Browsing:News

Magi Rollup Client from a16z to Streamline Optimism Scaling on Ethereum
1 year ago 1 min read

a16z Launches Magi, a Rollup Client for Optimism Scaling Solution

On April 19, venture capital (VC) giant a16z announced Magi, a new rollup client for the Ethereum layer-2 ecosystem, Optimism. This move is an effort to increase client diversity in the rapidly expanding layer-2 ecosystem, which is critical for the safety and liveliness of the network. Magi is an OP Stack rollup client developed in Rust programming language, which will function as a consensus client for advancing the chain. The new software is set to replace op-node, the only existing rollup client implementation. The goal of the release is to encourage greater safety and liveliness throughout the OP Stack while

Tornado Cash Soars by 20% in Anticipation of Developer Alexey Pertsev’s Return
1 year ago 1 min read

Tornado Cash rallies 20% ahead of Alexey Pertsev’s release

A Dutch court’s decision to release developer Alexey Pertsev, who has been detained for two months pending a hearing, has led to a massive surge in the price of Tornado Cash’s (TORN) cryptocurrency. Crypto educator and activist Eléonore Blanc, who has been monitoring the case, confirmed Pertsev’s released under strict conditions, including surveillance and an ankle monitor, which was enough to send TORN soaring 23.55% in less than an hour. The United States Treasury Department sanctioned Tornado Cash for allegedly facilitating money laundering and was used by hacker groups, including the North Korean state-backed Lazarus Group, to launder stolen assets

Avalanche's Subnet Expansion Drives Spike in Daily Active Addresses
1 year ago 1 min read

Avalanche’s Daily Active Addresses Skyrocket After Subnet Expansion

April has been a remarkable month for Avalanche (AVAX). The network has witnessed notable growth in several areas, including a significant surge in daily active addresses since the beginning of the month. Avalanche’s daily active addresses remained below 45,000 from January to March. However, the network has experienced rapid expansion in the last three weeks, with daily active addresses exceeding 80,000. So, what’s the reason behind this tremendous expansion? Recent reports indicate that aggressive subnet deployment has led to the exponential growth of IP addresses, ultimately resulting in increased user engagement and the network’s utility. Avalanche’s subnets have particularly attracted

Elleria Arbitrum Bridge Compromised, Hackers Steal 140+ ETH
1 year ago 1 min read

Over 140 ETH Stolen in Elleria Arbitrum Bridge Attack

In another unfortunate incident for the DeFi space, the popular web3 game Tales of Elleria has fallen victim to a hack resulting in the theft of over 140 ETH, worth approximately $273,000. The game’s team confirmed the attack, which occurred on April 19, and identified the exploit as targeting the Arbitrum bridge contract. The hacker exploited the contract to mint 5 billion ELM tokens and drain the LP, leading to a significant decline in the ELLERIUM (ELM) token’s value. The team has suspended all deposits and withdrawals and has urged players not to buy the ELM token until further notice.

Ethereum Development Gets $1M Boost from ApeCoin Community
1 year ago 1 min read

ApeCoin Donates $1M to Help Accelerate Ethereum’s Progress

The ApeCoin community has made a significant contribution to the development of Ethereum by donating $1 million to fund public goods and further development work. The proposal, AIP-230, titled “I don’t hate apes, I just want them to fund public goods!” was passed by the community after a vote. The donation aims to give back to the Ethereum community, promote development work around account abstraction, and introduce developers to ApeCoin. The ApeCoin community plans to donate $300,000 to ETHGlobal and allocate $700,000 to fund 11 ApeCoin hackathons and at least five public good initiatives. The community will select the judges

LockBit Ransomware Group Strikes Venezuela’s Leading Bank in Cyberattack
1 year ago 1 min read

Venezuela’s Largest Bank Targeted by LockBit Ransomware Attack

Reports have emerged that Venezuela’s largest bank, Banco de Venezuela, has suffered a ransomware attack. Several cybersecurity portals monitoring these types of attacks have confirmed the news. Twitter users first began discussing the breach on April 19, and since then, specialized computer security portals have confirmed that a publication on the darknet about the bank’s domain, bancodevenezuela[.]com, exists. The malicious software used in the attack is known as LockBit ransomware, which encrypts a victim’s files or data, making them inaccessible, and demands a ransom, usually in the form of cryptocurrency, from the victim to decrypt and regain access to their

