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🔵 Arbitrum bug causes brief delay in network operation; now fixed
A bug in Arbitrum's sequencer code caused a brief pause in the network's ability to batch transactions to the Ethereum blockchain. As a Layer 2 network, Arbitrum batches up transactions and submits them in a single transaction to Ethereum in an effort to help reduce the load on the main blockchain. To do so, it uses what's called a sequencer to gather these transactions, order them and batch them onto Ethereum.
Yet a bug in the sequencer's code stopped it from being able to batch transactions onto Ethereum, according to Arbitrum developers. This caused a brief outage where transactions were not getting confirmed on the main chain. There was a bit of confusion when this happened over the levels of ether in the sequencer's wallet. When the system is working as designed, the wallet gets refunded with the amount of transaction fees that it spends. Since the transactions were not getting confirmed on Ethereum, a second wallet — that is set up to automatically refund it — didn't do so. This worked as intended and didn't cause the outage.
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🇲🇪 Do Kwon's $428K Bail Request in Fake Passport Case Approved by Montenegro Court
The Montenegro court handling Terra founder Do Kwon's passport forgery case has accepted his 400,000 euro ($428,000) bail request after a higher court annulled a previous approval, according to a Friday announcement. In March, Kwon, along with former Terra executive Han Chang-joon, were arrested in Montenegro for allegedly attempting to travel with falsified documents.
The basic court in the capital city of Podgorica had already approved a bail request from Kwon's lawyers for the same amount, but it was annulled after prosecution appealed the decision, and a higher court found that the first approval was not based on a sound assessment of the defendants' property based on "concrete evidence.". The case also requires authorities in Belgium to verify the authenticity of travel documents Kwon and Han had in their possession, and the accused could face a prison sentence of up to five years, the court said. Contrary to the prosecution's opinion, the court said a sum of 400,000 euros ".
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💰 Marathon Increases Impressively 77% Bitcoin Mining In May
Marathon Digital Holdings, a well-known Bitcoin mining company, has revealed its unaudited May 2023 data for Bitcoin (BTC) output and miner installation, which indicate tremendous growth and record-breaking numbers. The crypto miner boosted its operating hash rate to 15.2 EH/s by 9% M/M and its installed hash rate to 20.1 EH/s by 13% M/M. By constant fleet improvements and continuing development at Applied Digital’s factory in Ellendale, ND, the firm is on target to meet its goal of 23 EH/s by mid-year.
Marathon had $97.3 million in unrestricted cash and cash equivalents on its balance sheet at the end of the month. In May, the business boosted its average BTC production per day by 40.2%. Marathon’s Chairman and CEO, Fred Thiel, attributed the huge increase in production to a greater hash rate and a big increase in transaction fees. Importantly, transaction fees contributed to around 11.8% of Marathon’s monthly Bitcoin profits, with costs exceeding the 6.25 BTC block reward in certain cases owing to the addition of Ordinals. Marathon profited from these extremely high transaction fees by leveraging its scale and greater dependability.
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🇪🇺 MiCA Is Now Signed Into Law To Create A Clear Legal System For Crypto In The EU
The important Markets in Crypto Assets (MiCA) proposal seeks to standardize all cryptocurrency legislation throughout the EU’s 27 member states. According to the most recent reports, the European Union officially signed into law its MiCA legislation on Wednesday. The legislation was signed by European Parliament President Roberta Metsola and Swedish Rural Affairs Minister Peter Kullgren, coupled with a second anti-money laundering bill requiring crypto providers to authenticate their clients’ identities before transferring payments.
The council has already given final approval to the MiCA rule. The ground-breaking law attempts to integrate crypto throughout the EU. It was, however, postponed until February. It has now received final clearance. The announcement was made on Twitter by the Swedish government, which is presiding over legislative discussions as the EU president. On April 20, the European Parliament passed the European Union’s (EU) MiCA encryption rules. This remarkable move brings Europe one step closer to being the first area to enact comprehensive laws for the booming cryptocurrency industry. The enforcement phase will begin in June 2023 after the fulfillment of a few remaining administrative procedures.
