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You are here: Home / Archives for ETH

ETH

Ethereum Founder Caught In a SIM-Swap Attack: Details

September 12, 2023 by Lipika Deka

Ethereum co-founder Vitalik Buterin disclosed that he had fallen victim to a SIM swap attack. This startling admission unfolded during a conversation on Farcaster, a decentralized social media network, where Buterin candidly shared the details of his ordeal and the key lessons learned.

The malicious attacker exploited a SIM-swap vulnerability, leading to the compromise of his Twitter account, Buterin recounted, as he successfully regained control of his T-Mobile account in the aftermath. He highlighted the inherent risk of using a phone number for password recovery on Twitter, even when it is employed for two-factor authentication [2FA].

He therefore urged users to “completely remove [their] phone from Twitter,” offering an additional layer of protection against such exploits. On September 9, hackers illegally took over Buterin’s Twitter account and posted a fraudulent NFT giveaway. Gullible users who clicked on the malicious link collectively suffered losses exceeding $691,000.

The following day, Ethereum developer Tim Beiko also called for the removal of phone numbers from Twitter accounts and the implementation of 2FA as a default security protocol. “If you have a phone number linked to your account, even with other 2FA, it can be used to reset your PW. You need to specifically disable it and remove the phone.”

In a SIM-swap attack, scammers seized control of a victim’s mobile phone number, which they used to exploit 2FA to infiltrate social media platforms, banking systems, and cryptocurrency accounts. T-Mobile, the mobile carrier affiliated with Buterin’s SIM card, has faced scrutiny for its role in similar attacks in the past.

Ethereum Hit Hard By FTX Dumping

The Ethereum founder’s latest ordeal serves as a stark reminder of the vulnerabilities associated with phone numbers in the realm of online security. The crypto community was further jolted when a substantial 2,000 ETH, equivalent to approximately $3.12 million, were illicitly transferred from Buterin’s wallet to another, magnifying the urgency of bolstering security measures within the crypto sphere.

In the midst of these developments, Ethereum, the second-largest cryptocurrency by market capitalization, has not remained immune to the broader market downturn. This decline comes as the financially troubled cryptocurrency exchange FTX aims to offload its crypto assets. Presently, Ethereum is changing hands at $1,543, marking its lowest price point in half a year.

Filed Under: Altcoin News Tagged With: ETH, Ethereum, Vitalik Buterin

Shiba Inu’s Woof Dominates Indian Crypto Scene

September 7, 2023 by Lipika Deka

In the world of Indian cryptocurrency investments, Shiba Inu remains the crowd-pleaser, with its bark resonating loudest on the WazirX exchange throughout the month of August. This meme-inspired coin, shared the limelight with the Ripple-associated token XRP, drawing considerable attention from investors across the nation.

The exchange recently tweeted a list of the top five traded coins. In addition to SHIB and XRP, this prestigious lineup includes the familiar names of Bitcoin [BTC], Ethereum [ETH], and Tether’s USDT. While Bitcoin and Ethereum reign supreme in terms of market capitalization, Indian enthusiasts display a special fondness for cryptocurrencies that inject humor and memes into the mix.

Back in January, WazirX revealed its Proof of Reserves [PoR] statement, disclosing the cryptocurrency holdings of its customers and their respective storage locations. The exhibit unveiled that Shiba Inu held the throne as WazirX’s premier token, representing approximately 20% of the total, which amounted to around $63,804,084 on the given day. In stark contrast, Bitcoin holdings accounted for less than half of that sum, standing at roughly $28,366,065.

Rajagopal Menon, Vice President at WazirX, expressed, “Shibu Inu and Dogecoin are pretty close to the hearts of a lot of Indians, which is proven in our reserves,” in an interview with a local news outlet. He highlighted that, unlike Bitcoin, cryptocurrencies like Shiba Inu offer a lower “ticket size,” meaning investors receive more tokens for their money.

Shiba Inu Gained Mainstream Media Attention

As of September 6, SHIB is trading at around $0.0000076. Menon elaborated, “Shiba Inu is at a relatively small ticket size, so customers prefer to get into crypto so that they get a feel of crypto and get a sense of their first ownership of crypto, which is not a very substantial investment.”

