founded Coder Den, a mobile app development company, with Banister; he also served as CEO of fantasy-sports platform BuzzDraft and later co-founded the machine learning firm Rho AI (Rho Impact). LayerZero Labs is incorporated in Canada and headquartered in Vancouver. Funding: in March 2022 it closed a $135 million Series A+ co-led by a16z Crypto, Sequoia Capital and FTX Ventures at a $1 billion valuation (other backers included Coinbase Ventures, PayPal Ventures, Tiger Global and Uniswap Labs), and in April 2023 a $120 million Series B at a $3 billion valuation from 33 investors including a16z Crypto, Sequoia, Circle Ventures, Samsung Next and OpenSea. Reports give total funding as over $173 million or approximately $263 million. The ZRO governance token launched in mid-2024; as of September 2026 its market capitalization was reported at roughly $370-590 million depending on source, down sharply from its December 2024 all-time high, and LayerZero ranks among the top bridge protocols by TVL on DefiLlama. The DVN is a configurable set of independent verifiers; the ability for integrators to set their threshold down to a single verifier became the subject of scrutiny after the KelpDAO exploit.","heading":"Background: Bryan Pellegrino and LayerZero Labs","sources":[{"url":"https://sequoiacap.com/article/bryan-pellegrino-spotlight-layerzero","name":"Sequoia Capital — LayerZero's Bryan Pellegrino: From Poker to Protocols","type":"other","credibility":2},{"url":"https://www.theblock.co/profile/293295/bryan-pellegrino","name":"The Block — Notable Crypto Personalities: Bryan Pellegrino","type":"other","credibility":2},{"url":"https://www.forbes.com/sites/stevenehrlich/2023/05/03/crypto-ceothe-traditional-way-of-moving-assets-across-blockchains-is-a-horrible-construct/","name":"Forbes — Crypto CEO: The Traditional Way Of Moving Assets Across Blockchains Is A 'Horrible Construct'","type":"news_article","credibility":1},{"url":"https://www.theblock.co/news/defi/2024-05-19-layerzero-labs-ceo-announces-pause-of-sybil-bounty-hunter-process-after-influx-of-reports-295274","name":"The Block — LayerZero Labs CEO announces pause of Sybil 'bounty-hunter' process after influx of reports","type":"news_article","credibility":1},{"url":"https://www.dlnews.com/articles/defi/layerzero-warns-sybil-airdrop-farmers-to-self-report/","name":"DL News — LayerZero warns sybil airdrop farmers to self-report or 'receive nothing'","type":"news_article","credibility":2},{"url":"https://defillama.com/protocol/layerzero","name":"DefiLlama — LayerZero TVL, Fees & Revenue","type":"on_chain","credibility":2},{"url":"https://www.crunchbase.com/person/bryan-pellegrino","name":"Bryan Pellegrino — Crunchbase Person Profile","type":"other","credibility":2},{"url":"https://usethebitcoin.com/crypto-personalities/all-you-need-to-know-about-bryan-pellegrino-the-ceo-of-layerzero/","name":"All You Need To Know About Bryan Pellegrino, The CEO of LayerZero — UseTheBitcoin","type":"news_article","credibility":3},{"url":"https://www.coindesk.com/business/2022/03/30/a16z-ftx-and-sequoia-lead-155m-round-for-layerzero-at-1b-valuation","name":"A16z, FTX and Sequoia Lead $135M Round for LayerZero — CoinDesk","type":"news_article","credibility":1},{"url":"https://www.prnewswire.com/news-releases/layerzero-labs-closes-120-million-series-b-funding-round-raising-its-valuation-to-3-billion-301789138.html","name":"LayerZero Labs Closes $120 Million Series B — PR Newswire","type":"official","credibility":1},{"url":"https://www.coindesk.com/business/2023/04/04/crypto-protocol-layerzero-raises-120m-series-b-at-3b-valuation","name":"Crypto