Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week:
Goerli Merge ✅
The Goerli testnet has successfully performed The Merge.
BREAKING: #Ethereum Goerli testnet successfully merges to proof-of-stake.
— Watcher.Guru (@WatcherGuru) August 11, 2022
This means that this testnet is now using a Proof-of-Stake consensus mechanism, as compared to the Proof-of-Work that the Ethereum Mainnet currently uses.
The Goerli Merge means that the final stage is transitioning the actual Ethereum Mainnet to Proof-of-Stake, which is predicted to be some time in September.
The Ethereum Merge has been scheduled for TTD 58750000000000000000000
This is approximately Sept 15-16th
The Merge is officially scheduled 📆
— Bankmanless (@BanklessHQ) August 11, 2022
Amidst The Merge happening soon, there have been some rumours of a hard fork of Ethereum which will still use Proof-of-Work.
Chandler Guo, a well-known Ethereum miner, announced that he may be creating a hard fork of Ethereum, known as ETHW.
i fork ethereum once，i will fork it again！ https://t.co/3DdlZ3zMz9
— ChandlerGuo.twit (@ChandlerGuo) July 27, 2022
While some crypto exchanges have supported this hard fork,
Swap Guide & FAQs👇https://t.co/E9vg04t1jK
— Gate.io (@gate_io) August 9, 2022
major stablecoins USDT and USDC have shown that they are supporting the switch to Proof-of Stake.
USDT and USDC will support Ethereum's long-awaited transition to a Proof-of-Stake blockchain. https://t.co/k8BazOQPaW
— Cointelegraph (@Cointelegraph) August 10, 2022
Other big players that are supporting The Merge include Chainlink,
Chainlink joins the Ethereum Foundation in going PoS.
Forked versions of the Ethereum blockchain, which includes proof-of-work forks, will no longer be supported by the Chainlink protocol post-Merge. https://t.co/4rQKc6905X
— Cointelegraph (@Cointelegraph) August 8, 2022
The Ethereum Merge is approaching.
🔸Binance will support “The Merge”.
🔸In case of newly forked tokens, we will evaluate and consider support for distribution and withdrawal.
View details ⤵️https://t.co/iuQSsXZ7fk
— Binance (@binance) August 10, 2022
If you’re wondering what’s next for Ethereum after The Merge, you can find out what we learnt from Vitalik Buterin’s talk at Korea Blockchain Week 2022 here.
Curve Finance Hacked 😵
Crypto hacks are occurring rather frequently, with Curve Finance becoming the latest victim.
Don't use https://t.co/vOeMYOTq0l site – nameserver is compromised. Investigation is ongoing: likely the NS itself has a problem
— Curve Finance (@CurveFinance) August 9, 2022
Curve Finance’s nameserver was reportedly compromised, and this redirected users to a fake website and approve a malicious contract.
This allowed the contract to drain assets from the user’s wallet.
About $570k worth of assets had been stolen in this manner.
Looks like $570k stolen
— ZachXBT (@zachxbt) August 9, 2022
The good news is that Binance managed to recover these funds, when the hacker tried to send them to the exchange to cash out.
Binance froze/recovered $450k of the Curve stolen funds, representing 83%+ of the hack. We are working with LE to return the funds to the users. The hacker kept on sending the funds to Binance in different ways, thinking we can't catch it. 😂#SAFU https://t.co/Ekea9moeAw
— CZ 🔶 Binance (@cz_binance) August 12, 2022
Meanwhile, the recent Solana wallet hack that happened last week resulted in some inconclusive results.
Slope wallet is still unable to find the root cause of the hack,
Slope: No ‘conclusive evidence’ tying $4 million Solana hack to its own security flawhttps://t.co/zKYKIJ8sYW
— The Block (@TheBlock__) August 11, 2022
while Phantom wallet issued a statement that their wallets were not compromised.
1/ After almost a week of investigation, our team has not found any evidence that Phantom's systems were compromised during the August 2nd security incident.
Work is still ongoing, but given the seriousness of the situation, we want to give an update on what we have done so far.
— Phantom (@phantom) August 9, 2022
If you’re looking for an alternative wallet for Solana assets, you can create a Multi-Chain wallet on the Krystal app (iOS and Android).
This allows you to store assets on both the Solana network and 9 other EVM-compatible networks!
Hodlnaut 🛑 Withdrawals
Just when we thought that the worst was behind us, Hodlnaut is the latest centralised crypto lending platform to pause withdrawals.
Dear users, we regret to inform you that we will be halting withdrawals, token swaps and deposits immediately due to recent market conditions. We have also withdrawn our MAS licence application. Here is our full statement https://t.co/5KfHUBzWsn Our next update will be on 19 Aug.
— Hodlnaut (@hodlnautdotcom) August 8, 2022
This came as a huge shock to the community as the CEO, Juntao Zhu, has been assuring his users that their assets are safe.
The whole debacle with centralised lending platforms have taught us 3 key lessons, which you can find out more here.
Coinbase Earnings 🙃
Things aren’t looking good for Coinbase, as they reported a 63% drop in their revenue and losses of over $1 billion.
BREAKING: Coinbase’s latest earnings report showed a $1.1 billion loss and lower-than-expected revenue as the exchange was battered by tumbling digital-asset prices https://t.co/uovaPcaHYm pic.twitter.com/BBQzH3zmIm
— Bloomberg Crypto (@crypto) August 9, 2022
This is most likely attributed to the crypto winter we are experiencing now, as retail interest in cryptocurrencies have waned.
Reddit 🤝 FTX
Crypto exchange FTX now has a deal with Reddit to launch tokenised ‘Community Points’.
BREAKING: Reddit is integrating with FTX, allowing users to pay gas fees for the platform’s token using fiat
— Blockworks (@Blockworks_) August 9, 2022
These Community Points exist on the Arbitrum network, and are awarded to users based on the quality of their posts.
If users want to transact with these Community Points on-chain, they will need to pay gas fees. FTX Pay will make this process easier, by allowing users to pay for these fees using fiat currencies.
This move will further help to increase the adoption of blockchain technologies, as Reddit has around 52 million daily active users.
Arbitrum is just one of the 10 networks that are available on our platform.
🔥 Krystal now supports DeFi services on @arbitrum 🔥
👀 Drop us a COMMENT if you love it, mates! pic.twitter.com/xhelbuNukd
— Krystal DeFi (@KrystalDefi) April 7, 2022
BlackRock launches new BTC fund
After announcing a partnership with Coinbase,
We are proud to announce a partnership with @BlackRock. BlackRock’s Aladdin clients will now have direct access to crypto markets through Coinbase Prime.
Read more 👇https://t.co/LA3XeYYbvs
— Coinbase (@coinbase) August 4, 2022
BlackRock, the largest investment firm in the world, has launched a private trust that could provide institutional investors with exposure to Bitcoin.
BlackRock just launched a private #bitcoin fund!
— Documenting Bitcoin 📄 (@DocumentingBTC) August 11, 2022
Larry Fink, the CEO of BlackRock, stated that BTC has drawn a lot of interest.
BlackRock CEO says, "The hits on BlackRock's website were: 3,000 hits on COVID, 3,000 hits on monetary policy, and 600,000 hits on #bitcoin
— Documenting Bitcoin 📄 (@DocumentingBTC) August 11, 2022
Despite the current market prices, institutional investors still seem to be interested in the crypto space, and this could spell good news for us investors!
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