Crypto Weekend Recap

Ethereum’s Holesky Testnet Faces Setback During Launch Attempt Ethereum’s development team encountered an unexpected obstacle while attempting to launch their new test network, Holesky, on September 16. Initially, the testnet was set to launch with approximately 1.5 million validators, but a misconfiguration in the source code derailed the plan. Ethereum infrastructure company Nethermind revealed this issue in a post dated September 16.

Parithosh Jayanthi, an engineer at the Ethereum Foundation, elaborated on the problem, explaining that some validators managed to manually address the configuration problem, allowing the Holesky testnet to begin. However, there were still not enough active validators for the network to achieve finality.

In response, Ethereum Foundation’s developers agreed to reschedule the launch for approximately a week later, presumably around September 23. Jayanthi expressed high confidence that the network would launch successfully once the technical issue was resolved. He also extended an apology for the initial launch failure and pledged to implement additional validation steps and improved documentation to prevent such issues in the future.

Holesky, designed to support staking, infrastructure development, and protocol enhancement on the Ethereum network, was created to replace the Goerli testnet due to concerns about Goerli’s inadequate supply of Goerli ETH for testing purposes. The Holesky launch was anticipated as the most extensive public testnet deployment in Ethereum’s history.

Crypto Exchange CoinEx Appeals to Hackers in Unusual Open Letter In an unusual move, cryptocurrency exchange CoinEx has published an open letter directed at the hackers responsible for a recent $70 million theft, inviting them to engage in discussions about the potential return of the stolen funds. The letter encouraged the hackers to communicate actively through the blockchain or CoinEx’s official email address to work towards a secure and reasonable resolution. CoinEx also offered a “generous” bug bounty as an incentive for the return of the stolen assets.

Interestingly, CoinEx extended appreciation to the hackers with a nod to their “technical expertise” and invited them to participate in discussions about improving the exchange’s security system. Additionally, the letter conveyed the exchange’s commitment to safeguarding the trust of its global user base, emphasizing the importance of securing exchange assets.

On September 12, CoinEx experienced significant outflows of funds to an address without any previous transaction history. Multiple blockchain security firms have pointed to North Korea’s Lazarus Group as the likely perpetrator behind this cyberattack.

Prosecutors Object to Jury Questions in Sam Bankman-Fried’s Trial United States prosecutors have raised objections to a series of questions proposed by Sam Bankman-Fried’s legal team for the upcoming trial. They contend that these questions are “unnecessarily intrusive.” The prosecutors argued that a fair trial should not be influenced by Bankman-Fried’s public image, and jurors should not be asked to disregard information they may have encountered in the news.

Specifically, the prosecutors objected to inquiries about jurors’ opinions of Bankman-Fried, FTX, whether they can completely ignore news reports, and whether they have preconceived notions about the defendant’s guilt or innocence. They also objected to questions regarding Bankman-Fried’s ADHD diagnosis, political contributions, and his association with effective altruism.

The prosecutors maintained that mentioning Bankman-Fried’s ADHD diagnosis during the trial would be improper and should be excluded, as it serves to generate undue sympathy for the defendant. The trial is scheduled to commence on October 2.

Grayscale CEO Expresses Optimism for US Crypto Legislation Michael Sonnenshein, the CEO of Grayscale Investments, expressed optimism about the possibility of the United States Congress passing cryptocurrency-related legislation by the end of the year. He noted that there is substantial momentum surrounding cryptocurrency bills in Washington at present, suggesting that this Congress could achieve legislative progress in this area.

Sonnenshein highlighted the positive developments observed during meetings with lawmakers over the past year and commended the efforts of Patrick McHenry, the Chairman of the U.S. House Financial Services committee. He pointed to McHenry’s co-release of the Digital Asset Market Structure Proposal draft on June 2 as a significant step forward.

Sonnenshein believes that the 2024 presidential election could serve as a catalyst to further propel momentum in the cryptocurrency legislative process.

Other News

  • Bankrupt cryptocurrency exchange FTX has reinstated its customer claims portal with enhanced security protocols following a cyberattack-induced shutdown. Claimants can now continue submitting claims for assets held on the exchange before its insolvency.
  • The United States House Financial Services Committee is advancing legislation aimed at preventing the issuance of a central bank digital currency (CBDC). One bill seeks to prohibit the Federal Reserve from conducting pilot programs for CBDCs without congressional approval, while another aims to restrict banks from offering specific financial products to individuals.

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