“So we [the Shiba Inu investors] buy small units, small ticket sizes of small units, and it hopefully follows the trajectory of Bitcoin and Ethereum and does wonders in the long run,” he said.

In addition to the substantial contribution of approximately $1 billion in Shiba Inu tokens to a COVID-19 relief fund in the country during the pandemic, a move that garnered significant media coverage, it prompted individuals to delve deeper into Shiba Inu and the Indian cryptocurrency community.

Notably, SHIB also reigned as the most traded asset on CoinSwitch, another prominent Indian crypto exchange, from April 15 to 20 this year, surpassing heavyweight contenders like BTC and rival DOGE.

 

Filed Under: Altcoin News Tagged With: btc, ETH, Shiba Inu (SHIB), WazirX, xrp

Ethereum Network Hit New Milestone, Signaling Bull Run Potential

September 4, 2023 by Lipika Deka

The Ethereum network has recorded impressive utility, with over 467,000 unique address interactions in a single day, marking its highest activity since the onset of ETF announcements on June 16th. Such a surge in address activity is often a key driver for the value of Ethereum [ETH] and other digital assets.

The world’s largest altcoin continues to play a dominant role, reflective of its growing user base. ETH’s significant growth in the new address count can be attributed to the rising interest in decentralized finance [DeFi] protocols and non-fungible tokens [NFTs], many of which are built on the Ethereum platform.

This, combined with the expanding appeal of trading and smart contracts, means that ETH’s user base and the number of non-zero addresses are expected to continue rising, especially as the industry teeters on the brink of a potential bull run. Another catalyst could be the burgeoning rise of L2s.

According to a recent study led by esteemed data aggregator Coingecko, ETH’s Layer 2 [L2] blockchains are also experiencing unprecedented adoption rates, with some reaching one million users within weeks rather than months.

For instance, Arbitrum, an Ethereum-based L2 solution, took 303 days to reach one million unique addresses after its mainnet launch on August 31, 2021, according to Coingecko’s contributor Shaun Paul Lee. In comparison, the L2 solution Optimism, which launched in January 2022, achieved the same milestone in just 191 days.

Zksync, which initiated its mainnet on March 25, 2023, required only 71 days to amass one million addresses. Remarkably, Base, which launched its mainnet on August 9, 2023, attained over a million addresses in a mere 11 days.

The study attributed Base’s rapid growth to a surge in popularity surrounding new meme coins launched on the network. The base is an Ethereum L2 blockchain network developed by Coinbase, a San Francisco-based cryptocurrency firm.

Transforming the Way Ethereum Validates Historical Data

In a groundbreaking development for Ethereum, StarkWare, a leader in zk-proofs, and Herodotus, the developer of storage-proof technology, have collaborated to introduce an innovative developer tool called the “on-chain accumulator.” This tool utilizes storage-proof cryptography to enable users to validate Ethereum data from any historical point on the blockchain, eliminating the need for reliance on third-party intermediaries.

This partnership with StarkWare, known for its data compression techniques addressing scalability issues within the Ethereum ecosystem, aims to overcome one of Ethereum‘s limitations, which is the ability to validate only the last 256 block hashes.

Filed Under: Altcoin News Tagged With: address activity, ETH, Ethereum

Ethereum Signals a Bearish Trend; Can ETH Still Go Up?

August 31, 2023 by Akash Anand

Ethereum Signals a Bearish Trend; Can ETH Still Go Up?

Ether’s price is bearish. Positive sentiments from the Holesky upgrade and possible ETF launch may lead to a trend reversal. 

Last few weeks, Ethereum has faced a challenge as its price experienced a decline, hinting at a possible bearish trend. Overcoming the $1700 barrier has proven difficult for ETH. 

Despite this, the question arises: Can Ethereum still go up? Looking closely, Ethereum’s current trading value is around $1664, with resistance at $2000 and support at $1500. The price movement forms a triangle pattern, which shows uncertainty. 

To gain a better understanding, please read this post before investing in Ethereum. 

Evaluating the ‘Buy the Dip’ Opportunity

Renowned crypto analyst Benjamin Cowen offers a cautious perspective on the “buy the dip” strategy, especially for altcoins. He anticipates a continued bearish trend affecting altcoins in the coming months. He believes the crypto will stabilize following the aftermath of a bear market.