Protocol LayerZero Raises $120M at $3B Valuation — CoinDesk","type":"news_article","credibility":1}],"severity":"medium"},{"content":"In May 2024, LayerZero introduced an anti-sybil process ahead of the ZRO airdrop: users who self-reported sybil activity by May 17, 2024 would receive 15% of their intended allocation, while others risked receiving nothing. Pellegrino announced that up to 100,000 addresses self-reported, and LayerZero ultimately identified approximately 803,093 addresses (about 800,000 in another account) as potential sybils through analysis with Chaos Labs and Nansen AI. The approach drew criticism, including that some legitimate applications such as the bridging tool Merkly were labeled sybil-farming. Pellegrino briefly paused a crowdsourced 'bounty hunter' reporting process after it generated thousands of reports and tens of thousands of appeals, some of which were used to try to suppress legitimate reports. Pellegrino defended the process as designed to get tokens to authentic users. No regulatory action arose, and the matter was primarily reputational and separate from the rsETH exploit and lawsuit.","heading":"ZRO Airdrop and Sybil Controversy (2024)","sources":[{"url":"https://unchainedcrypto.com/why-layerzeros-new-anti-sybil-policy-is-getting-both-backlash-and-praise/","name":"Why LayerZero's New Anti-Sybil Policy Is Getting Both Backlash and Praise — Unchained","type":"news_article","credibility":2},{"url":"https://www.theblock.co/post/294230/layerzero-labs-ceo-says-up-to-100000-addresses-have-self-reported-as-airdrop-sybils","name":"LayerZero Labs CEO says up to 100,000 addresses have self-reported as airdrop sybils — The Block","type":"news_article","credibility":2},{"url":"https://www.dlnews.com/articles/defi/layerzero-warns-sybil-airdrop-farmers/","name":"LayerZero warns sybil airdrop farmers to self-report or 'receive nothing' — DL News","type":"news_article","credibility":2},{"url":"https://sequoiacap.com/article/bryan-pellegrino-spotlight-layerzero","name":"Sequoia Capital — LayerZero's Bryan Pellegrino: From Poker to Protocols","type":"other","credibility":2},{"url":"https://www.theblock.co/profile/293295/bryan-pellegrino","name":"The Block — Notable Crypto Personalities: Bryan Pellegrino","type":"other","credibility":2},{"url":"https://www.forbes.com/sites/stevenehrlich/2023/05/03/crypto-ceothe-traditional-way-of-moving-assets-across-blockchains-is-a-horrible-construct/","name":"Forbes — Crypto CEO: The Traditional Way Of Moving Assets Across Blockchains Is A 'Horrible Construct'","type":"news_article","credibility":1},{"url":"https://www.theblock.co/news/defi/2024-05-19-layerzero-labs-ceo-announces-pause-of-sybil-bounty-hunter-process-after-influx-of-reports-295274","name":"The Block — LayerZero Labs CEO announces pause of Sybil 'bounty-hunter' process after influx of reports","type":"news_article","credibility":1},{"url":"https://www.dlnews.com/articles/defi/layerzero-warns-sybil-airdrop-farmers-to-self-report/","name":"DL News — LayerZero warns sybil airdrop farmers to self-report or 'receive nothing'","type":"news_article","credibility":2},{"url":"https://defillama.com/protocol/layerzero","name":"DefiLlama — LayerZero TVL, Fees & Revenue","type":"on_chain","credibility":2}],"severity":"low"}],"timeline":[{"date":"2021-02","event":"Bryan Pellegrino co-founds LayerZero Labs with Caleb Banister and Ryan Zarick.","source":"Sequoia Capital — LayerZero's Bryan Pellegrino: From Poker to