LayerZero Fund Seeks to Acquire Stargate Cross-Chain Bridge for $110M

LayerZero Foundation proposes a $110 mln acquisition of Stargate cross-chain bridge and its STG token. The US Federal Reserve's Chairman Powell supports a 0.75% rate cut in September and three rate cuts this year. TRM Labs reports that ransomware group Embargo transferred over $34 mln in cryptocurrencies since April. A Bitcoin executive claims that at least one Bitcoin user is kidnapped weekly, with attacks increasing during bull markets. Russian hacking group GreedyBear has stolen over $1 mln in cryptocurrencies by impersonating wallet extension programs. An Ethereum developer is detained in Turkey for allegedly "abusing" Ethereum. Greeks.Live expects low short-term price volatility for BTC and high implied volatility for ETH. Elon Musk announces that Grok 4 is now available for free to all users. Arthur Hayes has made significant purchases of ETH ecosystem tokens in the past 19 hours. Michael Saylor predicts that Bitcoin will reach $1000 mln when banks start recommending it. JD.com is hiring for a stablecoin chain-based activity planning position. Mike VanSickle hopes Elon Musk will rejoin the MAGA camp before the midterm elections.

LayerZero Foundation, a supporter of the cross-chain interoperability protocol LayerZero, has proposed a $110 million acquisition of Stargate bridge and its STG tokens. The acquisition aims to integrate Stargate into the LayerZero ecosystem, providing resources for an aggressive roadmap expansion and deeper consumer engagement [1].

Under the proposal, STG tokens would be discontinued, with STG holders able to exchange their tokens for ZRO, the native LayerZero token, at a ratio of 1 STG: 0.08634 ZRO. This reflects a value of $0.1675 per STG and $1.94 per ZRO. Stargate would be absorbed into the LayerZero Foundation, with its DAO dissolved. The proposal has sparked debate, with some STG holders expressing dissatisfaction with the compensation ratio [1].

Meanwhile, Federal Reserve Vice Chair for Supervision Michelle Bowman has advocated for interest rate cuts. Bowman believes that the recent job market data strengthens her view that interest rates should be lowered three times this year. The Fed's chair, Jerome Powell, has been cautious about rate cuts due to concerns about inflation, but Bowman's stance reflects a growing sentiment within the Fed [2].

In the realm of cybersecurity, TRM Labs reports that the Embargo ransomware group has stolen over $34 million since April 2024, primarily targeting U.S. healthcare and business sectors. The group employs sophisticated laundering techniques and double extortion tactics, adding pressure on victims. The group's connection to the historical BlackCat operation raises questions about its origins and evolution [3].

References:
[1] https://www.tradingview.com/news/the_block:d84df3cba094b:0-layerzero-foundation-proposes-110-million-acquisition-of-stargate-bridge-as-token-struggles/
[2] https://www.wqad.com/article/news/nation-world/federal-reserve-official-calls-for-rate-cuts/507-f7b2890d-1ae8-47fa-ac88-5f7ddc1ff11f
[3] https://economictimes.indiatimes.com/crypto-news-today-live-11-aug-2025/liveblog/123223005.cms