While Ethereum strives to enhance its ecosystem with the Shanghai upgrade, its recent performance remains average. Ethereum’s value has decreased by about 12% in the past month. 

Will Ethereum’s Bearish Trend Continue? The Impact of ETF Listings

At the start of the week, Ethereum traded around $1,670. The challenge of surpassing the $2,000 resistance level and cautious ETH prediction from analysts adds to more uncertainty. The price of Ethereum might trade between $1600 to $3000 in 2023. 

The fate of Ethereum’s price trend depends on the market sentiment. The possibility of multiple Ethereum futures exchange-traded funds (ETFs) emerging in the U.S. could potentially transform Ethereum’s trajectory, pushing it toward new record highs.

The U.S. Securities and Exchange Commission (SEC) is reportedly considering permitting the listing of several Ethereum futures ETFs which will be a significant step for the crypto realm. Volatility Shares plans to launch an Ethereum futures ETF in October, with positive signs from the SEC so far.

The introduction of Ethereum futures ETFs might attract institutional capital, mirroring Bitcoin’s past price surge following the introduction of its futures. Although Ethereum currently trades around $1,668.03, the optimism surrounding potential ETF listings could serve as a potent bullish force. 

Pre-Mine Ethereum Whale Emerges After 8 Years

Whale Alert, a well-known platform tracking blockchain activities, has revealed a surprising development: an Ethereum address that had been dormant for an astonishing 8.1 years has come back to life. This address, previously holding 191 Ethereum tokens valued at around $317,724, has suddenly shown activity, sparking curiosity in the crypto community.

Pre-mining means mining and distributing cryptocurrencies before their official launch. The awakening of this whale address is a rare event. Opinions within the crypto community are divided regarding the implications of these reactivations. 

Many believe that these resurgences could indicate bearish market trends supported by historical patterns. For instance, after a similar whale reactivation in July, Ether’s price plummeted by 20.42%. Weekly awakenings of dormant wallets from May to mid-July led to a 17.3% decline in ETH’s price.

As this awakened whale interacts with the current market, the community assumes potential ETH price fluctuations. All attention is focused on the revived whale’s movements and the uncertain shifts it might introduce. 

ETH Price Outlook

Crypto analyst Ali Martinez, known for sharing his insights on Twitter, has raised concerns about Ethereum’s price trajectory. As ETH faces a decline in value, influenced by the performance of the dominant cryptocurrency Bitcoin, Martinez believes that there is a risk of a significant price correction ahead. He even suggests that Ethereum’s price could drop to $1,000.

He has found an Ascending Triangle pattern on the chart. Generally, such a pattern indicates a continued upward trend, but it can also signify an impending reversal in price movement. If Ethereum’s price dips below the $1,600-$1,550 range, Martinez believes this could trigger a substantial 37%-45% correction, ultimately leading to a target Ether price of $1,000.

Martinez also highlights the bearish signals he sees for Ethereum’s future. He points out that the network’s fundamentals are showing weakness, citing a decrease in monthly active Ethereum wallets compared to the yearly average. It suggests limited on-chain activity and implies a “weak network health and usage,” according to the analyst.

Ethereum’s New Testnet ‘Holesky’ Prepares for Launch

ETH developers are gearing up for the Holesky, which aims to enhance the platform’s overall development. This initiative involves bringing more than 1.5 billion Holesky test net Ether to the network. Core developers of Ethereum have evaluated around 1.4 million validators for Holesky, underscoring their commitment to advancing the blockchain’s capabilities.

Scheduled to Replace Goerli Testnet: Holesky is slated to replace the current Goerli testnet as a staking, infrastructure, and protocol-developer testing ground in 2023. The Ethereum community is eager to improve its testing environment, with Holesky set to launch on September 15, 2023, at 14:00 UTC. This public testnet will introduce a significant amount of testnet coins, securing future Ethereum upgrades.

Addressing Technical Challenges: During the Ethereum Execution Layer Meeting 168, core developer Tim Beiko discussed recent progress. While some client issues were encountered, most have been addressed or are in the process of being resolved. Collaborations with external tech partners like Kurtosis Tech have been instrumental in pre-launch testing, contributing to the robustness of the upcoming testnet.