Protocols","source_url":"https://sequoiacap.com/article/bryan-pellegrino-spotlight-layerzero"},{"date":"2022-03","event":"LayerZero Labs closes a $135 million Series A+ round co-led by a16z, Sequoia, and FTX Ventures at a $1 billion valuation.","source":"A16z, FTX and Sequoia Lead $135M Round for LayerZero — CoinDesk","source_url":"https://www.coindesk.com/business/2022/03/30/a16z-ftx-and-sequoia-lead-155m-round-for-layerzero-at-1b-valuation"},{"date":"2023-04","event":"LayerZero Labs closes a $120 million Series B round at a $3 billion valuation.","source":"Crypto Protocol LayerZero Raises $120M at $3B Valuation — CoinDesk","source_url":"https://www.coindesk.com/business/2023/04/04/crypto-protocol-layerzero-raises-120m-series-b-at-3b-valuation"},{"date":"2024-02","event":"According to Evercrest's civil claim, LayerZero reviewed and described KelpDAO's 1-of-1 DVN configuration as 'good' with 'no problem.' This date is drawn from the civil filing and has not been independently verified; it is disputed by LayerZero.","source":"Decrypt — KelpDAO Developer Sues LayerZero Over $292M Bridge Exploit","source_url":"https://decrypt.co/379288/kelpdao-developer-sues-layerzero-over-292m-bridge-exploit"},{"date":"2024-05","event":"LayerZero launches ZRO token airdrop with anti-sybil process; approximately 803,093 addresses flagged as potential sybils.","source":"LayerZero Labs CEO says up to 100,000 addresses have self-reported as airdrop sybils — The Block","source_url":"https://www.theblock.co/post/294230/layerzero-labs-ceo-says-up-to-100000-addresses-have-self-reported-as-airdrop-sybils"},{"date":"2026-03","event":"According to LayerZero's incident report, a threat actor (attributed to North Korea's TraderTraitor group) socially engineered a LayerZero developer to install malware, gaining access to internal RPC infrastructure.","source":"LayerZero Labs KelpDAO Incident Report — LayerZero","source_url":"https://layerzero.network/blog/layerzero-labs-kelpdao-incident-report"},{"date":"2026-04","event":"Attacker drains 116,500 rsETH (~$292 million) from KelpDAO's LayerZero-based bridge by compromising RPC infrastructure behind its single (1-of-1) verifier.","source":"CoinDesk — Kelp DAO exploited for $292 million with wrapped ether stranded across 20 chains","source_url":"https://www.coindesk.com/tech/2026/04/19/2026-s-biggest-crypto-exploit-kelp-dao-hit-for-usd292-million-with-wrapped-ether-stranded-across-20-chains","date_evidence":"The attacker drained 116,500 rsETH (restaked ether) from Kelp DAO's LayerZero-powered bridge at 17:35 UTC on Saturday"},{"date":"2026-04","event":"LayerZero's initial post-mortem says its protocol 'functioned exactly as intended' and attributes the exploit to KelpDAO's configuration choice; KelpDAO publicly disputes this, saying the 1-of-1 setup reflected LayerZero's documented default.","source":"CoinDesk — Kelp DAO claims LayerZero's default settings are what actually caused the $290 million disaster","source_url":"https://www.coindesk.com/tech/2026/04/20/kelp-dao-claims-layerzero-s-default-settings-are-what-actually-caused-the-usd290-million-disaster"},{"date":"2026-04","event":"LayerZero attributes the exploit to North Korea's Lazarus Group (TraderTraitor sub-group); stolen funds are traced and partially frozen across chains.","source":"UPI — North Korean hackers tied to $290M crypto heist, firm says","source_url":"https://www.upi.com/Top_News/World-News/2026/04/22/KelpDAO-LayerZero-North-Korea-crypto-hack-theft-Lazarus-Group/6151776848419/"},{"date":"2026-04","event":"LayerZero publishes incident statement claiming KelpDAO's