As Bitcoiners descended on Nashville for their annual conference, the focus was not solely on the original blockchain. The buzz was also about the newly launched Eth spot exchange-traded funds (ETFs) and the unfolding drama of a significant crypto exchange hack. This week’s crypto news had something for everyone, from enthusiastic investors to tech-savvy blockchain sleuths.
Ethereum ETFs Haul In $107 Million on First Day
The introduction of eth spot ETFs was met with robust enthusiasm, as evidenced by the $107 million in net inflows on their first trading day of crypto annual con. This influx included $484.1 million in outflows from the Grayscale eth Trust (ETHE) and $590.9 million in inflows into new vehicles launched by prominent managers such as BlackRock, Fidelity, and Bitwise. Analysts, though predicting a more modest uptake compared to crypto called Bitcoin spot ETFs launched six months prior, were pleasantly surprised. Bloomberg analyst James Seyffart described the initial trading as “very solid,” reflecting investor confidence and interest in Ethereum as an investment vehicle.
The $230 Million WazirX Hack of blockchain
Amid the excitement of new financial products, the crypto world was shaken by a $230 million hack at WazirX, an Indian crypto exchange. The hack, linked to North Korean cybercriminals, targeted a multisignature wallet that required multiple private keys to authorize transactions. Despite WazirX’s efforts to secure customer assets, the attackers managed to breach the security, leading to a significant loss of funds.
The stolen assets included a mix of cryptocurrencies such as shiba inu (SHIB) tokens, Ethereum (ETH), Polygon (MATIC), PEPE, and Tether (USDT). In a moment of dark humor, the hacker even created a token named “WazirX Hacker Sends His Regards.” WazirX filed a police complaint and promised a bounty of up to $23 million for the return of the stolen funds. The exchange’s tokens traded at steep discounts compared to other global exchanges, indicating severe local selling pressure.
Blockchain sleuth ZachXBT was among the first to trace the flow of the stolen funds, providing valuable insights and visuals of the hack’s aftermath. The incident highlighted the vulnerabilities in the crypto ecosystem and the ongoing battle between exchanges and cybercriminals.
Decentralized Exchange dYdX Compromised blockchain
In another security-related development, decentralized exchange giant dYdX reported that its website for version 3 of the platform had been compromised. The attacker took over the v3 domain and deployed a fake website designed to steal users’ tokens through a fraudulent transaction approval process. Fortunately, the underlying smart contracts remained unaffected, and the larger v4 platform, which recently saw $6 billion in trading volume, was not impacted.
Alkimiya: Hedging Bitcoin Fees with Eth
In the midst of these security concerns, innovative solutions continued to emerge. Alkimiya, an Ethereum-based protocol, introduced a tool allowing users to hedge against volatile Bitcoin transaction fees. Alkimiya’s founder and CEO, Leo Zhang, acknowledged that convincing Bitcoin purists, or “maximalists,” to use an Ethereum-based solution might be challenging. However, he emphasized the protocol’s potential to create a robust marketplace for trading Bitcoin transaction fees, benefiting traders, mining pools, and foundations.
The protocol’s relevance became evident in April when the Bitcoin network fee rate spiked dramatically due to the launch of Casey Rodarmor’s Runes protocol for minting fungible tokens on Bitcoin. Alkimiya’s solution aims to provide stability in such volatile scenarios, offering users a way to manage their transaction costs more effectively.
Bitcoin Nashville Conference Highlights the future of blockchain and crypto
Back in Nashville, the Bitcoin conference promised engaging discussions on building on the original blockchain. Former President Donald Trump was slated to speak, adding an extra layer of security and intrigue to the event. Panels and side events focused on scaling Bitcoin DeFi (decentralized finance) and other advancements in the blockchain space.
Protocol Village: Key Blockchain Upgrades and News vs ETH
The past week saw several noteworthy updates in the blockchain world. Hell Money podcast co-host Erin Redwing announced the launch of the “Ephemera” auction at the Bitcoin Nashville conference. This project inscribes planetary ephemeris data on satoshis (the smallest unit of Bitcoin) from the exact moment they were mined, creating a unique digital archaeological record. The initiative ties Bitcoin block time to astronomical time, exploring the concept of Deep Time and linking the digital age with the cosmos.
Hemi Labs introduced the Hemi Network, a modular layer-2 blockchain network designed to enhance scalability, security, and interoperability between Bitcoin and Ethereum. Co-founded by early Bitcoin core developer Jeff Garzik and blockchain security pioneer Max Sanchez, the network aims to inherit Bitcoin’s unique security characteristics through the Proof-of-Proof consensus protocol.
Avail, a blockchain data availability project spun out of Polygon, finally launched its main network along with a native token, AVAIL. The project aims to boost blockchain scalability, enhance liquidity, and provide seamless usability across various blockchain ecosystems.
Lightning Labs released Taproot Assets on Bitcoin’s Lightning Network, enabling assets to be minted on Bitcoin and sent via the Lightning Network instantly for low fees. This development positions Bitcoin and Lightning as multi-asset networks, anchored in Bitcoin’s security and decentralization.
Base, a layer-2 network backed by Coinbase, announced the launch of fault proofs on its Sepolia testnet. This step paves the way for bringing fault proofs securely to the mainnet and achieving Stage 1 decentralization, enhancing the network’s security and reliability.
Fundraising and New Projects ETH
The week also saw significant fundraising activities in the blockchain space. Caldera, a “rollup-as-a-service” platform, raised $15 million in a Series A round led by Founders Fund. Bitlayer Labs secured $11 million in a Series A round to develop a Bitcoin layer-2 blockchain based on the BitVM paradigm. NPC Labs, aiming to build a GameFi ecosystem on the Base protocol, closed an $18 million funding round led by Pantera Capital.
Zivoe, a real-world asset credit protocol on Ethereum, raised $8.35 million to connect blockchain liquidity with real-world borrowers. Chainbase, an omnichain data network, raised $15 million in Series A funding with participation from Tencent Investment Group, Matrix Partners, and Hash Global. Allium Labs, providing enterprise-grade blockchain data to companies like Visa and Uniswap Foundation, announced a $16.5 million Series A funding round.
Additional News and Developments of eth
Vitalik Buterin, Ethereum’s co-founder, argued against supporting political candidates solely based on their pro-crypto stances. Ryan Selkis stepped down as CEO of Messari, the crypto data and research firm he co-founded, after a series of controversial tweets. U.S. Vice President Kamala Harris received widespread endorsements as the presumptive Democratic candidate for the 2024 presidential election, prompting crypto lobbyists to speculate on potential regulatory shifts.
Helium’s HNT token surged by 40% as the network’s mobile subscriber count topped 100,000. Tokenized asset manager Superstate debuted a new fund to profit from Bitcoin and Ethereum carry trades, while BlackRock’s $500 million tokenized fund pitched for Ethena’s real-world asset investment plan.
Conclusion of crypto blockchain eth
The past week in the crypto world was marked by significant developments in Ethereum ETFs, a major security breach at WazirX, innovative solutions like Alkimiya, and notable fundraising activities. As the industry continues to evolve, these events underscore the dynamic and rapidly changing landscape of digital assets, highlighting both the opportunities and challenges that lie ahead.
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