Syndicate Labs Shuts Down After 5 Years Amid Rollup Market Crash

The shutdown is the latest in a wave of crypto and tech cutbacks driven by weaker demand, tighter funding, and AI pivots.

Syndicate Labs, an a16z-backed on-chain development startup, is winding down operations, citing a fundamental shift in the Rollup market and significant market contraction.

The Ethereum rollup market is dominated by Arbitrum and Base, which have a combined 68% market share, according to L2Beat.

Syndicate Labs has announced plans to shut down its operations after saying the market for Ethereum rollups has deteriorated to a point where the business is no longer viable. In a statement posted on X on Thursday, Syndicate Labs said…

The post Hyperbridge launches $50K bug bounty after bridge exploit appeared on BitcoinEthereumNews.com. Hyperbridge has launched a public bug bounty program on HackenProof, offering rewards of up to $50,000 for critical vulnerabilities.  Summary Hyperbridge offers $50,000 rewards for critical bugs as researchers review cross-chain messaging and fund safety. The program follows April’s fake DOT exploit that exposed proof verification risks across Hyperbridge systems. HackenProof rules require proof-of-concept reports while banning live attacks and third-party exploit testing by researchers. The program invites independent security researchers to review the protocol codebase and submit reports through the security platform. The HackenProof page lists the Hyperbridge Protocol program as live and active. It describes Hyperbridge as a system that lets blockchains communicate and transfer assets through consensus and state proofs, rather than older bridge models that rely on multisig committ

Hyperbridge launched a HackenProof bug bounty with rewards up to $50K after its April exploit exposed cross-chain proof risks in DeFi

The post TAC labels $2.8M bridge exploit a white hat incident as hacker claims 10% bounty appeared on BitcoinEthereumNews.com. TAC, a cross-chain protocol that has marketed itself as a bridge between TON and Ethereum, has now reclassified its $2.8 million exploit from May 12 as a white hat event, after the hacker apparently took the team up on its offer to keep 10% of the “moved” funds in exchange for returning the rest to its multisig wallets.  According to TAC’s disclosures of the event, the exploit targeted the TON side of its cross-chain layer, draining funds across USDT, BLUM, and tsTON. TAC said the vulnerability was isolated to native TON Jettons bridged from the TON network, and that the TAC token itself, TON, and all ERC-20 tokens were unaffected. The TAC token has taken a beating since the exploit, with price dropping more than 21% over the last week. Market cap is down to $79 million from over $91 million before the May 12 disclosure of the hack. TAC Protocol’s token price i