Stunned—$ZRO was rushing upward while eating legal action.
According to Cointelegraph, this April, KelpDAO allegedly lost about $292 million worth of rsETH via a cross-chain bridge; it then filed a lawsuit against LayerZero and CEO Bryan Pellegrino in connection with the alleged failure to sufficiently disclose technical risks. Pellegrino responded that the lawsuit is baseless and will defend himself in Vancouver.
As for Binance ZROUSDT perps, it’s currently around 1.62, up about +12.8% over the past 24 hours, with trading volume of roughly $65 million, and open interest of about $35 million. Market cap is on the order of about $180 million. Over the last 7 days, it’s still been within a roughly 40% range of gains.
My take: At this level of public infighting, you’d usually expect a sell-off. But the futures market has stubbornly pushed higher despite the bad news. Either the market treats the blame as noise, or traders are just happy to gamble on something “irrelevant.” When the narrative and the price go in opposite directions, that’s when you’re most likely to get slapped in the face.
According to Cointelegraph, this April, KelpDAO allegedly lost about $292 million worth of rsETH via a cross-chain bridge; it then filed a lawsuit against LayerZero and CEO Bryan Pellegrino in connection with the alleged failure to sufficiently disclose technical risks. Pellegrino responded that the lawsuit is baseless and will defend himself in Vancouver.
As for Binance ZROUSDT perps, it’s currently around 1.62, up about +12.8% over the past 24 hours, with trading volume of roughly $65 million, and open interest of about $35 million. Market cap is on the order of about $180 million. Over the last 7 days, it’s still been within a roughly 40% range of gains.
My take: At this level of public infighting, you’d usually expect a sell-off. But the futures market has stubbornly pushed higher despite the bad news. Either the market treats the blame as noise, or traders are just happy to gamble on something “irrelevant.” When the narrative and the price go in opposite directions, that’s when you’re most likely to get slapped in the face.