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📣 Ede Finance made 'ill-advised decision' to manipulate prices on its protocol
DeFi project Ede Finance admitted that it made a decision to manipulate prices, after the protocol was exploited for around $580,000. The attacker who exploited it claimed they were a white hat — acting for good – and that they were trying to expose how the Arbitrum-based project worked, according to security analysts PeckShield. They claimed — in messages sent over the blockchain that the project's core team had a backdoor that allowed.
The attacker said that if the developers admit to this practice, they would return the funds minus a 10% bounty for themselves. They also mentioned there were additional vulnerabilities. The Ede Finance developers replied, "Yes we acknowledge making an ill-advised decision to manipulate the price. However our intention was to blacklist those who had previously exploited the system, fully aware that all transactions are recorded on the blockchain. We did not aim to misappropriate users funds as this would leave a traceable record." The project's native token has fallen from $2.43 to $1.18 over the last 24 hours, down 51%.
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🪙 Ether (ETH) Stored on Centralized Exchanges Hits 5-Year Low: Data
Ether balance on the centralized crypto exchanges has reached a five-year low. According to the latest data from Glassnode, there are currently 17.8 million ETH on exchanges – a level not seen since July 2016. This figure essentially represents less than 15% of the Ethereum network’s total token supply. To put things into perspective, the exchange balance was recorded to be around 26% during 2021’s bull market. Additionally, there’s not a lot of ETH ready to be sold immediately on CEXs.
ETH supply on exchanges began dropping in September 2022. The decline was even more pronounced after FTX slid into bankruptcy two months later as the subsequent events shook investor confidence in centralized custodians. However, the decreasing ETH balances on exchanges this month coincides with a rise in staking. As such, the figures for staked ETH have increased from 19.3 million before the Shapella upgrade to more than 21.3 million since the beginning of May. The upgrade on April 12 essentially enabled validators to withdraw their staked Ether from the Beacon Chain after three years. Notably, more and more validators have re-staked their ETH, thereby triggering a decline in the supply of the token can be considered bullish for its price trajectory.
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🟠 Binance joint venture granted licenses in Thailand to open regulated exchange
Gulf Binance, a joint venture between Binance and Gulf Innova, has obtained licenses from Thailand's Ministry of Finance to become a digital asset operator regulated by the country's SEC. "Local users can expect access to a trusted and regulated service that prioritizes user security alongside compliance with local regulations," said Richard Teng, head of Asia, Europe, and MENA at Binance, in a statement.
Richard Teng, Binance’s Head of Asia, Europe, and MENA, said: “We are grateful and honored to be granted digital asset operator licenses for Gulf Binance in Thailand — a country with a thriving crypto space that has demonstrated strong commitment in embracing blockchain technology. “By harnessing Binance's expertise together with Gulf’s established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users. Local users can expect access to a trusted and regulated service that prioritizes user security alongside compliance with local regulations.”
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🟠 Binance Sanctioned Wallet Receives $2M in Crypto With North Korea Allegations
Binance wallets with links to North Korea have been sanctioned, according to a statement from the US Treasury’s Office of Foreign Assets Control (OFAC). Meanwhile, on Tuesday, US agents raided a slew of wallets for possible ties to the North Korean regime. OFAC said that the banned wallets, which included Bitcoin, Ether, Tether’s USDT, and Circle’s USDC, belonged to a 58-year-old North Korean citizen called Sang Man Kim. Binance, a cryptocurrency exchange, housed the wallets.
According to the OFAC, the Binance wallets received more than $2 million in cryptocurrency. After that, the monies were transferred to North Korean companies, resulting in the sanctions. The sanctions were coordinated with the Republic of Korea, which named two of the sanctioned parties jointly. South Korea had sanctioned three of the organizations in February. The Treasury Department’s Office of Foreign Assets Control has also designated two more RGB-controlled operation centers to lead offensive cyber activities. The facilities were linked to the Lazarus Group, a hacking outfit sanctioned by OFAC and renowned for stealing $620 million in virtual currency from a blockchain project in 2022.
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🪙 Vitalik: Ethereum Consensus Overload Will Bring High Risk To Ecosystem
Vitalik Buterin, Co-Founder of Ethereum, published an article, “Don’t Overload Ethereum’s Consensus” and argued that the ultimate oracle technologies, Stake Reset, and L1-driven recovery of the technologies L2 projects, etc., will bring high systemic risk to the ecosystem. The Ethereum founder said in the article that over the years, developers/projects have had many ideas to use Ethereum’s consensus for other purposes (usually in the beta phase).