setup 'directly contradicts the multi-DVN redundancy model' it had 'consistently recommended.' Pellegrino posts that 'nobody should be relying on sole DVN.' KelpDAO disputes these characterizations.","source":"CoinDesk — Kelp DAO claims LayerZero's default settings are what actually caused the $290 million disaster","source_url":"https://www.coindesk.com/tech/2026/04/20/kelp-dao-claims-layerzero-s-default-settings-are-what-actually-caused-the-usd290-million-disaster"},{"date":"2026-04","event":"Attacker drains about $292 million in rsETH; KelpDAO publicly disputes LayerZero's characterization on April 20, saying the 1-of-1 setup reflected LayerZero's default (see also LayerZero's April 19 statement).","source":"CoinDesk — Kelp DAO claims LayerZero's default settings are what actually caused the $290 million disaster","source_url":"https://www.coindesk.com/tech/2026/04/20/kelp-dao-claims-layerzero-s-default-settings-are-what-actually-caused-the-usd290-million-disaster"},{"date":"2026-04","event":"LayerZero attributes the KelpDAO attack to TraderTraitor (Lazarus Group).","source":"CoinDesk — Kelp DAO exploited for $292 million with wrapped ether stranded across 20 chains","source_url":"https://www.coindesk.com/tech/2026/04/19/2026-s-biggest-crypto-exploit-kelp-dao-hit-for-usd292-million-with-wrapped-ether-stranded-across-20-chains"},{"date":"2026-05","event":"KelpDAO alleges LayerZero personnel approved its 1-of-1 verifier setup over roughly 2.5 years of integration discussions, citing an unauthenticated Telegram screenshot and LayerZero's own default documentation; LayerZero says KelpDAO manually downgraded from a multi-DVN deployment.","source":"CoinDesk — Kelp claims that LayerZero approved the setup it blamed for $292 million bridge hack","source_url":"https://www.coindesk.com/web3/2026/05/05/kelp-claims-that-layerzero-approved-the-setup-it-blamed-for-usd292-million-bridge-hack"},{"date":"2026-05","event":"Solv Protocol announces it is moving approximately $700 million in tokenized bitcoin infrastructure from LayerZero to Chainlink CCIP.","source":"The $700 million migration: Solv Protocol ditches LayerZero for Chainlink — CoinDesk","source_url":"https://www.coindesk.com/business/2026/05/07/solv-drops-layerzero-for-chainlink-ccip-in-usd700-million-tokenized-bitcoin-migration"},{"date":"2026-05","event":"Kraken announces it will replace LayerZero with Chainlink for kBTC and future wrapped assets.","source":"Kraken to replace LayerZero with Chainlink for kBTC — CoinDesk","source_url":"https://www.coindesk.com/business/2026/05/14/kraken-to-replace-layerzero-with-chainlink-to-bridge-assets-across-blockchains"},{"date":"2026-05-09","event":"LayerZero issues a public apology, admitting 'we made a mistake by allowing our DVN to act as a 1/1 DVN for high-value transactions,' and disables 1-of-1 DVN configurations network-wide.","source":"The Block — LayerZero issues public apology for Kelp DAO exploit response, admits fault in single-verifier setup","source_url":"https://www.theblock.co/post/400629/layerzero-issues-public-apology-for-kelp-dao-exploit-response-admits-fault-in-single-verifier-setup","date_evidence":"Publication Date: May 9, 2026 ... Apology Blog Post Date: \"Friday\" (May 9, 2026)"},{"date":"2026-06","event":"Aave overhauls its asset-listing standards following the rsETH exploit's exposure of cross-chain bridge risk.","source":"CoinDesk — Aave overhauls listing standards after $230 million rsETH exploit exposed bridge