Krystal Newsflash (12th Aug 2022)
Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week:
Goerli Merge ✅
The Goerli testnet has successfully performed The Merge.
This means that this testnet is now using a Proof-of-Stake consensus mechanism, as compared to the Proof-of-Work that the Ethereum Mainnet currently uses.
The Goerli Merge means that the final stage is transitioning the actual Ethereum Mainnet to Proof-of-Stake, which is predicted to be some time in September.
Amidst The Merge happening soon, there have been some rumours of a hard fork of Ethereum which will still use Proof-of-Work.
Chandler Guo, a well-known Ethereum miner, announced that he may be creating a hard fork of Ethereum, known as ETHW.
While some crypto exchanges have supported this hard fork,
major stablecoins USDT and USDC have shown that they are supporting the switch to Proof-of Stake.
Other big players that are supporting The Merge include Chainlink,
and Binance.
If you’re wondering what’s next for Ethereum after The Merge, you can find out what we learnt from Vitalik Buterin’s talk at Korea Blockchain Week 2022 here.
Curve Finance Hacked 😵
Crypto hacks are occurring rather frequently, with Curve Finance becoming the latest victim.
Curve Finance’s nameserver was reportedly compromised, and this redirected users to a fake website and approve a malicious contract.
This allowed the contract to drain assets from the user’s wallet.
About $570k worth of assets had been stolen in this manner.
The good news is that Binance managed to recover these funds, when the hacker tried to send them to the exchange to cash out.
Meanwhile, the recent Solana wallet hack that happened last week resulted in some inconclusive results.
Slope wallet is still unable to find the root cause of the hack,
while Phantom wallet issued a statement that their wallets were not compromised.
If you’re looking for an alternative wallet for Solana assets, you can create a Multi-Chain wallet on the Krystal app (iOS and Android).
This allows you to store assets on both the Solana network and 9 other EVM-compatible networks!
Hodlnaut 🛑 Withdrawals
Just when we thought that the worst was behind us, Hodlnaut is the latest centralised crypto lending platform to pause withdrawals.
This came as a huge shock to the community as the CEO, Juntao Zhu, has been assuring his users that their assets are safe.
The whole debacle with centralised lending platforms have taught us 3 key lessons, which you can find out more here.
Coinbase Earnings 🙃
Things aren’t looking good for Coinbase, as they reported a 63% drop in their revenue and losses of over $1 billion.
This is most likely attributed to the crypto winter we are experiencing now, as retail interest in cryptocurrencies have waned.
Reddit 🤝 FTX
Crypto exchange FTX now has a deal with Reddit to launch tokenised ‘Community Points’.
These Community Points exist on the Arbitrum network, and are awarded to users based on the quality of their posts.
If users want to transact with these Community Points on-chain, they will need to pay gas fees. FTX Pay will make this process easier, by allowing users to pay for these fees using fiat currencies.
This move will further help to increase the adoption of blockchain technologies, as Reddit has around 52 million daily active users.
Arbitrum is just one of the 10 networks that are available on our platform.
BlackRock launches new BTC fund
After announcing a partnership with Coinbase,
BlackRock, the largest investment firm in the world, has launched a private trust that could provide institutional investors with exposure to Bitcoin.
Larry Fink, the CEO of BlackRock, stated that BTC has drawn a lot of interest.
Despite the current market prices, institutional investors still seem to be interested in the crypto space, and this could spell good news for us investors!
When do you think The Merge will happen? Will Coinbase recover from their poor Q2 results? Tweet us or send us a message on Telegram to let us know!
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