The report concludes that the social consensus of the blockchain community is fragile and should be used with caution in mature communities. Some developers try to extend the core of the blockchain with more and more functionality, but each such extension makes the core more vulnerable. We should be wary of actions taken by application layer projects that could increase the “scope” of blockchain consensus rather than validate Ethereum’s core protocol rules. The purpose of this post will be to explain in detail the argument why a specific subset of these techniques brings high systemic risks to the ecosystem and should be discouraged and resisted.
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💰 Bitcoin Voucher Provider Azteco Secures $6 Million Funding Round Led by Jack Dorsey
On Thursday, California-based bitcoin voucher company Azteco revealed it had garnered $6 million in seed funding through a round spearheaded by Block, Inc.’s CEO and chairperson, Jack Dorsey. Azteco stated that the newly acquired capital would further its objective to “provide billions of people” with a “solution that promotes financial inclusion and long-term stability.”
Azteco, a firm offering minute bitcoin (BTC) portions through a voucher system, announced raising $6 million in seed funding. The investment round was directed by Block executive Jack Dorsey, accompanied by participants such as Lightning Ventures, Hivemind Ventures, Ride Wave Ventures, Aleka Capital, Visary Capital, and Gaingels. Investors David Van Der Weele and Sunil Rajaraman also took part in Azteco’s seed round. Azteco aims to assist the unbanked through bitcoin solutions, with the startup’s founders convinced that “bitcoin presents a low-cost, secure, and flexible alternative to traditional banking that removes payer fraud.
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📣 LayerZero Launching Bug Bounty Worth Up To $15 Million
Cross-chain messaging protocol LayerZero and security platform Immunefi have teamed up to launch a bug bounty program worth up to $15 million. The program offers a maximum reward of $15 million to anyone who identifies a vulnerability of the highest severity. According to its terms and conditions, the reward is based on the Immunefi Vulnerability Severity Classification System and is paid according to the impact of the vulnerability. Critical smart contract vulnerabilities reported on Ethereum, BNB Chain, Avalanche, Polygon, Arbitrum, Optimism, and Fantom pay a premium of over $250,000.
To be considered for a reward, bug reports must include a proof of concept (PoC) representing the ultimate impact on the content in scope. Explanations and statements are not accepted as PoC, and a code is required according to eligibility criteria. In early April, LayerZero raised $120 million in a Series B round at a $3 billion valuation. The funding round had the participation of market-leading investment funds such as a16z, Sequoia Capital, Samsung Next, BOND, Circle Ventures, Open Sea Ventures. According to Immunefi, more than 1,248 reports have been processed since the start of 2020, totaling $65,918,994 in crypto bonuses paid as of December 2022.
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📣 Bitdeer 2023 Q1 Net Loss Of $9.5 Million With Total Revenue Of $72.6 Million
Bitdeer, a crypto mining company, released its financial report for the first quarter of 2023, with total revenue of $72.6 million, a decrease of 19.7% from $90.4 million in the same period in 2022, and a net loss of $9.5 million. Adjusted profit of $2.8 million in Q1 2023 with a total managed hashrate of 18.3 EH/s, of which proprietary hashrate increased from 4.1 EH/s on December 31, 2022, to 5.7 EH/s (3.9 EH/s for self-mining business; 1.8 EH/s for cloud computing power business) on March 31, 2023.
The company’s net loss in the first quarter of 2023 was $9.5 million, compared to a net loss of $9.6 million in the same time in 2022. The primary source of the net loss in both periods was share-based expenditures, which were $12.3 million in the first quarter of 2023 and $35.2 million in the first quarter of 2022. Bitdeer also reported that its gross profit was $13.5 million in the first quarter of 2023, representing a gross margin of 18.6%, compared to $41.4 million, or a gross margin of 45.7%, in the same period of 2022, owing to a change in total revenue and an increase in electricity and depreciation costs related to the expansion of the Company’s mining datacenters.
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📣 Half of North Korea’s Missile Programs Funded via Stolen Crypto: White House
According to an undisclosed White House official, North Korea has funded approximately half of its missile tests through crypto theft and cyberattacks. A recent Chainalysis report suggested that North Korean hackers embezzled $1.7 billion of digital assets in 2022. Arguably the most notorious local hacking collective – the Lazarus Group – stood behind numerous exploits last year, with the $625 million breach on Ronin Network being the most famous one.
