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Tim Beiko

Ethereum Foundation’s Mailing List Compromised in Phishing Attack

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Ethereum Foundation recently suffered a security breach after its mailing list was compromised. Disclosing the incident, Tim Beiko, the lead developer said that the leak occurred due to a vulnerability in SendPulse, an email automation service used by the foundation. According to Beiko’s post, deceptive mail was sent from the address updates@ethereum.org.

PSA: it seems like the mailing list provider the EF uses for “updates@ethereum.org” has been compromised. We are currently trying to reach. @SendPulseCom to resolve the issue. Please don’t click any links sent from that email. Here’s a sample fake email that was received.

Typically, phishing emails disguise themselves as legitimate, tricking recipients into revealing sensitive information or clicking on malicious links. However, the Ethereum Foundation has quickly responded by locking access to the compromised mailing list to prevent further damage. While the exact details of the phishing attack on SendPulse remain unclear, the incident underscores the importance of robust security measures and vigilance against such attempts.

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The Ethereum Foundation has assured its community that they are investigating the breach and working to secure their systems to prevent similar incidents in the future. Furthermore, Beiko highlighted the need for subscribers to be cautious of any suspicious emails claiming to be from the Ethereum Foundation.

Additionally, he advised users to verify the authenticity of emails by checking the sender’s address and avoiding clicking on links or downloading attachments from unknown sources. Additionally, users should enable two-factor authentication [2FA] on their accounts for an added layer of security.

No Major Ethereum Sales: Is the Foundation Predicting a Higher Peak?

Meanwhile, IntoTheBlock’s latest analysis delved into the USD net flows from Ethereum Foundation wallets. Historically, during each bull market, the Foundation has strategically sold substantial amounts, often aligning these sales almost perfectly with market peaks. In the current cycle, the Ethereum Foundation has yet to execute any significant sales.

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This leaves us with two options to consider. First, the absence of substantial sales could indicate that the Foundation anticipates further market growth, suggesting that the peak of the current cycle is still ahead. Alternatively, the Foundation might have opted for a new approach, potentially adopting a longer-term holding strategy or a different method of managing its assets.

Inside Ethereum’s EIP-4844 Magic : Blob Revolution

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With less than a week left until Ethereum’s Dencun upgrade goes live, anticipation is growing for the upcoming changes. Ethereum developer Tim Beiko shared insights on the main component of the hard fork—EIP-4844, also called “proto-danksharding.” EIP-4844 introduces blobs, a temporary data storage mechanism that frees up space in the mainnet. Carrying a payload of 128 kilobytes, data blobs allow rollups to process more transactions at a lower cost.

EIP-4844 creates a new blob gas market to address scalability issues on ethereum by creating space for “blobs” of data, which can be used by L2s for settlement instead of calldata. This is expected to reduce fees for L2s.

These are stored in the beacon chain or consensus layer and not on the execution layer and get automatically deleted in a few months. So, the question arises if the upcoming EIP-4844 will reduce congestion and gas fees on the mainnet. Or, are Ethereum rollups [Layer 2 scaling solutions] the only ones that will benefit from data storage in blobs?

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On average, 16 kilobytes of block space are utilized for Layer 2 data for seven days. Given the size of each blob [128kb], the goal is to have three blobs per block, with a maximum allowance of six blobs per block. Layer 2 fees, associated with off-chain scaling solutions, will be notably reduced. This surplus capacity contributes to a reduction in the gas price on L1, which is the main Ethereum blockchain.

Ethereum Poised To Break All Records

The Dencun upgrade combines changes to both Ethereum’s consensus and execution layers. Within the 9 protocol changes outlined in EIP-7569, Tim Beiko highlighted the following three:

  • EIP-7044: Perpetually Valid Signed Voluntary Exits
  • EIP-7045: Increase the Maximum Attestation Inclusion Slot
  • EIP-7514: Add the Max Epoch Churn Limit.

Ahead of the Dencun hard fork on March 13, 2024, at 13:55 UTC, ETH appears to be gearing up for a major move. With the current price at $3,870, experts anticipate a potential rise to $4,000 this week. According to data from IntoTheBlock, the leading altcoin might surpass its previous peak. Nearly 93% of ETH addresses are profiting from their positions. Out of the 110.95 million addresses with a positive balance in the token, a staggering 103.1 million addresses are ‘In The Money.’

