Category: Cryptocurrency News

BTC price gains more than 3% as the week begins, but concerns over open interest “ramping up” almost $1 billion in hours offer a sense of Grayscale deja vu.

The Supreme Court of British Columbia has given Hut 8 final clearance to complete a proposed merger with USBTC.

In a rare lapse in technological expertise, the recently unveiled Ethereum testnet, Holesky, failed to launch after developers discovered flaws in the testnet’s design.  Ethereum Holesky Testnet Riddled With Misconfigurations The crypto community and Ethereum enthusiasts are presently waiting for the return of Ethereum’s Holesky testnet which was scheduled to launch on Friday, September 15.  The Holesky testnet which was created to replace Ethereum’s Goerli testnet after its deprecation in 2024 encountered an unexpected technical hiccup on the day of its release. The release date marked a significant date in the Ethereum community’s history, commemorating the one-year anniversary of Ethereum’s Merge to a Proof of Stake (PoS) network.   Related Reading: Jordan Peterson Sparks Debate On How Bitcoin Can Solve Major Banking Problem Ethereum developers have labeled the technical flaw as a “misconfiguration in the ExtraData field.” Reports reveal that the misconfiguration was identified by an Ethereum Researcher named Protolambda.  Holesky launch update! Due to a misconfiguration in the ExtraData field (applied to EL configs but not to CL ones), #Holesky didn’t initiate properly. A consensus has been reached among the EF DevOps and client teams to relaunch a week from now. — Nethermind (@NethermindEth) September 15, 2023 One of the DevOps at the Ethereum Foundation, Parithosh revealed in an X (formerly Twitter) post the details of Holesky’s launch delay and misconfigurations. Parithosh explained that the flaw was found in one of Holesky’s Genesis files, the el Genesis file.  He stated that validators are currently working on the testnet and have succeeded in starting the chain; however, modifications on the network have not been completed so more time will be required to get the testnet back up and running ready for a relaunch.  “We had a misconfiguration in the el genesis file and that led to the Holesky network improperly launching. Some validators manually fixed the config and were able to start the chain, but not enough for the network to finalize,” Parithosh said in the X post. ETH price still hold above $1,600 support | Source: ETHUSD on Tradingview.com Holesky Testnet Scheduled For a Relaunch The Holesky testnet was created to introduce a range of features and enhancements in the Ethereum ecosystem. The testnet was loaded with more than 1 billion Holesky Ether (HETH) to ensure that the network was large and strong enough to handle complex tests on upgrades and developments in the Ethereum blockchain. Ethereum’s Holesky testnet has now been rescheduled for release in two weeks. However, no proper date has been announced regarding the relaunch.  “It’s extremely likely that we relaunch the network with new genesis files and have the network up two weeks from now,” Ethereum developer, Parithosh stated.  Related Reading: Ethereum Merge Is One: Here Are The Highlights So Far While the delay is undoubtedly disappointing to many users, developers have vowed to integrate more validation steps and better docs to make the Holesky testnet stronger and prevent future misconfigurations.  The delay in Ethereum’s Holesky testnet has not overly affected the price of its native token, ETH. Presently Ethereum developers are working vigorously to resolve the issue as fast as possible. The Ethereum community also remains hopeful that the delay will result in a more robust and reliable testing environment that will greatly benefit the Ethereum ecosystem. Featured image from iStock, chart from Tradingview.com

Hello, I'm very new to Optimism network and this is my very first time trying it. I was holding worldcoin and sent that to my metamask account as USDC.e and I just came to know that ETH (OP network) is required to complete the transaction as gas fee. The problem is I sent everything as…
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Bosch and the Peaq network explain how the future of the Internet of Things and the Economy of Things will come via decentralization and on-chain automation.