The Democratic People’s Republic of Korea is on its way to becoming a military giant over the past years and is one of the few countries globally with nuclear weapons. Its government, led by Kim Jong Un, also takes every opportunity to upgrade its weapons by carrying out missile programs and various tests. A White House official recently disclosed that stolen cryptocurrencies or cyberattacks fund half of those war efforts. Anne Neuberger – Deputy National Security Adviser for cyber and emerging technology – said Biden’s cabinet is “putting a lot of time and thought” and is trying to understand how “a country like [North Korea] is so darn creative in this space.”
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📣 Robinhood reports steep 30% decline in crypto trading revenues year-on-year
Robinhood reported cryptocurrency trading revenues declined 30% during the first quarter of this year to $38 million. During the same quarter in 2022, the company reported trading revenues of $54 million. In the fourth quarter of last year, Robinhood’s cryptocurrency transaction revenue slipped 24% to $39 million, far below the company's bumper second quarter of 2021 when revenues for digital-asset trading hit $233 million.
Robinhood also reported that its crypto assets "under custody" dipped by 42% year-on-year to $12 billion. Robinhood CEO Vlad Tenev, however, has been persistently bullish about the long-term prospects for crypto. In March, the company rolled out a digital wallet, which supports both the Polygon and Ethereum networks, to its iOS customers around the world. There is currently a waitlist for Robinhood's Android wallet, which is supposed to become available later this year. FTX, which caused many users to lose money, Robinhood has tried positioning itself as a safe and secure platform for people who want to trade crypto.
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🇸🇬 TOKEN2049 Singapore Set to Be World’s Largest Web3 Event With Over 10,000 Attendees
SINGAPORE — 6 June 2023 — TOKEN2049, Asia’s premier Web3 and crypto conference, has announced its first batch of high-profile title sponsors and headline speakers for its much-anticipated Singapore return. TOKEN2049 will take place from 13-14 September 2023 at Marina Bay Sands, ahead of the Formula 1 Singapore Grand Prix 2023 race weekend. TOKEN2049 is set to welcome over 10,000 attendees from over 3,500 companies, making it the largest event of its kind this year.
Celebrating the event’s triumphant return to Singapore, Alex Fiskum, Co-Founder of TOKEN2049 said: “We’ve seen unprecedented traction and interest amid a record number of ticket registrations to date and confirmed speakers, sponsors and partners in our line-up. We expect TOKEN2049 Singapore to be the largest crypto event of the year, an unforgettable experience that will surpass our previous editions in terms of size, activity, and overall excitement.”. Gathering global industry leaders, top decision makers and innovators, new additions in the 2023 agenda include hacker houses, technical workshops, and NFT galleries among others.
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🇷🇺 Russian official detained for accepting record bribe of $28M BTC
According to a local news report, Russian official Marat Tambiev is accused of accepting Bitcoin (BTC) worth $28 million as a bribe from the hacker group he was investigating. This is the largest recorded amount received in a single bribery instance in Russia, as per the report. Tambiev served as the head of the investigative department of the committee for the Tverskoy district of Moscow until he was fired for being corrupt.
The Deputy Prosecutor General noted that Tambiev had received 11.7 million rubles (less than $150,000) during his tenure in the Investigative Committee. The fact that he owned Bitcoins worth $28 million “indicates the receipt of property from sources not provided for by law,” he said. According to the authorities, Tambiev received the bribe on April 7, 2022, from the hacking group Infraud Organization Mark and members of the group Konstantin Bergmanov and Kirill Samokutyaevsky. The report said that Tambiev took the bribe in exchange for not seizing the illegal assets of the hackers he was investigating.
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🇺🇸 U.S. Commodities Agency May Change Risk Rules to Consider Crypto
The U.S. Commodity Futures Trading Commission (CFTC) has proposed an overhaul of its rules for risk management, and Commissioner Christy Goldsmith Romero said the changes should insist firms prepare themselves for crypto volatility and the risks from holding customers’ digital assets. The CFTC issued a proposal Thursday to invite comments on possible changes to the agency’s risk management program, and Romero said in a statement that “technologies like digital assets, artificial intelligence.
