Author: Max Bauer

blockchain development firm OP Labs has announced a proposal for a major network upgrade aimed at enhancing the security and stability of the Optimism protocol. The upgrade, codenamed “Granite Network Upgrade,” comes in response to a series of third-party security audits that identified several potential vulnerabilities. According to the proposal, which was released by OP Labs protocol engineer Mofi, the upgrade will involve a comprehensive overhaul of several smart contracts to rectify the vulnerabilities discovered in the audits. Additionally, the upgrade will implement a Layer 2 (L2) hard fork designed to bolster the robustness and performance of the error-proofing system.…

Lawyer Scott Johnsson has suggested that the U.S. Marshals Service (USMS) is likely in the process of selling Bitcoin seized from the Silk Road operation. Johnsson’s analysis is based on the USMS’ recent transfers of BTC to a custodial address stipulated in its service agreement with Coinbase. The agreement mandates that USMS assets remain completely isolated until transferred to a mixed trading platform like Coinbase Prime, indicating a sale or imminent sale. Formal confirmation is expected in the Department of Justice’s fiscal year 2024 asset forfeiture plan report. Coinbase had previously announced in July that the USMS had selected Coinbase…

Elon Musk recently shared his perspective on US inflation via X (formerly known as Twitter). He stated that inflation is caused by the federal government exceeding its budget and resorting to printing more money to cover the difference. Musk proposed that the solution to inflation lies in reducing wasteful government spending. Brian Armstrong, CEO of Coinbase, responded to Musk’s tweet, agreeing with his assessment. Armstrong pointed out that the primary cause of inflation is governments spending beyond their means and having to create more money. He suggested that if this practice were curtailed, most inflation problems would dissipate. Armstrong further…

Renowned on-chain detective ZachXBT has revealed a significant network of North Korean developers who have been working for various well-known cryptocurrency projects under false identities. The investigation discovered that this group, with an estimated 21 members, has been involved in more than 25 crypto projects and earning a substantial income of $300,000 to $500,000 per month. The discovery came to light after a victim project suffered a $1.3 million hack and realized that several of their developers were using fake identities and were, in fact, IT personnel from North Korea. The funds were subsequently laundered through numerous transactions. ZachXBT’s investigation…

Cryptocurrency spot ETFs saw contrasting trends on August 16, with Bitcoin funds recording a net inflow while Ethereum funds experienced a net outflow. The 12 Bitcoin spot ETFs in the U.S. witnessed a combined net inflow of $36.015 million. This positive movement was largely driven by substantial inflows into Fidelity’s FBTC ETF, which attracted $61.3469 million. BlackRock’s IBIT ETF also saw a notable inflow of $20.3854 million. However, Grayscale’s GBTC ETF experienced a significant outflow of $72.9033 million. In contrast, the nine Ethereum spot ETFs faced a total net outflow of $15.005 million. Grayscale’s ETHE ETF accounted for a significant…

Cryptocurrency journalist Summers has brought attention to the disappearance of key documents related to proposed Solana ETFs from the CBOE website. The filings, identified as SR-CboeBZX-2024-066 and SR-CboeBZX-2024-067, appear to have been removed, sparking speculation about Solana ETFs. The applications, submitted on July 8th by VanEck and 21Shares, aimed to launch Solana ETFs, marking a potential third wave of spot cryptocurrency ETFs following the SEC’s approval of Bitcoin ETFs earlier this year. The SEC’s approval is crucial for these products to commence trading, but the agency’s rules do not impose a strict deadline for reviewing investor disclosure filings. Summers noted…

South Korean online gaming giant NCSoft has reported a staggering return on investment in SUI tokens, earning over 250 times the initial investment in the first half of the year, according to a report by Korean news website Bloter. NCSoft’s semi-annual report revealed that the company sold a total of 16,908,112 SUI coins in the first half of 2024, at a price of 1,490 won per coin. This resulted in a total sales amount of 25.2 billion won (approximately $19 million USD). The company had originally purchased 49,992,806 SUI coins for around 300 million won last year, at a price…

In a recent statement, outspoken Bitcoin critic Peter Schiff argued that Bitcoin’s latest performance further validates why it’s unsuitable as a reserve asset. “When everything is falling, Bitcoin falls the most. How can you use a reserve asset that falls more than the asset you are hedging against?” he questioned. Schiff also voiced his opinion on the Federal Reserve’s current course of action. He believes the Fed should raise interest rates further and let the market correct itself, even if it leads to a market collapse and a recession. “Of course, the stock market will collapse, the real estate market…

Republican presidential candidate Donald Trump has announced that Howard Lutnick, the CEO of Cantor Fitzgerald, will help lead his transition team if he is re-elected president. Lutnick is set to serve as co-chair alongside Linda McMahon, the former head of the U.S. Small Business Administration. Additionally, Trump’s vice presidential candidate JD Vance, along with Trump’s sons Donald Trump Jr. and Eric Trump, will serve as honorary chairmen in the potential administration. The appointment of Lutnick, a figure known for his crypto-friendly stance, has been noted as a strategic choice by many in the financial sector. Tether CEO Paolo Ardoino previously…

Recent 13F filings reveal that hedge funds significantly boosted their holdings in spot Bitcoin ETFs during the second quarter, reaching a total value of $4.7 billion. Several notable hedge funds contributed to this trend. Jane Street, previously reported to have increased its IBIT holdings to $221 million in Q2, also reduced its GBTC holdings by 86%. European asset manager Capula now holds close to $500 million in spot Bitcoin ETFs. Ken Griffin’s Citadel also made significant moves, tripling its holdings in ProShares Bitcoin Strategy ETFs to 860,727 shares, currently valued at $19 million. Additionally, Citadel holds $67 million in call…