Coinbase Given Go-Ahead for Offshore Exchange, Launch Date Expected Soon
1 year ago 1 min read

Coinbase’s Offshore Exchange Receives Regulatory Approval, Launch Imminent

Coinbase, the largest cryptocurrency exchange in the United States, has acquired a Class F license from the Bermuda Monetary Authority (BMA) under the Digital Asset Business Act. This new license allows Coinbase to launch an offshore derivatives exchange platform that will permit the trading of perpetual swaps tied to cryptocurrencies. The news has raised speculation on how the crypto exchange will handle the current regulatory scrutiny in the US, especially with its announcement of possible relocation in the region. Coinbase’s Class F license enables the company to engage in various activities, including the sales and issuance of tokens. Additionally, it

Voyager and Binance.US $1B Deal Moves Forward After Successfully Resolving Legal Disputes.
1 year ago 1 min read

Voyager’s $1B Deal with Binance.US Moves Forward After Resolving Legal Concerns

Bankrupt cryptocurrency lender Voyager Digital Holdings has successfully sealed a deal with the United States federal government that paves the way for a $1 billion plan allowing Voyager to sell its assets to the U.S. arm of Binance. The government can still work on an appeal on exculpation provisions, which it believes protect Voyager from certain legal liabilities. The deal with Binance.US was temporarily halted by a federal judge after an emergency stay request from the U.S. government. Despite challenges from Voyager and the Official Committee of Unsecured Creditors, the government’s request was granted on March 27. U.S. regulators have

Silvergate Bank's Alleged Association with FTX Brings About Combined Legal Action
1 year ago 1 min read

Judge Combines Silvergate Lawsuits Involving Alleged Ties to FTX

A California judge has ordered the consolidation of three investor lawsuits against the now-defunct crypto bank, Silvergate Bank. The lawsuits involve the bankrupt crypto exchange FTX, which is accused of facilitating investor fraud with the help of Silvergate. The three cases, brought by four former investors, will remain separate from other federal cases against FTX and its founder, Sam Bankman-Fried, but will be combined by mutual agreement of the litigants. Silvergate is accused of aiding and abetting FTX’s alleged misconduct, including processing illegitimate transfers of FTX customer funds to its sister trading firm, Alameda Research. The consolidation was ordered due

Australia Takes the Lead in Bitcoin ATM Adoption Across the Globe
1 year ago 1 min read

Bitcoin ATM Expansion Surges in Australia, Outpacing Asia

Australia has recently emerged as a powerhouse in the crypto ATM space, surpassing the entire continent of Asia in the total number of crypto ATMs installed. According to data from Coin ATM Radar, Australia now hosts the third-largest network of Bitcoin ATMs in the world, with 364 machines installed. What’s even more impressive is the country’s consistent growth in space. While other leading nations, such as the United States and various European countries, have seen a reduction in ATM installations, Australia has been consistently adding new machines since the beginning of 2023. This growth comes at a time when the

Ethereum MEV Bot Feasts on Gas as Memecoin Craze Takes Hold
1 year ago 1 min read

MEV Bot Drains Over $1M in Gas Fees as Ethereum’s Memecoin Craze Continues

An Ethereum MEV bot has been busy pumping obscure memecoins, such as PEPE and WOJAK, and churning through the gas in the process. The bot, known as ‘jaredfromsubway.eth,’ spent over $1 million in gas in the past 24 hours, accounting for almost 8% of the total gas spending over that period. This has caused gas prices to increase for regular users. The bot has spent over 1,183 ETH, worth $2.4 million, in the past week, making it the top gas guzzler with a monthly Ethereum gas usage of $5.3 million. The bot uses Maximal (formerly Miner) Extractable Value (MEV) to

Finder survey anticipates Bitcoin's peak at $42,000 in 2023
1 year ago 2 mins read

Bitcoin’s value to reach a high of $42,000 in 2023, says Finder survey, with a year-end price of over $35,000

Australia-based information services platform Finder recently conducted a survey in April among 32 crypto industry specialists to get their views on the price outlook for Bitcoin in the coming decade. According to the average predictions for 2023, Bitcoin will hit a high of US$42,225, a low of US$17,026, and close the year at US$35,485. The survey found that Bitcoin’s price will be closely related to developments in the banking industry. A shakeout in the banking industry could demonstrate Bitcoin’s ability to store value, offering an alternative investment option free from government and central bank controls, according to Ben Ritchie, director

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