The CFTC will take public comments for 60 days on its “advance notice of proposed rulemaking” – the preliminary stage of a rule process that would have to be followed by a formal, proposed rule and then a vote on a final version. She also flagged the ongoing issues regarding the industry’s custody practices, saying “brokers may explore holding customer property in the form of stablecoins or other digital assets that could result in unknown and unique risks.” “These technological advancements, with their accompanying risks, necessitate the commission revisiting our regulatory oversight, including our risk management requirements,” Goldsmith Romero said. “Integration of digital assets with banks and brokers, and the risks that could be posed, could continue to evolve.”
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📣 Nansen, a blockchain data analytics platform, Cuts 30% Of Staff Due To Difficult Market Context
On Tuesday, Nansen, a blockchain data analytics platform, reported a 30% decrease in employment as it seeks to reduce expenses amid the ongoing fall in cryptocurrency markets. Alex Svanevik, CEO of the blockchain data platform Nansen, stated on Twitter on Tuesday that his business had made the “extremely difficult decision” to decrease the number of its workforce. According to the article, around 30% of the firm’s employees would be laid off.
According to LinkedIn statistics, the firm, which was founded in 2020, employed between 51 and 200 people prior to the layoffs. This personnel enabled the business to evaluate more than 100 million wallets across blockchains such as Polygon and Ethereum for its customers, which included media outlets like Bloomberg and The Block, as well as crypto-centric funds such as Polychain. But the end has arrived, and it is now time for Nansen to slash operating expenses as well, with one out of every three workers being forced to hunt for new employment. Other consequences of a bear market that, although it seems to have ended in terms of pricing, is still reaping victims at the upper echelons of the crypto-sphere.
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🪙 Shiba Inu-Themed Floki Sees Trading Volume Surge Amid China Plans
Floki (FLOKI) spiked over 10% on Sunday and saw its highest trading volumes in over three weeks as traders bet on the tokens amid a China-focused push for its Valhalla metaverse game. Trading volumes for the tokens, which are fashioned after the Shiba Inu dog breed, jumped to over $60 million, up from last week’s $25 million average. The spike comes as ads for its Floki game featured in some Chinese sporting tournaments.
Floki previously said it was targeting China in its latest push toward attracting more users for its Valhalla game, as previously reported. The game’s content and technical documents will be available in both traditional Chinese and simplified Chinese and are specifically targeted toward the Chinese gaming market, developers added at the time. Starting June 1, Hong Kong will allow traders to invest in some tokens, such as bitcoin, ether and solana, on regulated exchanges in the country. Traders are not allowed to hold any stablecoins, but the move has fuelled sentiment that wealthy Chinese speculators could soon plough money into the crypto markets.
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🟠 Binance Now Plans To Partner With Tether And Circle To Support Native Stablecoins
Binance is in talks with Tether and Circle to expand support for native stablecoins, which can increase liquidity and reduce reliance on external networks. Supporting regulated stablecoins can improve trust and provide more options for users. Binance has announced that it is in talks with Tether and Circle to expand support for native stablecoins. Native stablecoins refer to stablecoins issued by stablecoin issuers directly on the chain, corresponding to various packaged and cross-chain versions of stablecoins.
By adding support for native stablecoins issued by Tether and Circle directly on the chain, the exchange could potentially increase liquidity on its platform. This would allow users to trade these stablecoins more quickly and efficiently, as they would be readily available within the Binance ecosystem. Native stablecoins issued directly on the chain eliminate the need for relying on external networks or intermediaries. This can help improve transaction speeds and reduce network congestion, as users can transact directly within the Binance ecosystem without relying on off-chain transfers or other networks. Tether and Circle are prominent players in the stablecoin market and have focused on regulatory compliance.
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📣 Zcash Development Team ECC Cuts Nearly 50% Of Staff In Restructuring
Electric Coin Co. (ECC), the Zcash development team, today announced a corporate restructuring that would concentrate the team’s focus and move certain Zcash support responsibilities to the broader community in order to strengthen the robustness and sustainability of Zcash development. The ECC will unveil a new roadmap focusing on empowering ZEC holders and providing them a voice in the coming weeks.