risks","source_url":"https://www.coindesk.com/markets/2026/06/01/aave-overhauls-listing-standards-after-usd230-million-rseth-exploit-exposed-bridge-risks"},{"date":"2026-07","event":"CoinDesk reports over $7.2 billion in total announced migrations from LayerZero to Chainlink CCIP.","source":"Over $7.2 billion have migrated from LayerZero to Chainlink CCIP — CoinDesk","source_url":"https://www.coindesk.com/business/2026/07/09/over-usd7-2-billion-have-migrated-from-layerzero-to-chainlink-ccip-as-mantle-joins-exodus"},{"date":"2026-09","event":"Pellegrino publicly responds on X, calling the claim 'meritless' and stating he will defend himself and LayerZero in a British Columbia court.","source":"CoinDesk — KelpDAO sues LayerZero for the largest exploit 2026 has seen so far","source_url":"https://www.coindesk.com/business/2026/09/25/kelpdao-sues-layerzero-for-the-largest-exploit-2026-has-seen-so-far"},{"date":"2026-09-24","event":"Evercrest Technologies Inc. files a notice of civil claim in the Supreme Court of British Columbia against LayerZero Labs Ltd., LayerZero Labs Canada Inc., and Bryan Pellegrino personally, alleging negligent misrepresentation, negligence, and defamation.","source":"CryptoTimes — Evercrest (KelpDAO) Files Civil Claim Against LayerZero and CEO Bryan Pellegrino","source_url":"https://www.cryptotimes.io/2026/09/25/kelpdao-sues-layerzero-and-ceo-bryan-pellegrino-in-canada-over-292m-rseth-exploit/","date_evidence":"Evercrest Technologies Inc., the company that operates the liquid restaking protocol KelpDAO, filed a civil lawsuit in British Columbia, Canada, on September 24, 2026, against LayerZero Labs Ltd."}],"sources_used":[{"url":"https://www.chainalysis.com/blog/kelpdao-bridge-exploit-april-2026/","name":"Chainalysis — Inside the KelpDAO Bridge Exploit","type":"research","archive_url":"http://web.archive.org/web/20260921063715/https://www.chainalysis.com/blog/kelpdao-bridge-exploit-april-2026/","credibility":2,"archive_timestamp":"2026-09-21T06:37:15+00:00"},{"url":"https://www.coindesk.com/tech/2026/04/19/2026-s-biggest-crypto-exploit-kelp-dao-hit-for-usd292-million-with-wrapped-ether-stranded-across-20-chains","name":"CoinDesk — Kelp DAO exploited for $292 million with wrapped ether stranded across 20 chains","type":"news_article","archive_url":"http://web.archive.org/web/20260921094138/https://www.coindesk.com/tech/2026/04/19/2026-s-biggest-crypto-exploit-kelp-dao-hit-for-usd292-million-with-wrapped-ether-stranded-across-20-chains","credibility":1,"archive_timestamp":"2026-09-21T09:41:38+00:00"},{"url":"https://www.coindesk.com/tech/2026/04/20/layerzero-blames-kelp-s-setup-for-usd290-million-exploit-attributes-it-to-north-korea-s-lazarus","name":"CoinDesk — LayerZero blames Kelp's setup for $290 million exploit, attributes it to North Korea's Lazarus","type":"news_article","archive_url":"http://web.archive.org/web/20260921062711/https://www.coindesk.com/tech/2026/04/20/layerzero-blames-kelp-s-setup-for-usd290-million-exploit-attributes-it-to-north-korea-s-lazarus","credibility":1,"archive_timestamp":"2026-09-21T06:27:11+00:00"},{"url":"https://www.coindesk.com/tech/2026/04/20/kelp-dao-claims-layerzero-s-default-settings-are-what-actually-caused-the-usd290-million-disaster","name":"CoinDesk — Kelp DAO claims LayerZero's default settings are what actually caused the $290 million disaster","type":"news_article","archive_url":"http://web.archive.org/web/20260619205713/https://www.coindesk.com/tech/2026/04/20/kelp-dao-claims-layerzero-s-default-settings-are-what-actually-caused-the-usd290-million-disaster","credibility":1,"archive_timestamp":"2026-06-19T20:57:13+00:00"},{"url":"https://www.coindesk.com/web3/2026/05/05/kelp-claims-that-layerzero-approved-the-setup-it-blamed-for-usd292-million-bridge-hack","name":"CoinDesk — Kelp claims that LayerZero approved the setup it blamed for $292 million bridge hack","type":"news_article","archive_url":"http://web.archive.org/web/20260921095440/https://www.coindesk.com/web3/2026/05/05/kelp-claims-that-layerzero-approved-the-setup-it-blamed-for-usd292-million-bridge-hack","credibility":1,"archive_timestamp":"2026-09-21T09:54:40+00:00"},{"url":"https://www.coindesk.com/markets/2026/06/01/aave-overhauls-listing-standards-after-usd230-million-rseth-exploit-exposed-bridge-risks","name":"CoinDesk — Aave overhauls listing standards after $230 million rsETH exploit exposed bridge risks","type":"news_article","archive_url":"http://web.archive.org/web/20260620164703/https://www.coindesk.com/markets/2026/06/01/aave-overhauls-listing-standards-after-usd230-million-rseth-exploit-exposed-bridge-risks","credibility":1,"archive_timestamp":"2026-06-20T16:47:03+00:00"},{"url":"https://www.coindesk.com/business/2026/09/25/kelpdao-sues-layerzero-for-the-largest-exploit-2026-has-seen-so-far","name":"CoinDesk — KelpDAO sues LayerZero for the largest exploit 2026 has seen so far","type":"news_article","archive_url":"http://web.archive.org/web/20260925133819/https://www.coindesk.com/business/2026/09/25/kelpdao-sues-layerzero-for-the-largest-exploit-2026-has-seen-so-far","credibility":1,"archive_timestamp":"2026-09-25T13:38:19+00:00"},{"url":"https://www.theblock.co/post/400629/layerzero-issues-public-apology-for-kelp-dao-exploit-response-admits-fault-in-single-verifier-setup","name":"The Block — LayerZero issues public apology for Kelp DAO exploit response, admits fault in single-verifier setup","type":"news_article","archive_url":"http://web.archive.org/web/20260511105909/https://www.theblock.co/post/400629/layerzero-issues-public-apology-for-kelp-dao-exploit-response-admits-fault-in-single-verifier-setup?","credibility":1,"archive_timestamp":"2026-05-11T10:59:09+00:00"},{"url":"https://www.theblock.co/news/regulation/2026-09-25-kelpdao-sues-layerzero-claims-it-endorsed-setup-used-in-292-million-rseth-exploit-416361","name":"The Block — KelpDAO sues LayerZero, claims it endorsed setup used in $292 million rsETH exploit","type":"news_article","credibility":1},{"url":"https://decrypt.co/379288/kelpdao-developer-sues-layerzero-over-292m-bridge-exploit","name":"Decrypt — KelpDAO Developer Sues LayerZero Over $292M Bridge 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Hack","type":"news_article","archive_url":"https://web.archive.org/web/20260926174557/https://cryptopotato.com/kelpdao-sues-layerzero-and-ceo-bryan-pellegrino-over-292m-hack/","credibility":2,"archive_timestamp":"2026-09-26T17:45:57+00:00"},{"url":"https://www.cryptopolitan.com/layerzero-negligence-defamation-suit-kelpdao/","name":"Cryptopolitan — LayerZero faces a negligence and defamation suit over the $292 million KelpDAO hack","type":"news_article","archive_url":"https://web.archive.org/web/20260926174814/https://www.cryptopolitan.com/layerzero-negligence-defamation-suit-kelpdao/","credibility":2,"archive_timestamp":"2026-09-26T17:48:14+00:00"},{"url":"https://www.kucoin.com/blog/vn-kelpdao-rseth-exploit-how-292m-layerzero-bridge-attack-created-177m-bad-debt-on-aave","name":"KuCoin — KelpDAO rsETH Exploit: How the $292M LayerZero Bridge Attack Created $177M Bad Debt on