As Ethereum developers eagerly anticipate the Holesky test net launch, discussions and improvements continue with the goal of optimizing the Ethereum ecosystem for future enhancements. The core developer Execution Layer Meeting, scheduled for August 31, 2023, will likely provide further insights into the platform’s ongoing evolution.

Conclusion

The upcoming Holesky testnet is a big deal for Ethereum. It is like a practice ground where developers test new ideas before they are used for real. Holesky will have a long-term effect on ETH price, but the launch (or any positive news) of the ETF will create a positive sentiment in the market, and retail investors will jump into Ethereum for a long-term investment.

Ether’s price is bearish. Positive sentiments from the Holesky upgrade and possible ETF launch may lead to a trend reversal. 

Last few weeks, Ethereum has faced a challenge as its price experienced a decline, hinting at a possible bearish trend. Overcoming the $1700 barrier has proven difficult for ETH. 

Despite this, the question arises: Can Ethereum still go up? Looking closely, Ethereum’s current trading value is around $1664, with resistance at $2000 and support at $1500. The price movement forms a triangle pattern, which shows uncertainty. 

To gain a better understanding, please read this post before investing in Ethereum. 

Evaluating the ‘Buy the Dip’ Opportunity

Renowned crypto analyst Benjamin Cowen offers a cautious perspective on the “buy the dip” strategy, especially for altcoins. He anticipates a continued bearish trend affecting altcoins in the coming months. He believes the crypto will stabilize following the aftermath of a bear market.

While Ethereum strives to enhance its ecosystem with the Shanghai upgrade, its recent performance remains average. Ethereum’s value has decreased by about 12% in the past month. 

Will Ethereum’s Bearish Trend Continue? The Impact of ETF Listings

At the start of the week, Ethereum traded around $1,670. The challenge of surpassing the $2,000 resistance level and cautious ETH prediction from analysts adds to more uncertainty. The price of Ethereum might trade between $1600 to $3000 in 2023. 

The fate of Ethereum’s price trend depends on the market sentiment. The possibility of multiple Ethereum futures exchange-traded funds (ETFs) emerging in the U.S. could potentially transform Ethereum’s trajectory, pushing it toward new record highs.

The U.S. Securities and Exchange Commission (SEC) is reportedly considering permitting the listing of several Ethereum futures ETFs which will be a significant step for the crypto realm. Volatility Shares plans to launch an Ethereum futures ETF in October, with positive signs from the SEC so far.

The introduction of Ethereum futures ETFs might attract institutional capital, mirroring Bitcoin’s past price surge following the introduction of its futures. Although Ethereum currently trades around $1,668.03, the optimism surrounding potential ETF listings could serve as a potent bullish force. 

Pre-Mine Ethereum Whale Emerges After 8 Years

Whale Alert, a well-known platform tracking blockchain activities, has revealed a surprising development: an Ethereum address that had been dormant for an astonishing 8.1 years has come back to life. This address, previously holding 191 Ethereum tokens valued at around $317,724, has suddenly shown activity, sparking curiosity in the crypto community.

Pre-mining means mining and distributing cryptocurrencies before their official launch. The awakening of this whale address is a rare event. Opinions within the crypto community are divided regarding the implications of these reactivations. 

Many believe that these resurgences could indicate bearish market trends supported by historical patterns. For instance, after a similar whale reactivation in July, Ether’s price plummeted by 20.42%. Weekly awakenings of dormant wallets from May to mid-July led to a 17.3% decline in ETH’s price.

As this awakened whale interacts with the current market, the community assumes potential ETH price fluctuations. All attention is focused on the revived whale’s movements and the uncertain shifts it might introduce. 

ETH Price Outlook

Crypto analyst Ali Martinez, known for sharing his insights on Twitter, has raised concerns about Ethereum’s price trajectory. As ETH faces a decline in value, influenced by the performance of the dominant cryptocurrency Bitcoin, Martinez believes that there is a risk of a significant price correction ahead. He even suggests that Ethereum’s price could drop to $1,000.

He has found an Ascending Triangle pattern on the chart. Generally, such a pattern indicates a continued upward trend, but it can also signify an impending reversal in price movement. If Ethereum’s price dips below the $1,600-$1,550 range, Martinez believes this could trigger a substantial 37%-45% correction, ultimately leading to a target Ether price of $1,000.

