Vitalik Buterin reveals new plan to enhance Ethereum

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@newsontheblockchain, 29/09/2024

Confidence in Knowledge. Providing daily news to make sure you're up to date!

Daily market overview:

The global cryptocurrency market cap stands at $2.29 trillion, reflecting a 0.50% decrease in value over the last 24 hours. The overall trading volume for the crypto market during the past day amounts to $45.74 billion, indicating a 35.41% drop compared to the previous period.

In the Decentralized Finance (DeFi) sector, the trading volume currently sits at $2.95 billion, which represents 6.46% of the entire crypto market’s 24-hour trading volume. Meanwhile, the trading volume of stablecoins has reached a total of $40.14 billion, making up a significant 87.76% of the total crypto market’s daily trading volume.

As for Bitcoin, its market dominance now stands at 56.42%, showing a 0.12% increase compared to the previous day.

Top 5 Coins per Sector

💰 Major Coins

1. Bitcoin (BTC) | $65,521.28 | 24h: 0.35% | Vol: $13.84B

2. Ethereum (ETH) | $2,643.17 | 24h: 1.18% | Vol: $10.23B

3. Tether (USDT) | $1.00 | 24h: 0.00% | Vol: $35.06B

4. BNB (BNB) | $595.40 | 24h: 0.81% | Vol: $1.55B

5. Solana (SOL) | $155.53 | 24h: 1.07% | Vol: $1.26B

👥 Community / Memes

1. Dogecoin (DOGE) | $0.1263 | 24h: 3.07% | Vol: $1.36B

2. Shiba Inu (SHIB) | $0.00001965 | 24h: 0.21% | Vol: $614.85M

3. Bonk (BONK) | $0.00000123 | 24h: 2.15% | Vol: $3.42M

4. Floki Inu (FLOKI) | $0.00003543 | 24h: 1.75% | Vol: $2.47M

5. Pepe (PEPE) | $0.00000543 | 24h: 3.15% | Vol: $32.48M

🛠️ Products / Top Alts

1. Chainlink (LINK) | $12.54 | 24h: 0.32% | Vol: $223.70M

2. VeChain (VET) | $0.03 | 24h: 0.11% | Vol: $83.54M

3. Filecoin (FIL) | $4.04 | 24h: 0.27% | Vol: $59.78M

4. The Graph (GRT) | $0.18 | 24h: 0.45% | Vol: $57.43M

5. Arweave (AR) | $21.49 | 24h: 0.61% | Vol: $48.29M

Heat Map:

Fear and Greed Index:

Top 10 News for today:

1)

$32 Million Phishing Scam Hits High-Profile Crypto Whale

A phishing attack resulted in the loss of over $32 million worth of tokens from the wallet of a high-profile crypto whale, suspected to be tied to Shixing Mao, co-founder of F2Pool and Cobo. The attack was linked to the Inferno Drainer scam, a known phishing-as-a-service operation that had previously shut down and resumed activities in May 2024. The wallet was compromised through a fraudulent transaction on Spark’s DeFi platform, resulting in the theft of over 12.083 wrapped ether tokens. Despite the substantial loss, the wallet still holds about $5.44 million in remaining funds. The incident highlights the growing danger of phishing schemes targeting DeFi participants, with reported losses exceeding $173 million in Q1 2024 alone.

• Phishing Attack Overview: A prominent crypto whale lost $32 million through a malicious transaction linked to the Inferno Drainer scam. Despite the loss, the wallet still holds $5.44 million. Arkham Intelligence suspects the wallet belongs to Shixing Mao, co-founder of F2Pool and Cobo, but confidence in the identification is low.

• Phishing Scam Trends: Phishing attacks on DeFi platforms are on the rise, with Q1 2024 seeing over $173 million in reported losses. The FBI has issued warnings, and blockchain analytics firms urge caution with unfamiliar transactions and signatures to avoid becoming a target.

2)

Vitalik Buterin's Vision for Ethereum's Future

Ethereum co-founder Vitalik Buterin continues to lead innovation within the blockchain space, introducing a new strategy centered on "balancing" Ethereum's core values with the network's evolving demands. His approach aims to optimize decentralization, scalability, and security while addressing emerging threats like quantum computing. In his latest research, Buterin outlines measures to safeguard the platform from potential quantum risks and reaffirms his commitment to integrating Ethereum with other technologies to create a more resilient and interoperable ecosystem.

• Vitalik's "Balancing" Approach: Vitalik Buterin’s vision revolves around navigating trade-offs between decentralization, scalability, and security while adhering to core Ethereum principles. His strategy focuses on implementing open standards, enhancing security, and fostering interoperability.