The ECC said that its current top priority is to solve performance concerns with third-party wallets in the near future, with the ECC committing to delivering zcash 5.6.0, a revised version of lightwalletd, and new iOS and Android mobile SDKs. This rearrangement of personnel and objectives will take some time to properly settle, as with any shift, and there are several other projects and efforts approaching completion, such as the relaunch of z.cash and a plan to create community ownership of this and other Zcash digital assets. The project is still working on significant projects, such as Filecoin Foundation awards and other activities that will benefit Zcash users.
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📣 BlockFi withdraws reorganization plan statements following bankruptcy court order
BlockFi said in a letter made public Friday that statements about a bankruptcy reorganization plan should be disregarded. The corrective letter, issued following an order by the U.S. Bankruptcy Court for the District of New Jersey, stated that the crypto lender "prematurely posted certain statements to the court docket, its website, and its Twitter feed on May 13, 2023, regarding a proposed plan of reorganization.
The court documents illustrate continued friction between BlockFi and a committee of unsecured creditors formed in the wake of the crypto lender's bankruptcy filing last November. The letter states that the committee is opposed to the reorganization plan, as are "other parties." It also indicates disagreement over elements of a proposed plan to liquidate BlockFi's lending platform and distribute funds to creditors. "The Committee also believes that it is not appropriate for BlockFi, via its current management and professionals, to control the liquidation of BlcockFi and distributions to creditors. The Committee has requested changes to the plan," the letter states.
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🦊 MetaMask New Terms Goes Viral As It Can Withhold Consumer Funds To Pay Taxes
Crypto wallet MetaMask’s new terms of conditions going viral as it confuses and surprised the community. If you don’t pay taxes, Metamask reserves the right to withhold it from your Metamask wallet for the tax departments. MetaMask and ConsenSys now face backlash for withholding consumer funds for paying taxes, which is against decentralization and financial freedom. Metamask has not released any clarifications regarding the crypto community confusion.
According to new terms of service by MetaMask developer ConsenSys, fees payable by consumers are “exclusive taxes unless otherwise noted. We reserve the right to withhold taxes where required.” MetaMask users are required to identify and pay all taxes, as well as government fees and charges. ConsenSys made some important changes to the Terms of Use related to ConsenSys offerings, including MetaMask in April 2023. 1inch co-founder earlier raised questions on the new MetaMask’s terms stating that MetaMask holds the right to withhold taxes. Decentralization is the primary principle of crypto. The crypto community took to Twitter to criticize the move by MetaMask, claiming it is against decentralization and financial freedom.
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📣 Former CFO Of Seattle Uses $35 Million To Invest In Crypto Leading To Losses
According to a federal indictment handed by a grand jury on Wednesday, the former chief financial officer of a Seattle-based firm stole $35 million of his employer’s money without authorization and lost it by trading in bitcoin before the crypto market fell last year. Once the employer told him that he was being let go due to work performance issues, he discreetly stole the money and moved it to HighTower Treasury.
Shetty reportedly moved a considerable sum of $35,000,100 from his employers to an account related to HighTower without the knowledge of any other employees inside the organization between April 1 and April 12, 2022. The purported goal of this transaction was for HighTower to deploy the cash to investments in the cryptocurrency market’s decentralized finance (DeFi) sector. When the startup discovered the embezzlement, it immediately reported it to the Federal Bureau of Investigation, which launched an inquiry into the case. Shetty faces a potential sentence of 20 years in jail if convicted of wire fraud. He is scheduled to appear in court on May 25, 2023.
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📣 Balancer Hopes To Self-trade Arbitrage To Rescue $300,000 In Frozen Crypto
According to a forum post from Balancer’s governance head, a proposal revealed Tuesday would see the automated market maker Balancer conduct a permissioned arbitrage of its bb-e-USD pool before anybody else can access it. They have around $300,000 in bb-e-usd representing approximately $300,000 in liquid value still held in bb-e-usd and lawfully owned by surviving bb-e-usd holders. The inverse bb-e-usd is bound by a contract that prevents them from withdrawing using the ways now available.
Balancer had frozen the pool on an emergency basis in mid-March after the borrow and lending platform Euler Finance was hacked and the money was eventually recovered. The concept is currently being discussed, and it requires permission from Balancer’s community members since the DeFi protocol’s mechanics would have to be modified. After the arbitrage is completed, organizers want to have a second vote on distributing the recovered tokens. The Balancer Maxis have spent time working with TempleDAO, Euler, and Inverse to guarantee that the necessary criteria for the arbitrage are satisfied on-chain. Temple transferred eTokens to the Balancer DAO Multisig after Euler fixed a contract.
