Failed Ethereum Testnet Launch, CoinEx Appeals to Hackers, Trial Intrusions, US Crypto Bill Optimism
Summary:
Ethereum's Holesky testnet fails launch due to a misconfiguration in the source code. CoinEx pleads with hackers for the return of stolen funds. Prosecutors object to intrusive questions in Sam Bankman-Fried's trial. Grayscale CEO optimistic about passing a cryptocurrency bill in the US. FTX restores claims portal after cyberattack. United States House Financial Services Committee moves forward with legislation to prevent central bank digital currency issuance.
Ethereum's attempt to launch the Holesky testnet on September 16 has failed due to a misconfiguration in the source code, according to Ethereum infrastructure firm Nethermind. Although some validators manually fixed the issue, there were not enough active validators for the network to reach finality. The developers plan to try again in about a week.
The Ethereum Foundation engineer, Parithosh Jayanthi, has stated that it is highly likely that the network will successfully launch within the next two weeks once the technical issue is resolved. Jayanthi apologized for the failed launch and assured that additional validation steps and better documentation will be implemented to prevent similar problems in the future. The Holesky testnet aims to enhance staking, infrastructure, and protocol development on the Ethereum network, replacing the Goerli testnet.
Crypto exchange CoinEx has published an open letter appealing to the hackers responsible for the recent $70 million heist to come forward and discuss the potential return of the stolen funds. The letter, somewhat strangely, praises the white hat hackers for their technical expertise and even invites them to collaborate on upgrading CoinEx's security system. CoinEx acknowledges that the incident has exposed the need to prioritize the security of exchange assets, as these assets represent the trust placed in them by millions of global users.
Prosecutors in the United States have objected to a series of questions that Sam Bankman-Fried's lawyers plan to ask prospective jurors in his upcoming trial. They argue that the questions, which inquire about public opinion, personal beliefs, and the defendant's health history, are unnecessarily intrusive. The prosecutors stress that previous exposure to news or preconceived notions about Bankman-Fried should not prejudice a fair trial. The trial is scheduled to begin on October 2.
Grayscale Investment CEO Michael Sonnenshein is optimistic that the United States Congress could pass a cryptocurrency bill by the end of this year. Sonnenshein believes there is strong momentum behind cryptocurrency-related bills in Washington, particularly highlighting efforts made by Patrick McHenry, Chairman of the U.S. House Financial Services Committee. Grayscale has observed positive developments through meetings with lawmakers over the past year and hopes to build on this momentum during the upcoming Congress session. Sonnenshein sees the 2024 presidential election as a potential catalyst for further progress in cryptocurrency legislation.
In other news, bankrupt cryptocurrency exchange FTX has reopened its customer claims portal with improved security protocols following a cyberattack. The United States House Financial Services Committee is advancing legislation aimed at preventing the issuance of a central bank digital currency. And in the world of magazines, the latest edition of Hodler's Digest covers topics such as the SEC's Bitcoin ETF decision delay, Grayscale's victory over the SEC, and BitBoy's removal from a publication.
Published At
9/18/2023 5:12:29 AM
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