• Quantum Risk Mitigation: To counteract threats posed by quantum computing, Buterin proposes quantum-resistant cryptography and a contingency plan to protect user funds during quantum emergencies, solidifying Ethereum’s defenses against future advancements.

3)

Mark Cuban’s Pursuit of SEC Leadership Amid Crypto Criticism

Billionaire entrepreneur Mark Cuban, known for his pro-crypto stance, has openly targeted Gary Gensler’s position as SEC Chair, criticizing Gensler's strict regulatory approach towards the cryptocurrency industry. Cuban, who previously aspired to retire by 35, now at 66, shows no signs of slowing down and remains focused on disrupting healthcare through his Cost Plus Drugs initiative, while also eyeing a role that could reshape SEC policies. The current dissatisfaction with Gensler spans both political parties, with key figures advocating for leadership change in the SEC.

• Cuban's SEC Ambition and Criticism of Gensler: Mark Cuban aims to replace SEC Chair Gary Gensler, challenging Gensler’s handling of crypto regulations, which Cuban believes stifles industry growth. This criticism has gained bipartisan support, reflecting widespread discontent with current SEC policies.

• Continued Disruption Efforts in Healthcare: While contemplating a shift to SEC leadership, Cuban remains committed to his Cost Plus Drugs project, striving to make prescription drugs more affordable through a transparent model that applies a minimal markup to reduce costs for consumers.

4)

Giant Cryptocurrency Whale Loses $32 Million to Hackers in Major DeFi Phishing Scam

A cryptocurrency whale recently fell victim to a phishing scam orchestrated by the notorious "fraud as a service" platform, Inferno Drainer, resulting in a loss of over $32 million in Ethereum derivatives from the DeFi protocol Spark. The attack involved signing a malicious transaction, allowing hackers to drain 12,083 wrapped Ethereum tokens (spWETH) from the whale’s wallet. Blockchain security services, including ScamSniffer and Arkham, have confirmed that Inferno Drainer is responsible for this theft and has been involved in similar operations, reportedly stealing over $215 million from more than 200,000 victims. Despite a plea to return the assets with a 20% reward offer, the scammers did not respond. While Inferno Drainer was initially shut down in 2023, it resurfaced in 2024 with improved capabilities, expanding support to 28 blockchains and targeting numerous DeFi apps.

• Key Incident: A giant cryptocurrency whale lost $32.4 million in wrapped Ethereum to a phishing scam linked to Inferno Drainer, which has stolen over $215 million across various attacks.

• Security Concerns: Blockchain analysts emphasize the need for caution, urging DeFi users to avoid unknown links and verify all transactions to prevent similar hacks as phishing scams remain a persistent threat in the crypto space.

5)

Crypto Lobby Group Revises Kamala Harris’ Digital Asset Support After Community Backlash

A digital asset lobby group, Stand With Crypto, initially rated U.S. Vice President Kamala Harris as “Supports Crypto” with a “B” grade, based on her remarks encouraging digital assets and technology innovations. However, after backlash from the community, the group retracted the rating and introduced stricter criteria for grading politicians on their support for cryptocurrencies. Critics argued that Harris' comments were too vague and did not reflect a strong pro-crypto stance, contrasting with Donald Trump’s “A” grade for his consistent support of digital assets. Stand With Crypto updated Harris' profile to reflect "not enough information" and adjusted their scoring to prevent similar controversies in the future.

• Initial High Rating and Backlash: Stand With Crypto gave Kamala Harris a high rating for her digital asset support based on a single statement, which led to criticism from the community, who felt it misrepresented her stance compared to more outspoken pro-crypto politicians.

• Rating Retraction and New Criteria: Following the backlash, Stand With Crypto retracted Harris' grade and modified their scoring system to reflect more nuanced evaluations, ensuring that only candidates with substantial crypto-related statements receive definitive ratings in the future.

6)

Swan Bitcoin Sues Former Executives Over Alleged Theft and Unfair Competition

Swan Bitcoin, a financial services company founded in 2019, is currently involved in a legal dispute against several former employees who allegedly stole proprietary software code and confidential documents before resigning. These ex-employees then established Proton Management, a competing entity that convinced Tether, a stablecoin issuer, to sever its ties with Swan and join their new venture. Swan has requested a permanent injunction and the return of stolen materials, citing irreparable damage to its business operations and market competitiveness. The lawsuit, which accuses Tether of providing a “legal facade” to Proton, could set a precedent for resolving intellectual property disputes in the cryptocurrency industry.

• Key Allegations and Impact: Swan Bitcoin claims that its former executives took thousands of confidential files and proprietary code before launching Proton Management, a rival company that has disrupted Swan’s mining operations and poached key business partners like Tether.