Martinez also highlights the bearish signals he sees for Ethereum’s future. He points out that the network’s fundamentals are showing weakness, citing a decrease in monthly active Ethereum wallets compared to the yearly average. It suggests limited on-chain activity and implies a “weak network health and usage,” according to the analyst.

Ethereum’s New Testnet ‘Holesky’ Prepares for Launch

ETH developers are gearing up for the Holesky, which aims to enhance the platform’s overall development. This initiative involves bringing more than 1.5 billion Holesky test net Ether to the network. Core developers of Ethereum have evaluated around 1.4 million validators for Holesky, underscoring their commitment to advancing the blockchain’s capabilities.

Scheduled to Replace Goerli Testnet: Holesky is slated to replace the current Goerli testnet as a staking, infrastructure, and protocol-developer testing ground in 2023. The Ethereum community is eager to improve its testing environment, with Holesky set to launch on September 15, 2023, at 14:00 UTC. This public testnet will introduce a significant amount of testnet coins, securing future Ethereum upgrades.

Addressing Technical Challenges: During the Ethereum Execution Layer Meeting 168, core developer Tim Beiko discussed recent progress. While some client issues were encountered, most have been addressed or are in the process of being resolved. Collaborations with external tech partners like Kurtosis Tech have been instrumental in pre-launch testing, contributing to the robustness of the upcoming testnet.

As Ethereum developers eagerly anticipate the Holesky test net launch, discussions and improvements continue with the goal of optimizing the Ethereum ecosystem for future enhancements. The core developer Execution Layer Meeting, scheduled for August 31, 2023, will likely provide further insights into the platform’s ongoing evolution.

Conclusion

The upcoming Holesky testnet is a big deal for Ethereum. It is like a practice ground where developers test new ideas before they are used for real. Holesky will have a long-term effect on ETH price, but the launch (or any positive news) of the ETF will create a positive sentiment in the market, and retail investors will jump into Ethereum for a long-term investment.

Filed Under: News Tagged With: bearish, Crypto, ETH, Ethereum, price

OnlyFans’ Ethereum Investment Amidst Entertainment Evolution

August 28, 2023 by Lipika Deka

In a remarkable move that heralds a significant step forward for Ethereum adoption, Fenix International, the holding company behind the renowned streaming giant OnlyFans, has unveiled an impressive investment of approximately $20 million in Ether. This bold entry into the realm of digital assets was disclosed in a financial filing submitted to the UK corporate registry on August 24.

The journey into Ether began between 2021 and 2022, with Fenix International acquiring Ether valued at nearly $19.9 million. However, the tumultuous bear market that defined 2022 took its toll, causing the value of the acquired assets to plummet to $8.5 million. Despite these initial setbacks in their cryptocurrency venture, the platform exhibited robust growth during the stipulated reporting period.

As of November 30, 2022, with Ethereum priced at $1,295 per unit, Fenix International’s Ethereum holdings were appraised at $11.4 million. Surprisingly, the financial filing also unveiled an impressive 16.6% surge in revenue, with figures soaring from $4.8 billion in 2021 to an impressive $5.6 billion in 2022.

Notably, the platform that gained fame primarily for its subscription-based adult content took a dive into the world of digital collectibles. In a pioneering move, it allowed verified creators to embrace Ethereum-based NFTs as their profile pictures in February 2022. While major institutional players maintained a cautious stance throughout the year, OnlyFans emerged as a steadfast supporter of cryptocurrencies.

Continuing this trailblazing momentum, former members of the OnlyFans team introduced “Zoop” in June 2022. This innovative platform, built on the Ethereum scaling solution Polygon, introduced an entirely fresh concept by enabling the trading of 3D digital playing cards, each featuring beloved celebrities.

Despite its association with adult content, the subscription-based platform experienced a remarkable 47% increase in the number of creators, soaring to 3.2 million during the previous year. Moreover, the user base witnessed an impressive 27% surge, totaling a staggering 238.8 million users.

Ethereum Gains Momentum to Challenge Bitcoin’s Supremacy

The era of Ethereum taking a back seat to Bitcoin has passed. The leading alternative cryptocurrency is poised to challenge and potentially surpass Bitcoin’s dominance. BTC.D, which monitors the proportion of the overall global cryptocurrency market value, revealed that Bitcoin’s stronghold is experiencing a continuous decline.

