📣📣 COIN BUREAU NEWSFLASH! – (26/05/22)
Here are some of today’s most important headlines:
1️⃣ Ethereum Beacon Chain Experiences 7 Block ‘Reorg’
The Ethereum beacon chain, which is critical to the upcoming Ethereum Merge, encountered a potentially high-level security issue known as a blockchain "reorganisation" today. The ‘reorganisation’ lasted seven blocks- the longest such reorg in years, according to Martin Köppelmann, CEO and co-founder of DeFi service provider Gnosis.
A reorganisation, or reorg, can occur due to a network failure, such as a bug, or a malicious attack, resulting in a duplicate version (aka ‘fork’) of a blockchain being created momentarily. The more time a reorganisation lasts, the more significant the security risks become.
However, core Ethereum developer Preston Van Loon suggested the reorg was due to a “non-trivial segmentation” of new and old client node software and was not necessarily anything malicious. Vitalik Buterin, the co-founder of Ethereum, called the theory a "good hypothesis."https://decrypt.co/101390/ethereum-beacon-chain-blockchain-reorg
2️⃣ StarkWare Quadruples Valuation To $8 Billion Amid Bear Market
Ethereum scaling company ‘StarkWare’ has quadrupled its valuation to $8 billion after raising $100 million in a Series D funding round led by Greenoaks Capital and Coatue.
Other investors include Tiger Global, Paradigm, Three Arrows Capital and Sequoia Capital. There was also a supplementary component to the funding, which allowed StarkWare employees to sell stock.
According to Uri Kolodny, StarkWare’s cofounder and CEO,
“We closed this deal in the thick of a bear market for crypto, highlighting the strength of investor confidence in StarkWare scaling. The investors who came into this round are investing certainly not because of the price of LUNA nor frankly because of the price of ETH and bitcoin today, tomorrow or next week. They're investing because of the vision we have for the next 5-10 years, for what we think blockchain will mean for businesses and society in the coming years.”https://www.forbes.com/sites/ninabambysheva/2022/05/25/ethereum-scaling-company-starkware-quadruples-valuation-to-8-billion-amid-bear-market/
3️⃣ Do Kwon’s Proposal To Revive Terra Approved By Terra Community
The governance vote on Do Kwon's proposal to relaunch the Terra blockchain and create LUNA 2.0 tokens has passed. Terraform Labs (TFL) will go ahead and deploy the new Terra blockchain. The relaunch date has been set for May 27.
The results of the governance vote show that over 65.5% of the total votes supported Kwon’s proposal, while more than 20% of voters abstained and 13.20% of the votes strongly opposed the proposal with a “veto.
LUNA 2.0 tokens will be accessible for trading after the launch. Existing network stakeholders will receive these tokens at a pre-determined percentage. Many of the tokens will have a vesting term attached to them.https://www.theblockcrypto.com/post/148629/do-kwons-plan-to-rebirth-the-terra-blockchain-gets-approved/
4️⃣ 29 Moonbirds Valued At $1.5 Million Stolen By Clicking A Bad Link
Late Tuesday, a ‘Proof Collective’ member fell victim to a phishing scam, losing 29 highly valuable Moonbirds NFTs worth around $1.5 million or 750 ETH.
According to the report, the alleged perpetrator identified as Twitter user ‘@ DVincent_’ has already been half-doxed by a crypto exchange. The Proof Collective and its members are presently working on a full report for the FBI.https://cointelegraph.com/news/nft-owners-reminded-to-be-vigilant-after-29-moonbirds-were-stolen-by-clicking-a-bad-link
5️⃣ A16z Raises $4.5 Billion Crypto Fund
Venture Capital firm Andreessen Horowitz (a16z) announced a $4.5 billion crypto fund dedicated to investments in crypto start-ups.
A16z has earmarked approximately $1.5 billion of the fund for seed investments and around $3 billion to venture investments. The firm’s announcement marks a renewed wave of interest from VC firms to invest in blockchain startups during the bear market.