• Legal Actions and Industry Implications: The ongoing lawsuit seeks to recover stolen materials and obtain a permanent injunction against Proton, with a potential to influence future intellectual property litigation in the crypto space.

7)

Ripple Expands RLUSD Testing to Boost Stablecoin Development

Ripple Labs has minted an additional 300,000 RLUSD stablecoins, further intensifying its testing and development efforts following its recent legal victory against the SEC. RLUSD, a stablecoin pegged to the US Dollar, is being developed for the Ethereum and XRP networks to enhance liquidity and trading. The latest minting marks a continuation of Ripple’s testing phase, which saw smaller mints in late September. Despite not yet being available for purchase, Ripple's efforts indicate a strategic focus on solidifying RLUSD’s position in the stablecoin market.

• Ripple’s Development Efforts: Ripple Labs is ramping up RLUSD’s minting as part of a broader testing strategy, aiming to establish the stablecoin as a major player in the market following a legal win against the SEC.

• Market Impact: RLUSD is being positioned to compete with established stablecoins, contributing to a growing stablecoin market that reached a $168 billion capitalization in August.

8)

Fake Cryptocurrency App Alert: Over 10,000 Google Play Downloads

A malicious app posing as the popular Web3 protocol WalletConnect was downloaded 10,000 times on the Google Play Store before being removed. The app, which targeted unsuspecting users through a sophisticated phishing attack, siphoned off more than $70,000 in cryptocurrency by redirecting users to a phishing site that stole their wallet information. Despite only 150 out of 10,000 users losing their assets, this incident highlights ongoing vulnerabilities in mobile app marketplaces. Cybersecurity experts urge users to implement multi-factor authentication and thoroughly vet app ratings and reviews before downloading.

• Fake WalletConnect App Incident: A malicious app on Google Play Store impersonated WalletConnect, resulting in $70,000 stolen from 150 out of 10,000 users through phishing tactics over four months.

• Cybersecurity Recommendations: Users are advised to use multi-factor authentication and verify app reviews and ratings before installing, as sudden app behavior changes can indicate potential threats.

9)

Ripple’s Groundbreaking Partnership in Oil Trading Unveils $500 Trillion Market Opportunity for XRP

Ripple has partnered with Saudi Arabia to integrate XRP into the oil trading market, marking a significant development in the cryptocurrency landscape. This collaboration links XRP to traditional commodities, creating an unprecedented opportunity for cryptocurrency holders to indirectly engage in oil trading and cross-border transactions with Saudi banks. With this partnership, Ripple addresses long-standing skepticism in the Gulf fintech sector, paving the way for further blockchain adoption in the region. Additionally, the CryptoTradingFund (CTF), built on the XRP Ledger, introduces an innovative cashback system that rewards users with CTF tokens for their transactions, further enriching Ripple’s ecosystem and enabling passive income for token holders.

• Key Partnership: Ripple’s integration of XRP in Saudi oil trading and cross-border banking unlocks a $500 trillion market, positioning it as a bridge between cryptocurrency and traditional finance.

• Innovative Solutions: The CryptoTradingFund (CTF) introduces a unique cashback reward system, leveraging the XRP Ledger to enhance passive income opportunities and promote financial innovation.

10)

U.S. Charges Two Russian Nationals in Crypto Money Laundering Scheme, Offers $10 Million Bounty

The U.S. has charged Russian nationals Sergey Ivanov and Timur Shakhmametov for allegedly operating a cryptocurrency money laundering service tied to cybercrime, and announced a $10 million bounty for information leading to their arrests. In an international crackdown, the U.S. Treasury, along with global partners, targeted the digital currency exchanges PM2BTC and Cryptex, both linked to large-scale money laundering for ransomware actors and other cybercriminals. The crackdown includes sanctions by the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN), prohibiting U.S. entities and financial institutions from engaging with the accused or their associated exchanges. This operation, dubbed Operation Endgame, is part of a broader effort to dismantle Russian cybercrime networks and protect the financial system from illicit activities.

• Key Actions: U.S. authorities sanctioned two Russian nationals and associated digital exchanges PM2BTC and Cryptex for facilitating cybercrime, imposing a $10 million bounty and prohibiting U.S. financial institutions from engaging with them.

• International Impact: This is part of a larger initiative called Operation Endgame, which aims to dismantle Russian cybercriminal financial networks through international coordination and sanctions, safeguarding the global financial system.

That’s all for today folks, see you tomorrow. 👋

Disclaimer

The information provided in this overview is based on our data findings and opinions. It is intended for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry significant risk, and it is important to conduct your own research and consult with a qualified financial advisor before making any investment decisions. We are not responsible for any financial losses or gains you may incur as a result of using this information.