This suggests a shift in market sentiment and capital allocation by investors towards alternative coins. As Ethereum stands as the prominent alternative coin, its value might continue to outperform Bitcoin in the latter half of the year if this trend endures.

Filed Under: Altcoin News Tagged With: ETH, Ethereum, OnlyFans

Ethereum Advocate Stirs Controversy, Takes A Swipe At Cardano

August 26, 2023 by Lipika Deka

The rivalry between Ethereum and Cardano supporters is no secret, as passionate communities on these two blockchain platforms consistently engage in playful banter. Recent attention has shifted towards the prominent Proof of Stake blockchain, especially following the impressive performance of its newly launched Layer-2 Base, which outshone Cardano in terms of Total Value Locked [TVL].

Evan Van Ness, a central figure in this discourse, took the opportunity to provoke Cardano enthusiasts with a tweet. He stated that a new and nascent Base had already surpassed its larger rival in mere weeks of its launch.

With a tinge of scorn, Van Ness labeled Cardano a “zombie chain,” referencing DeFiLlama data that ranked the layer-1 blockchain a modest 14th with $163.55 million, while Ethereum stood far ahead at $21.604 billion TVL. Meanwhile, the Layer-2 network commanded an impressive $193.56 million, enjoying a $30 million lead. 

Base Outpace Ethereum In TPS

Not only that, a remarkable feat was the record-breaking average of 15.88 transactions per second [TPS] achieved within the last 24 hours, propelling Base above Ethereum and bigger Layer 2 competitors like Arbitrum and Optimism, according to analysis by L2Beat.

Coinbase’s brainchild, Base, introduced earlier this year in collaboration with Optimism, operates as an Ethereum L2 chain. Positioned atop the Ethereum blockchain, Base and similar Layer 2 networks are designed to enhance scalability, expedite transactions, and lower gas fees, all while maintaining security and decentralization.

In contrast, Cardano’s moniker “ghost chain” isn’t new—a term used to describe blockchains with minimal activity. The narrative resurfaced again in early August, when non-fungible token [NFT] sales on Cardano experienced a decline. Responding in his trademark fashion, Cardano founder Charles Hoskinson swiftly countered the claim with a cartoon gif of a person dancing and impersonating a ghost while covered with a white sheet with the comment “Ghostchain gonna Ghost.”

He also shared a tweet from user TapTools, presenting a case against the “ghost chain” characterization on August 1st. As of now, Hoskinson has not yet reacted to Ness’ tweets. It will be intriguing to observe how he addresses this situation in his response this time around.

Filed Under: Altcoin News, News Tagged With: Base Network, Cardano (ADA), ETH, Ethereum

Bitstamp’s Ethereum Staking to Cease for US Users Amid Regulatory Landscape

August 24, 2023 by Lipika Deka

Ethereum staking is set to be phased out for Bitstamp customers in the United States starting September 25th. Till then, customers of the crypto exchange can continue to accumulate staking rewards, according to the announcement communicated via US CEO Bobby Zagotta.

After the deadline, all staked assets will be withdrawn from the staking program, and the combined rewards and principal will be transferred to users’ primary Bitstamp account balances. The whole process will likely last for a few days but “could be extended depending on network conditions,” the media statement read.

Other services provided by Bitstamp will continue without disruption. The reason behind the discontinuation of staking services has been attributed to the regulatory climate in the US. “Given the current regulatory landscape in the US, we have reached the verdict to discontinue staking opportunities for our US-based clientele.”

Zagotta further highlighted the ongoing practice of evaluating the services and adjusting to the evolving regulatory frameworks in all operational jurisdictions. It’s important to note that regulatory authorities in the United States have taken strong measures concerning staking services.

For instance, back in February, the SEC targeted Kraken for not properly registering the offering and sale of their staking-as-a-service program related to crypto-assets. This resulted in Kraken agreeing to pay $30 million to settle the charges.

Similarly, the regulator pursued legal action against Coinbase and Binance, alleging that their staking programs met the criteria outlined in the Howey test, which categorizes them as investment contracts and thus falls within the realm of securities. According to the SEC, the operation of such services should adhere to the registration requirements laid out in the Securities Act.