Aave","type":"news_article","archive_url":"https://web.archive.org/web/20260927002823/https://www.kucoin.com/blog/vn-kelpdao-rseth-exploit-how-292m-layerzero-bridge-attack-created-177m-bad-debt-on-aave","credibility":2,"archive_timestamp":"2026-09-27T00:28:23+00:00"},{"url":"https://cryptobriefing.com/kelpdao-exploit-layers-of-compromise/","name":"cryptobriefing — LayerZero says North Korean Lazarus Group behind $292M Kelp DAO attack","type":"news_article","archive_url":"http://web.archive.org/web/20260423084927/https://cryptobriefing.com/kelpdao-exploit-layers-of-compromise/","credibility":2,"archive_timestamp":"2026-04-23T08:49:27+00:00"},{"url":"https://www.openzeppelin.com/news/lessons-from-kelpdao-hack","name":"OpenZeppelin — Lessons From the rsETH Bridge Exploit","type":"research","archive_url":"http://web.archive.org/web/20260921092958/https://www.openzeppelin.com/news/lessons-from-kelpdao-hack","credibility":2,"archive_timestamp":"2026-09-21T09:29:58+00:00"},{"url":"https://www.upi.com/Top_News/World-News/2026/04/22/KelpDAO-LayerZero-North-Korea-crypto-hack-theft-Lazarus-Group/6151776848419/","name":"UPI — North Korean hackers tied to $290M crypto heist, firm says","type":"news_article","archive_url":"http://web.archive.org/web/20260423075046/https://www.upi.com/Top_News/World-News/2026/04/22/KelpDAO-LayerZero-North-Korea-crypto-hack-theft-Lazarus-Group/6151776848419/","credibility":1,"archive_timestamp":"2026-04-23T07:50:46+00:00"},{"url":"https://news.bitcoin.com/lazarus-group-suspected-of-moving-175m-in-eth-after-arbitrum-freezes-71m-from-kelpdao-exploit/","name":"news.Bitcoin.com — Lazarus Group Suspected of Moving $175M in ETH After Arbitrum Freezes $71M From KelpDAO Exploit","type":"news_article","archive_url":"http://web.archive.org/web/20260621164245/https://news.bitcoin.com/lazarus-group-suspected-of-moving-175m-in-eth-after-arbitrum-freezes-71m-from-kelpdao-exploit/","credibility":2,"archive_timestamp":"2026-06-21T16:42:45+00:00"},{"url":"https://sequoiacap.com/article/bryan-pellegrino-spotlight-layerzero","name":"Sequoia Capital — LayerZero's Bryan Pellegrino: From Poker to Protocols","type":"other","archive_url":"http://web.archive.org/web/20260912161934/https://sequoiacap.com/article/bryan-pellegrino-spotlight-layerzero","credibility":2,"archive_timestamp":"2026-09-12T16:19:34+00:00"},{"url":"https://www.theblock.co/profile/293295/bryan-pellegrino","name":"The Block — Notable Crypto Personalities: Bryan Pellegrino","type":"other","credibility":2},{"url":"https://www.forbes.com/sites/stevenehrlich/2023/05/03/crypto-ceothe-traditional-way-of-moving-assets-across-blockchains-is-a-horrible-construct/","name":"Forbes — Crypto CEO: The Traditional Way Of Moving Assets Across Blockchains Is A 'Horrible Construct'","type":"news_article","credibility":1},{"url":"https://www.theblock.co/news/defi/2024-05-19-layerzero-labs-ceo-announces-pause-of-sybil-bounty-hunter-process-after-influx-of-reports-295274","name":"The Block — LayerZero Labs CEO announces pause of Sybil 'bounty-hunter' process after influx of reports","type":"news_article","credibility":1},{"url":"https://www.dlnews.com/articles/defi/layerzero-warns-sybil-airdrop-farmers-to-self-report/","name":"DL News — LayerZero warns sybil airdrop farmers to self-report or 'receive nothing'","type":"news_article","archive_url":"http://web.archive.org/web/20260617140737/https://www.dlnews.com/articles/defi/layerzero-warns-sybil-airdrop-farmers-to-self-report/","credibility":2,"archive_timestamp":"2026-06-17T14:07:37+00:00"},{"url":"https://defillama.com/protocol/layerzero","name":"DefiLlama — LayerZero TVL, Fees & 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