Ethereum January 2024 Hard Fork Unveiled

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In the latest community meeting, Tim Beiko, Ethereum’s lead developer, provided insights into the upcoming developments for the network. Beiko highlighted the anticipated Dencun hard fork of the Goerli testnet, revealing plans for its execution in January 2024, contingent on the smooth progression of preparations. Most teams involved are reportedly ready for the testnet fork trial, and there are plans to conduct a Goerli shadow network fork in the ensuing weeks.

Dencun, encompassing EIP-4844, marks the imminent network upgrade for Ethereum and is slated to be the final fork deployed on Goerli. Although there is no definitive mainnet deployment date, the core developers are currently eyeing January for the transition from the Goerli testnet to Dencun. Some community members speculate that the mainnet shift might occur in March or April.

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About Devnet 12, recently launched, it was reported that nearly all clients are operational on the new platform. Multiple errors at various clients, including Reth and Lighthouse, were identified and subsequently rectified. Notably, the Prysm Ethereum Client team is still absent from Devnet 12, focusing on ongoing work related to Blob caching and verification. They aim to join Devnet 12 within the next one or two weeks.

The development team is well-prepared for the upcoming testnet fork, with plans for a substantial Goerli shadow fork in the coming weeks. There is unanimous agreement among developers that, should these processes unfold smoothly, the Goerli fork date will be finalized early in 2024, with aspirations to activate Dencun on the network in January. The last ACDE meeting of 2023 is scheduled for December 21 at 22:00 Beijing time.

Ethereum: Shadow Fork On The Horizon

Looking ahead, discussions during the meeting centered on the teams’ readiness to progress toward forking testnets. A significant Goerli shadow fork is on the horizon, and pending any unforeseen issues, forking Goerli itself is deemed to provide the most valuable testing insights.

Prior statements from Ethereum client developers confirmed that the highly anticipated Dencun upgrade would not undergo deployment through a network hard fork before the close of 2023. Meanwhile, Ethereum has experienced notable price momentum, reaching $2,370, its highest point since June 2022. This surge is attributed to growing institutional interest in the second-largest cryptocurrency by market cap, propelling Ether’s price by 25.7% over the past 30 days. The sustained trading above $2,300 suggests an increasing focus on Ether, with a year-to-date price increase of 96.5%.

Final Test Run For Ethereum’s Shanghai Upgrade Completes

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Ethereum’s last test run for the Shanghai upgrade- the Shapella hard fork has been executed on the Goerli testnet, paving the way for staked ETH withdrawals.

This was announced by the ETH core developer Tim Beiko apprising the fork while also pointing out issues that came with it.

Beiko observed that several testnet validators did not update their client software prior to the Goerli fork, which caused a delay in the deposit process.

This again has its own challenge as there is “less incentive to run a validator/monitor it”, given that the Goerli ETH “is worthless”.

However, he still expects validators to make the necessary adjustments ahead of the fork on the mainnet.

Another developer of the Ethereum foundation Parithosh Jayanthi noted that once the issues with the validators running older versions of clients were fixed, the attestation rate increased and is at the moment finalizing.

“Mainnet comes next”, he exclaimed.

Also, for Shapella to be forked onto the Goerli testnet , it required 15 epochs, “terence.eth” stated since network participation was below the two-thirds threshold:

The final mainnet of the Shapella fork is expected to take place in early April following a few delays in preparing the Sepolia and Goerli testnets for the fork.

The Shanghai upgrade will ultimately allow validators to withdraw their staked ether as well as any incentives received from adding or approving blocks to the blockchain, transforming Ethereum’s entire shift to a proof-of-stake [PoS] network.

Ethereum’s Goerli Was The Last Of The Three Testnets

It needs to be told that Goerli was the most anticipated because it was the last of three testnets to run through such a simulation.

Also, Goerli was the final chance for staking providers to verify that staked ETH withdrawals would be handled correctly prior to the update going live.

In addition, this test has the most validators and closely mimics the activity on the Ethereum blockchain.

Before any changes are made to the mainnet, developers can repair any bugs on testnets, which imitate the main blockchain.

As reported by TronWeekly, on the client side of the consensus layer, the upgrade is referred to as Capella, while the fork is referred to as Shanghai on the client side of the execution layer.

The name “Shapella” have been derived from the combination of Shanghai, the location of Devcon 2, and Capella, the brightest star in the northern constellation of Auriga.

The ability for validators to return their staked Ether [stETH] from the Beacon Chain to the execution layer is one of the significant changes.