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Ethereum’s Ropsten proof-of-stake ‘test merge’ goes live

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In preparation for the Ethereum merge happening later this year, developers have activated the merge on the Ropsten test network. The merge took place on Wednesday afternoon after the move was first announced on June 3. Ropsten’s proof-of-work chain was merged with its proof-of-stake beacon chain by combining their codes into one. Today’s merge is critical to check if client software using Ethereum nodes performs without any glitches. Client software teams participated in the merge including Lighthouse, Lodestar, Prysm, Teku, …

Ethereum’s Ropsten test merge expected to initiate in next 48 hours

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Ropsten, Ethereum’s oldest testnet, is about to undergo its transition to proof of stake — as one of the final tests ahead of the merge on the main Ethereum blockchain. While the exact timing for the Ropsten merge will fluctuate depending on a few variables, it’s expected to happen on Wednesday, according to an official blog post from Ethereum.   The main objective of the testnet merge is to practice Ethereum’s mainnet merge later this year. The Ethereum core developers have …

Aurora Labs pays $6 million reward to hacker that saved 70,000 ETH from getting stolen

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Quick Take Aurora Labs rewarded $6 million to a white hat hacker who reported a bug through Immunefi. It said that the hacker detected a vulnerability that put over 70,000 ETH at risk. Aurora, an Ethereum compatible blockchain on the NEAR Protocol, paid a $6 million bounty reward to an ethical hacker known as pwning.eth, who discovered a critical vulnerability on the network in April.  The vulnerability was reported through the bug bounty platform Immunefi, and was patched before any …

Lido developer: DAO should sell $17 million of ETH to ‘prepare for bear market’

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A Lido Finance core developer has put forward a proposal asking its governance platform to sell 10,000 ether (ETH) ($17 million) from its treasury funds — in case of a prolonged market downturn. The developer, who goes by kadmil, recommended that the governance platform, known as Lido DAO, should diversify around half of its ETH into stablecoins to pay for Lido’s operations for the next two years. “We propose to sell 10,000 ETH of treasury funds to DAI. This should …

Ethereum mining revenues fell by roughly 27% in May

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Ethereum miners generated 27.2% less in revenues in May compared to the previous month, according to data compiled by The Block Research. Last month, Ethereum miners generated a total of $969.4 million in revenue. Most of these revenues came from the block subsidy ($888.95 million) and a relatively small amount from transaction fees ($80.46 million) and from uncle rewards ($41.2 million). The share of Ethereum transaction fees over total revenue fell in May to about 5.6%. Ethereum miners also made …

Ryan Carson’s NFT fund 121G sees $40 million in commitments

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The 1.21 Gigawatts Fund (121G), which was launched last week by serial entrepreneur Ryan Carson to buy non-fungible tokens (NFTs), said it has received commitments worth $40 million from investors. 121G’s website was launched on April 25 and interested investors had to commit 100 ETH ($280,000) to participate in the fund. There were 99 available spots for accredited investors. Carson, the former COO of the popular NFT projects Moonbirds and Proof Collective, tweeted on Tuesday that the fund has seen …

Ethereum scaling startup Optimism confirms governance token as part of broader shift

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Optimism, the Ethereum scaling startup, said Tuesday that it will shift to a new governance structure powered in part by a dedicated token. The details were included in an announcement thread shared on Twitter. At the heart of the effort is what has been dubbed the Optimism Collective, which is itself comprised of two parts: a “Token House” and a “Citizens House.” “The Citizens’ House will govern public goods funding, creating a flywheel of protocol development,” per the team’s announcement, …

OFAC sanctions three more Ethereum addresses tied to $600 million Ronin attack

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The US government is continuing to issue sanctions tied to last month’s headline-generating attack on Axie Infinity’s Ronin sidechain, which resulted in the theft of more than $600 million worth of crypto. The three ETH addresses flagged by today’s action from the Office of Foreign Asset Control (OFAC) had all previously been flagged as connected to the Ronin bridge attack. One of the addresses listed today was previously flagged by OFAC in an earlier action. The March 23 attack resulted …

Ethereum-based stablecoin protocol Beanstalk loses more than $80 million to exploit

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Beanstalk, a credit-focused stablecoin protocol built on Ethereum, was exploited Sunday morning. The attacker obtained more than $80 million worth of crypto, including 24,830 ETH — an amount worth roughly $75.8 million as of press time. The remainder of the exploited funds were in the form of drained liquidity connected to the protocol’s governance token. Transaction data indicates that the exploiter has since begun moving funds to Tornado, an Ethereum-based mixer that obfuscates the source of funds that move through …

Ethereum mixer Tornado Cash blocks sanctioned addresses from its frontend

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Tornado Cash, a popular Ethereum mixer that helps obfuscate crypto transactions, has said that it will block crypto addresses sanctioned by the Office of Foreign Assets Control (OFAC) — an enforcement agency of the US Treasury Department. The news means OFAC-sanctioned crypto wallet addresses will now not be able to use Tornado Cash. “Maintaining financial privacy is essential to preserving our freedom, however, it should not come at the cost of non-compliance,” tweeted Tornado Cash on Friday. Tornado Cash said …