The Last Fortnight in Crypto - April (Part 1)
LATEST NEWS
Ethereum's Shanghai Upgrade Kicks Off New Era of Staking Withdrawals
The highly anticipated Ethereum Shanghai upgrade has been activated, marking a significant milestone in the transition to Ethereum 2.0. The upgrade brings several key improvements, including a new staking withdrawal feature that allows users to withdraw their staked Ethereum from the network. This will enable stakers to better manage their funds and increase liquidity in the Ethereum ecosystem.
The Ethereum Shapella upgrade has been activated and withdrawals are processing! pic.twitter.com/Krly5GB2K7
The upgrade also introduces a new consensus algorithm that improves the efficiency of the network, reducing gas fees and increasing transaction throughput. The upgrade is seen as a significant step towards the full transition to Ethereum 2.0, which will bring increased scalability, security, and sustainability to the network.
The Shanghai upgrade was delayed several times due to technical issues, but the Ethereum community is optimistic about the future of the network. The upgrade will be followed by further upgrades, including the London upgrade, which is set to go live later this year.
FTX Recovers $7.3 Billion in Assets, Considers Rebooting Exchange in Q2 2023
FTX, a cryptocurrency exchange that filed for bankruptcy in 2021, has recovered $7.3 billion in liquid assets, according to lawyers representing the debtors. The legal team has stated that FTX may consider restarting its crypto exchange operations in Q2 2024. The potential reboot of the exchange was announced at a hearing where the bankruptcy judge denied a motion to prioritize reimbursing the former FTX CEO Sam “SBF” Bankman-Fried’s legal fees. In a January interview, FTX CEO John Ray was reportedly considering reviving the bankrupt exchange. Since the announcement of the potential reboot of the exchange, the price of the FTX Token (FTT) surged from $1.32 to $2.80.
FTX's bankruptcy court proceedings followed the announcement that a Swiss court had granted a petition allowing the sale of FTX Europe AG, the firm’s European arm. FTX Europe AG, along with 133 other subsidiaries, was part of FTX’s Chapter 11 filing in the US bankruptcy court in November 2022.
Dietderich (debtor counsel) describes the first interim report filed earlier this week (thread here: https://t.co/7PgaoOfBtD).
He says the second report is underway, and will focus on failures of asset segregation.
The recovery of the assets is seen as a positive development for FTX and the broader crypto community. The incident highlights the importance of security and risk management in the crypto industry, and the need for exchanges to have robust procedures in place to protect user funds.
Euler Finance Restarts Redemptions After Hacker Returns Funds
Decentralised finance (DeFi) platform Euler Finance has resumed redemptions after a hacker returned stolen funds. Euler Finance had suffered a security breach earlier this month, resulting in the loss of $8 million worth of funds.
Redemptions open at 2:00 UTC.
— Euler Labs (@eulerfinance) April 12, 2023
Check your redemption numbers:https://t.co/fAJr5Qdv1w
Check out the redemption plan: https://t.co/riAcyz8Wf0
However, the hacker returned the funds shortly after the attack, and Euler Finance has now resumed redemptions for affected users. The platform has also implemented additional security measures to prevent similar incidents in the future.
The incident highlights the ongoing security challenges facing the DeFi industry and the need for platforms to have robust security measures in place.
Bitcoin briefly breaks above $30K, reaching its highest price since June 2022
Bitcoin's price has recently surged above the $30K mark, reaching its highest price since June 2022. This has raised hopes among investors that this could be the start of a new bull run.
The recent price increase has been attributed to a number of factors, including growing institutional adoption of cryptocurrency and the potential for increased regulation to provide a more stable and legitimate environment for the market to thrive.
Despite the positive signs, many investors remain cautious, noting the volatile nature of the cryptocurrency market and the potential for sudden price swings. As always, it is important for investors to conduct thorough research and analysis before making investment decisions in the crypto market.
Ripple and Montenegro partner to explore national digital currency
Blockchain company Ripple has partnered with the government of Montenegro to explore the development of a national digital currency. The partnership aims to identify potential use cases for the currency, which could be used to increase financial inclusion and promote economic growth.
Produktivan sastanak sa CEO kompanije @Ripple @bgarlinghouse i VP za saradnju sa centralnim bankama #JamesWallis. Razgovarali smo o razvoju platne infrastrukture koja bi obezbijedila veću finansijsku dostupnost i inkluziju. Crna Gora otvorena za novu vrijednost i ulaganja. ⬇️ pic.twitter.com/YdPeWHUtCm
The details of the project are still unclear, but it is expected to leverage Ripple's expertise in blockchain technology and digital payments. The government of Montenegro has expressed a strong interest in exploring the potential benefits of blockchain and digital currencies, and this partnership is seen as a significant step towards realizing those goals.
If successful, the project could serve as a model for other countries looking to explore the potential of blockchain and digital currencies. However, there are also concerns about the risks associated with these technologies, including potential security vulnerabilities and the potential for increased financial instability.