12 May 2025, 04:19

Lido Says Funds Safe After Oracle Incident Triggers Emergency Response

Ethereum staking protocol Lido moved over the weekend to neutralize a threat after one of its oracle keys, managed by validator operator Chorus One, was compromised. Although 1.46 ETH ($3,675) was drained from a hot wallet used for oracle voting, Lido confirmed that the protocol remains secure and fully operational . The breach came to light on May 10 when a contributor noticed a low balance alert on the affected wallet. Further checks revealed the key had been accessed by an unauthorized party, prompting immediate coordination between Lido contributors and Chorus One to contain the situation. The compromised wallet, created in 2021, was used to sign oracle reports but was not protected under the same strict standards as other infrastructure, Chorus One later clarified . On May 10, a hot wallet managed by Chorus One that was used to vote in the Lido Oracle was accessed by an unauthorized entity, leading to the transfer of 1.46 ETH. Our team has been working tirelessly, in collaboration with @LidoFinance , to investigate the incident. As a result,… https://t.co/IIAGdBe1pQ pic.twitter.com/ZWpSFJ43VX — Chorus One (@ChorusOne) May 11, 2025 Lido’s Quorum Model Limits Impact of Oracle Key Breach Although the incident affected one of nine oracle participants, Lido’s oracle system is designed with resilience in mind. Its 5-of-9 quorum mechanism ensures no single operator can jeopardize the integrity of the oracle network. All remaining oracle addresses and the software infrastructure passed integrity checks with no signs of further compromise. In response, Lido initiated an emergency DAO vote to rotate the affected oracle key across three contracts: the Accounting Oracle, Validators Exit Bus Oracle, and CS Fee Oracle. The vote, launched immediately after the breach was confirmed, will run for 72 hours with a subsequent 48-hour objection window. The replacement key has already been generated and securely stored using updated security protocols. Minor Node Issues Briefly Disrupted Oracle Reports, Now Resolved Lido’s infrastructure faced additional oracle reporting delays on May 10. These delays were caused by unrelated technical issues affecting four other oracle operators. Specifically, the problems stemmed from node-level bugs. However, they were resolved quickly and had no impact on user funds or staking operations. Meanwhile, Chorus One, which runs validator services across multiple networks, addressed concerns about the compromised wallet. The company explained that the wallet had always held low balances and was never used to store client assets. Therefore, no customer funds were at risk. Chorus One added that the incident does not reflect its current security standards. Today, the firm secures oracle keys using HashiCorp Vault and enforces strict role-based access controls. Lido has promised a full post-mortem once its ongoing investigation concludes. In the meantime, a review of oracle infrastructure and security practices is underway to prevent recurrence. The post Lido Says Funds Safe After Oracle Incident Triggers Emergency Response appeared first on Cryptonews .

11 May 2025, 17:15

UAE Launches Crypto-Powered Gas Stations in Historic Emarat–Crypto.com Deal

The United Arab Emirates (UAE) is making history with the launch of the first cryptocurrency-friendly gas station with Crypto.com. In a significant development, gas stations operated by Emirates General Petroleum Corporation (Emarat) now allow customers to pay for gas using digital currency. Launch Aims To Redefine Modern Fuel Retail In an update shared on its official X handle, Emarat clarified that the move is part of its visionary Project Landmark. It states that it is meant to set the pace and redefine how a gas service station should function. Emarat is collaborating with Crypto.com, a cryptocurrency exchange that offers various financial services, including direct crypto payments. The strategic collaboration, which will commence with 10 different locations, is the first in the Middle East and North Africa. The plan is to expand across Emarat’s network. In March 2024, Emarat introduced Project Landmark to redefine modern service stations by integrating technology and sustainable innovations. The idea seems to make gas stations futuristic or keep up with contemporary trends, of which crypto payment is key. Crypto.com to Strengthen UAE Digital Payment Ecosystem As of this writing, the first phase of this partnership will see crypto payments activated in 10 Emarat stations. A flagship “Emarat x Crypto.com” station on Al Wasl Road, Dubai, will also be launched. The service will roll out gradually across different locations nationwide. It is worth noting that Emarat owns about 156 gas stations in Dubai and the Northern Emirates. Hence, activating crypto payment services across all its gas stations will signal a massive win for digital adoption in the UAE. It aligns with the UAE’s growing adoption of cryptocurrency . In March this year, for instance, Ripple, a leading blockchain payment provider, secured regulatory approval from the Dubai Financial Services Authority (DFSA). The license grants Ripple the green light to provide payment solutions for financial institutions and businesses across the UAE. UAE Accelerates Crypto Adoption The UAE has positioned itself as a leader in crypto adoption and is opening its space as an attractive destination for players in the sector. Binance, a crypto exchange, recently secured $2 billion in investment from MGX , an Abu Dhabi-based Artificial Intelligence (AI) and tech investor. The collaboration aims to build a more inclusive and robust digital finance ecosystem. The post UAE Launches Crypto-Powered Gas Stations in Historic Emarat–Crypto.com Deal appeared first on TheCoinrise.com .

11 May 2025, 15:01

Why Wall Street Won’t Embrace Crypto Without Zero-Knowledge Privacy

Zero-knowledge proof technology promises to bridge the gap between blockchain transparency and institutional privacy—but what exactly is it?