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🇪🇺 MiCA Is Giving New Positive Signals For Crypto-Friendly Banks
MiCA is scheduled to get a final vote from finance ministers next week, and after clearing the crucial vote in the European Parliament, the legislation will come into force, with certain clauses taking effect 12 to 18 months later. This is delivering some good news to the cryptocurrency market. According to Circle EU Strategy and Policy Director Patrick Hansen, Europe already boasts the world’s most cryptocurrency-friendly banks. With the implementation of the Markets in Crypto Assets (MiCA) rules, this worldwide leadership may expand.
One of MiCA’s declared aims, according to Hansen, is to enable financial services for crypto asset service providers. MiCA is a European Union regulation that is expected to become law in July 2023, with some of its provisions taking effect in July 2024 and others in January 2025. It is part of a larger digital finance package developed inside the EU and has been regarded as the most important crypto-specific law in the world. The law attempts to govern crypto assets and those who trade them, whether they are individuals or businesses. As a result, it is the first significant move toward industrial regulation anywhere in the world.
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🪙 Ethereum Announces Urgent Patch For Transaction Validation Issue
A few hours ago, the Ethereum developers announced an emergency patch for Prysm clients affected by the recent transaction validation issue. Early in the morning of May 13, the Ethereum network again recorded a technical problem, making the block unable to be validated by the validator and guaranteed to be stored on the blockchain. The failure of Ethereum to validate the transaction will cause the blockchain to enter an “inactivity leak” state.
According to some experts, the core of the problem may come from a problem in a client running the node the validators use, but the clients are still deploying the patch. As a result, there is a warning that transaction validation problems will likely continue on Ethereum for the third time. The Ethereum developers have yet to determine why the system is having such an error, leaving the community extremely concerned about the technical work of the world’s second-largest cryptocurrency network. However, the crash certainly affected the operation of billion-dollar cryptocurrency protocols built on Ethereum. The DEX dYdX at dawn this morning had to announce the suspension of the deposit function.
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📣 Solidity To Launch Compiler Version 0.8.20
The Ethereum programming language Solidity has published version 0.8.20 of the Solidity compiler, according to the official blog. This compiler changes the default target EVM version to Shanghai, which means that the resulting bytecode has PUSH0 opcodes. If you plan to deploy on a chain other than mainnet, such as L2 networks that may not yet support PUSH0, be sure to choose the right EVM version; otherwise, contract deployment will fail.
Another new feature for tool developers is the ability to import JSON ASTs using SolidityAST as the input language through the Standard JSON interface. The user just follows the installation instructions in the manual to update to the current version of the Solidity Compiler. DApps, or Decentralized Applications, are apps developed on the Ethereum Blockchain’s open-source, peer-to-peer network, which employs smart contracts and front-end user interfaces to construct decentralized platforms. Creating a dApp, like any other software, involves programming and system execution. Solidity programming is distinct from other programming languages.
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🇺🇸 US President Calls To Eliminate Tax Loopholes For Wealthy Crypto Investors
US President Joe Biden has called for an end to unspecified crypto tax regulations that can be used to circumvent the law by wealthy crypto investors. On Twitter, Biden posted an infographic that reads: “We think Congress should cut tax loopholes to make crypto investors rich.” According to the infographic, such cuts are expected to save $18 billion. However, Joe Biden did not specify which tax loopholes exist where the reforms would generate those savings.
Initial accounts of Joe Biden’s tax plan, released in March, suggest that the government could raise $24 billion through crypto tax regulations focused on wash trading. The Biden administration also proposed a 30% tax on cryptocurrency mining, which was raised again on May 2. However, it remains to be seen how much money this tax could generate. This funding and regulation seem to target miners rather than investors. He wants the government to research ways to make crypto innovation more “responsible,” minimizing any negative impacts on the climate. That has set off alarm bells for policymakers worldwide, with China even banning cryptocurrency mining last year. That move led to an exodus of cryptocurrency miners from the country to the United States and other countries, such as Kazakhstan.
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