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Conspiracy theory or one of the biggest scandals in crypto? The term “ETH Gate” has been on the lips of every XRP supporter in recent months and, increasingly, the broader cryptocurrency community. At the heart of this issue is the US Securities and Exchange Commission’s (SEC) decision to classify Ethereum (ETH) as a non-security, contrasting sharply with its ongoing legal action against Ripple and the XRP token. What is ETH Gate “ETH Gate” refers to a theory alleging that the Ethereum Foundation and ConsenSys have fostered close relationships with key individuals within the US Securities and Exchange Commission (SEC) and other entities like JP Morgan, thereby ensuring a favorable regulatory environment for Ethereum. One cornerstone of this theory are the Hinman emails which were released earlier this year. In these emails, Hinman, who made the landmark speech in 2018 declaring that Ethereum was not a security, interacted with Ethereum’s co-founder, Vitalik Buterin right before the speech. Hinman reportedly consulted Buterin to “understand the operational dynamics of Ethereum.” Related Reading: Ethereum Merge Is One: Here Are The Highlights So Far Remarkably, Bill Hinman rejoined the law firm Simpson Thacher in 2020 after leaving the SEC. The significance? Simpson Thacher is associated with the Ethereum Enterprise Alliance. Therefore, the XRP army believes that Hinman’s decision to deliver a speech giving Ethereum a regulatory “free pass” may not have been impartial. Speculations By XRP Army John E Deaton, an outspoken figure in the XRP community and a keen observer of the SEC’s dealings, has painstakingly put forth allegations suggesting a deeper web of interlinked relationships that hint at possible conflicts of interest. (There are so many that it is not even possible to highlight them all in one article.) His assertions have become pivotal in the “ETH Gate” theory, and here we’ll delve deeper into these connections. 1. Joseph Lubin’s Strategic Moves: Joseph Lubin, co-founder of Ethereum and founder of ConsenSys, is at the core of Deaton’s claims. According to Deaton, within just two months of Jay Clayton’s appointment as the SEC Chairman, Lubin made a potentially strategic hire, bringing on board Patrick Berarducci from the law firm Sullivan & Cromwell. This move is seen by Deaton and many in the XRP community as more than coincidental. Deaton has drawn attention to this connection in the past, positing that it might have provided Ethereum an inside track or at least a more favorable disposition from the SEC. Sullivan & Cromwell is also notable because Jay Clayton himself was a partner there before his stint as the SEC Chairman. 2. The Hinman-Lubin Email Exchange: Deaton frequently refers to the now-infamous email exchange between Bill Hinman and Joseph Lubin. For Deaton, this correspondence underscores a problematic level of proximity between a regulatory figure and a significant player in the crypto sphere. The fact that Hinman reportedly emailed Lubin directly is seen by Deaton as a potential sign of collaboration or at least a peculiar level of familiarity. More so, given Hinman’s subsequent public remarks about Ethereum being a non-security, despite warnings against such pronouncements from the SEC’s Office of General Counsel. 3. Jay Clayton and One River Digital Asset Management: After his tenure at the SEC, Jay Clayton joined One River Digital Asset Management. Deaton emphasizes this move as a point of contention. One River is known for its large holdings of Bitcoin and Ethereum. Deaton hints at a potential conflict of interest, questioning if Clayton’s decisions during his time at the SEC may have been influenced by future career prospects or associations that favored Ethereum. 4. Simpson Thacher, Ethereum Enterprise Alliance, and Hinman: One of the most significant points of contention brought forth by Deaton involves Bill Hinman’s associations with the law firm Simpson Thacher. This firm played a role in the Ethereum Enterprise Alliance. Deaton suggests that Hinman’s connection to Simpson Thacher and, by extension, the Ethereum Enterprise Alliance, could have influenced his decision to publicly declare Ethereum a non-security. Related Reading: Bitcoin Dominates Ethereum In Daily Active Addresses Despite Lagging In TX Count Similarly, an XRP community member known as Mr. Huber has been extremely vocal and is raising compelling questions: “ETH Gate is a conspiracy theory that the SEC tried to create a monopoly for Ethereum?” He goes on to argue that this is a concerted attempt by powerful Wall Street banks like JPMorgan to “control the global crypto market by bribing the SEC to gain a monopoly for Ethereum.” Latest News On ETH Gate Yesterday, John E Deaton indicated that new, potentially damning, information about ETH Gate might soon be disclosed. “I’ve always said that one day we will get the full truth. Today is one day closer,” Deaton tweeted in response to Steven Nerayoff’s lawyer, Michael Scotto, who indicated that Nerayoff is prepared to make his facts known “at a time and manner that serves the interests of justice and the people.” Steven Nerayoff, an early adviser to Ethereum, had extortion charges against him dismissed in May this year. Deaton speculates that Nerayoff could be a significant source of insider information, possibly related to Ethereum’s regulatory free pass. “I have the map,” was Nerayoff unequivocal response to Deaton’s speculative tweets about the matter, as Bitcoinist reported today. The “ETH Gate” controversy calls into question the impartiality of the SEC in its treatment of different cryptocurrencies. Although allegations remain unproven, the gathered evidence paints a picture of inconsistent regulatory approaches and potential conflicts of interest. Whether these allegations hold any water remains to be seen, but they have certainly fueled a sense of urgency and scrutiny around the SEC’s policies. If the hints dropped by Steven Nerayoff and John E Deaton materialize into something substantive, ETH Gate could become a pivotal chapter in the annals of cryptocurrency regulation. At press time, ETH traded at $1,635. Featured image from Blockchain Association & Commerce Society, chart from TradingView.com

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