Ethereum Staking Unfazed

On a different note, the landscape for Ethereum staking has remained resilient. EigenLayer, a prominent decentralized finance [DeFi] platform, has observed a remarkable 207% increase in total value locked [TVL]. This surge follows the platform’s decision to raise the liquid restaking limit to 100,000 ether [ETH].

Upon its launch in June, the restaking protocol rapidly hit the 100,000 ETH cap in just a matter of hours. As per DefiLlama data, the TVL soared from $78 million to an impressive $238 million.

In the realm of restaking, network validators acquire added rewards on staked ETH within the primary Ethereum blockchain. Individuals aiming to become network validators, responsible for providing computational resources for transaction processing on a blockchain, are mandated to stake a minimum of 32 ETH.

Filed Under: Altcoin News, News Tagged With: Bitstamp, ETH, eth staking, Ethereum

Ethereum Co-Founder’s Million-Dollar Move Raises Questions Amid Market Turmoil

August 21, 2023 by Lipika Deka

Ethereum’s co-founder, Vitalik Buterin, just made a million-dollar move. This massive financial maneuver has caught the attention of the crypto community. In the latest developments, Buterin deposited around 600 ETH, valued at nearly $1 million, into the Coinbase exchange. Prior to that, he repaid 250,000 RAI tokens and subsequently withdrew approximately $1.6 million worth of ether.

RAI is an Ethereum-based algorithmic stablecoin. These actions were spotted by the on-chain data tracking site Etherscan, coinciding with a 10% decline in Ethereum’s value over the preceding week. The motivation behind Buterin’s decision to move these funds to the centralized exchange Coinbase remains somewhat unclear.

Ethereum, together with prominent cryptocurrencies such as Bitcoin [BTC] and the XRP token affiliated with Ripple, encountered a notable setback attributed to various factors. One of these factors revolves around uncertainties regarding the potential approval of a U.S. spot Bitcoin ETF.

The situation escalated with the emergence of rumors last week that Elon Musk’s SpaceX was unloading its Bitcoin holdings, leading to substantial liquidations that caused a substantial loss of $1 billion within the market.

At the time of writing, Ether has experienced a minor recovery, showing positive price movement over the past 24 hours, trading at around $1,700.

Interestingly, this rebound has coincided with the prospect of the U.S. SEC potentially greenlighting several ETH Futures ETF applications. Noteworthy contenders, including ProShares, Volatility Shares, Bitwise, and Roundhill, are seeking regulatory endorsement to introduce Ethereum futures ETFs.

For the uninitiated, these financial instruments allow traders to speculate on ETF values without possessing the underlying asset—ether, in this case. A Bloomberg report dated 18 August, highlighted the growing anticipation for the SEC’s approval of Ethereum futures ETFs, with various asset management firms vying for regulatory acknowledgment.

Ethereum Whales Decreasing Appetite

The report suggested a positive outlook for this approval, which has prompted a flurry of applications from prominent firms. The Valkyrie Ethereum Strategy ETF, filed by U.S.-based AUM on August 16, is the latest addition to this trend.

However, amidst this bullish sentiment, Ethereum whales appear to have a contrasting stance. These large holders have consistently reduced their ETH appetite since mid-July, notably depleting their holdings by 1.12 million coins between July 14 and August 18.

Filed Under: Altcoin News Tagged With: ETH, Ethereum, Vitalik Buterin

Coinbase Layer 2 BASE Chain Witness To SwirlLend’s Devastating Rugpull

August 17, 2023 by Mohammad Ali

In a surprising turn of events, SwirlLend, a prominent DeFi lending protocol, has fallen victim to a devastating rug pull on the Coinbase Layer 2 BASE chain. The incident has left investors reeling in the wake of BASE’s highly publicized mainnet launch and subsequent traction in the market. This alarming occurrence underscores the vulnerability of decentralized financial platforms and the challenges they face in maintaining the security of user assets.

According to a recent report, Coinbase’s Layer 2 BASE chain was rocked by another rug pull involving the meme coin BALD and its associated liquidity pool on the DEX LeetSwap, which operates on the BASE chain. The exploit led to significant losses for users who had bridged their assets to the BALD liquidity pool. This incident has been a dark cloud hanging over BASE’s otherwise successful journey.

