Month: May 2023

Ethereum Patch Set to Fix Transaction Finality Challenges After Second Bout Disrupts Network – Bitcoin News

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On Friday, Ethereum’s Beacon chain encountered yet another bout of transaction finality challenges, reminiscent of the glitch experienced on May 11, 2023. For over an hour, the blockchain stopped the process of finalizing blocks. However, Superphiz, an Ethereum developer, emphasized that despite this setback, “No transactions were halted” and the incident had “zero impact on chain activity.” Developers Insist Ethereum’s Transaction Finality Glitch Is Now Patched In a span of two consecutive days, the Ethereum blockchain encountered transaction finality challenges, commencing on May 11, 2023, and recurring on May 12.…

Regulators clamp down on websites offering unrealistic crypto returns

In a crackdown on fraudulent activities, the SEC has taken action against operators of multiple websites accused of enticing investors with exaggerated returns through various securities offerings, including crypto asset mining pools.  The regulatory agency has targeted these operators for allegedly misleading investors with promises of “exorbitant returns.” The promise of a 61.9% return In a recent complaint filed in Massachusetts’ federal district court, the Securities and Exchange Commission (SEC) revealed that the promised returns from certain websites reached staggering levels, reaching as high as 61.9% within a 24-hour period.…

U.S. Chamber of Commerce Lines Up in Support of Coinbase Amid Exchange’s Push for Regulatory Clarity From SEC

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The U.S. Chamber of Commerce is supporting Coinbase’s efforts to secure regulatory guidance on crypto assets from the U.S. Securities and Exchange Commission (SEC). The top US crypto exchange filed a motion in court in April to compel the SEC to respond to an earlier petition from the company requesting guidance for the digital asset industry. Coinbase first submitted the petition for rulemaking last July but has yet to hear a “yes” or “no” answer to the request. This week, the Chamber of Commerce submitted a legal document known as an amicus…

Jump Trading faces lawsuit over alleged $1.3B profit from TerraUSD

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A lawsuit filed in a district court in Illinois details Jump Trading’s alleged involvement with Terra Labs in manipulating the price of algorithmic stablecoin TerraUSD (UST). According to court documents from May 9, the firm purchased millions of UST tokens in 2021 hoping to manipulate its value to reach $1.  Plaintiff Taewoo Kim is accusing Jump and its CEO Kanav Kariya of violating both the Commodity Exchange Act and the Commodity Futures Trading Commission (CFTC) regulations, as well as common law unjust enrichment. According to the lawsuit, Jump Trading was…

Tether’s Market Cap Inches Towards All-Time High as Competitors Struggle With Redemptions  – Bitcoin News

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Despite several U.S. dollar-pegged digital tokens experiencing notable redemptions in recent months, the largest stablecoin by market valuation, tether, is on the verge of achieving its highest-ever market capitalization. With a current value of $82.84 billion, tether is a mere $433 million shy of reaching its all-time high (ATH) set on May 8, 2022. Stablecoin Tether on Brink of Record Market Capitalization Approximately 370 days ago, specifically on May 8, 2022, tether’s (USDT) market capitalization soared to an all-time high (ATH) of $83.279 billion. It was during this period that…

Incoming Twitter CEO, Linda Yaccarino, follows Shiba Inu, Dogecoin

Linda Yaccarino, the new CEO of Twitter, has a surprising connection to Dogecoin, the meme-inspired cryptocurrency championed by her predecessor, Elon Musk. According to her Twitter profile, Yaccarino follows several accounts related to Dogecoin and its spin-off, Shiba Inu (SHIB), including the official accounts of both coins and some of their prominent developers and supporters. Some accounts followed by new Twitter CEO Linda Yaccarino | Source: Twitter Yaccarino, previously the head of advertising at NBCUniversal, was announced as Musk’s replacement on Friday. She has not publicly commented on her views…

Ordinals and BRC-20 will disappear in a matter of months, JAN3 CEO says

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The latest hype around Bitcoin (BTC) Ordinals and BRC-20 tokens is unsustainable and will fade away in a matter of months, according to JAN3 CEO Samson Mow.  “These guys are basically paying massive amounts of fees that go directly to Bitcoin miners, and there is no way this can be sustained,” Mow said in an exclusive interview with Cointelegraph.  “They will fade away after even months, let’s not talk about years here,” he continued.  Growing activity around Ordinals and BRC-20 – a crypto technology that allows users to mint fungible…

Ethereum clients Prysm, Teku release upgrades to solve network finality issues

Two Ethereum 2.0 consensus clients, Prysm and Teku, have released new upgrades to address current Beacon Chain finality problems. The Ethereum network encountered finality problems twice in 24 hours, the first lasting 25 minutes and the second lasting more than an hour. According to an announcement on the Ethereum Foundation blog, on May 11 and 12, there were two different occurrences where the proof-of-stake (PoS) consensus mechanism for the Ethereum network’s Beacon Chain failed to reach finality for 3 and 8 epochs, respectively. However, end-user transactions were unaffected due to…

Creditors to Get 13% per Dollar   – Bitcoin News

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EY, the global accounting and professional services organization, released a long-awaited update on Friday for the creditors of Quadriga CX. The Canadian cryptocurrency exchange, which had sought bankruptcy protection in 2019 with liabilities of C$215.7 million and assets totaling around C$28 million, had left its creditors in a state of uncertainty. In the latest notice from EY, it was revealed that Quadriga creditors will receive a payout equivalent to 13.094156% of the total value of their claims. EY’s Update Offers Redemption for Quadriga CX Creditors With Haircut Compensation Plan After…

the next major step in scalability

Ethereum developers are planning the next major upgrade to the blockchain, called “Dencun,” which will involve two simultaneous upgrades known as “Cancun” and “Deneb.” Ethereum’s developers are testing out other proposals that could make it into the next hard fork. They aim to push Dancun live in the second half of 2023, marking a significant milestone in the evolution of the Ethereum blockchain. The Dancun upgrade is expected to bring about improvements in terms of scalability, efficiency, and security, making the Ethereum network more robust and capable of handling higher…