BASE Platform Rattles DeFi Landscape

The recent rug pull on SwirlLend has added another concern to the DeFi ecosystem. Blockchain security experts  PeckShield, a renowned cybersecurity firm, have confirmed the rug pull’s occurrence and reported a staggering drop in the total locked value on SwirlLend’s platform. The assets, once valued at $784,300, have plummeted to a mere $49,200. This drastic reduction highlights the extent of the exploit’s impact on the platform and its users.

Update: SwirlLend rugged both on #Base and #Linea. The scammer has already bridged ~94 $ETH from #Linea to #Ethereum via Orbiter Finance: Bridge and and is currently in the process of transferring the stolen funds from #Base to #Ethereum

The current balance of the scammer's… pic.twitter.com/zexiNuFVhs

— PeckShieldAlert (@PeckShieldAlert) August 16, 2023

The exploit’s orchestrator has also bridged many Ether and USDC tokens, further exacerbating the losses. The withdrawal of 140.68 ETH and 32,600 USDC tokens, along with the retention of 92 ETH on the BASE chain, has left investors in a dire predicament.

Investors seeking redress are frustrated, as the exploiter has taken swift action to erase SwirlLend’s presence from social media platforms, including X, formerly known as Twitter. The project’s accounts on platforms like Telegram, Discord, and GitHub have been purged, and even the project’s website has been taken down. This deliberate effort to cut off all means of communication with the exploiter has left investors helpless.

SwirlLend’s fall from grace serves as a sobering reminder of the risks inherent in decentralized finance. As the crypto community grapples with these challenges, it is evident that more stringent security measures and investor education are essential to prevent such rug pulls from recurring.

Related Reading: | Ethereum L2s Beat ETH In Transaction Volume

Filed Under: News Tagged With: BASE, Coinbase, Crypto, Cryptocurrency, ETH, Ethereum, swirlLend

ICO-Era Ethereum Whale Transfers Entire $116M To Kraken: What’s Going On?

July 20, 2023 by Lipika Deka

A dormant Ethereum whale belonging to the pre-mine era has reactivated after 8 years to deposit all of its 61,216 ETH holdings worth roughly $116 million to the Kraken exchange, a few hours ago. According to Lookonchain statistics, the anonymous investor bought 61k ETH at Ethereum Genesis while the price of ETH was about $0.31.

Before sending the larger amount, the ETH address initially made a test transaction of 0.05 ETH to the crypto exchange. Market observers speculated that millions of dollars’ worth of selling pressure were about to strike the market for ETH when they noticed the transfer of the entire wallet balance.

Pre-mine era ETH was distributed as a token of appreciation to Ethereum’s early backers, including those who contributed money during the project’s Initial Coin Offering [ICO]. 72 million ETH were available when the ETH network first launched, and 83% of those were given to anyone who bought the cryptocurrency during the public sale that took place in July and August 2014.

At the time, participants in the crowd sale contributed a total of 31,000 BTC to a Bitcoin address provided by EthSuisse in exchange for an Ethereum wallet address to which the ETH they bought would be sent upon the network’s official debut.

The majority of early buyers sold off their coins; hence, news of such pre-mine addresses re-emerging hits the headlines. The owners of the remaining wallet addresses, if they decide to sell, would probably realize one of the highest returns on an initial investment in history, which would also have an impact on the cryptocurrency market as the price of ETH has increased dramatically over the years.

Ethereum’s Large Investors Are Cashing In On The Profits

Recent data provides insight into the actions of Ethereum whales, who are drastically reducing their holdings. One such transaction involves a whale selling 4,549 ETH for $1,930 [or roughly $9 million]. Notably, on January 9, one particular whale paid $6 million to purchase 4,549 ETH for $1,319, making a profit of over $2.78 million.

This sell-off pattern among ETH whales may have been brought on by a calculated attempt to capitalize on the recent rise in the value of the second-largest cryptocurrency. The favorable court ruling in favor of the Ripple-affiliated XRP token, which had a knock-on effect on several other digital assets, including Ethereum, is largely responsible for the current market position.

Filed Under: Altcoin News Tagged With: ETH, Ethereum, ico, Lookonchain

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