Crypto & Blockchain Daily Brief Wednesday, September 4, 2024

Ripple's CEO, Brad Garlinghouse, has hinted at major improvements for the XRP Ledger, which serves as the foundation for the XRP cryptocurrency. The upgrades are expected to enhance the ledger's performance and functionality, making it more efficient and scalable. Garlinghouse highlighted that the improvements will focus on making the XRP Ledger carbon-neutral, in line with Ripple's commitment to sustainability. One of the key upgrades mentioned is the implementation of Federated Sidechains, which will allow developers to build decentralized applications (dApps) on the XRP Ledger. This move is aimed at expanding the use cases for XRP and attracting more developers to the platform. Additionally, the upgrades will address concerns related to energy consumption and environmental impact, positioning XRP as a more sustainable option compared to other cryptocurrencies like Bitcoin. Garlinghouse emphasized the importance of sustainability in the crypto industry, noting that environmental considerations are becoming increasingly significant for investors and regulators. By making the XRP Ledger carbon-neutral, Ripple aims to set a new standard for eco-friendly blockchain technology. The upgrades are part of Ripple's broader strategy to drive adoption of XRP and position it as a viable digital asset for various applications beyond just payments. Overall, the improvements teased by Garlinghouse signal a significant development for the XRP Ledger and demonstrate Ripple's commitment to innovation and sustainability in the blockchain space. The upgrades are expected to make XRP more competitive in the cryptocurrency market and pave the way for new opportunities for developers and users alike.

Galois Capital, a prominent cryptocurrency fund connected to the Terra ecosystem, has reportedly lost $40 million due to a trading mishap on the FTX exchange. The incident is said to be related to Galois Capital's use of leverage and the liquidation of their positions. This significant loss has caused concern within the crypto community, especially considering Galois Capital's strong ties to Terra, a blockchain platform with a stablecoin known as UST. The situation is further complicated by the fact that FTX, the exchange where the losses occurred, is currently under investigation by the U.S. Securities and Exchange Commission (SEC) for potential violations related to derivatives trading. The SEC is specifically looking into whether FTX's derivatives offerings comply with U.S. securities laws, which adds another layer of uncertainty surrounding the situation. Galois Capital's loss serves as a cautionary tale for investors in the crypto space, highlighting the risks associated with leveraged trading and the potential for significant financial losses. The incident also underscores the need for greater regulation and oversight in the cryptocurrency industry to protect investors and ensure market stability. Overall, the situation involving Galois Capital, Terra, FTX, and the SEC highlights the complexities and challenges facing the cryptocurrency market, and serves as a reminder of the importance of due diligence and risk management when engaging in crypto trading and investing.

Matter Labs, a company known for its work in scaling solutions for Ethereum, has recently announced a restructuring that includes laying off 16% of its team. The company cited the need to focus on its core technology and products as the reason behind this decision. Despite the layoffs, Matter Labs remains committed to its mission of advancing zero-knowledge proofs and scaling solutions for Ethereum. The restructured team will now primarily focus on the development of zkSync, a layer 2 scaling solution for Ethereum that aims to improve the network's scalability and usability. The company believes that by concentrating its efforts on zkSync, it will be better positioned to achieve its long-term goals and deliver innovative solutions to the Ethereum community. Matter Labs' decision to restructure and reduce its team size is part of a broader trend within the blockchain industry, where companies are increasingly prioritizing efficiency and focusing on core products and technologies. The company remains optimistic about the future of Ethereum and is dedicated to contributing to its growth and development. Overall, Matter Labs' restructuring reflects its commitment to staying at the forefront of blockchain technology and providing valuable solutions to the Ethereum ecosystem. Despite the layoffs, the company is confident in its ability to continue innovating and making a positive impact in the industry.

A new type of gambling platform called MPEPPE MPEPE has emerged on the Ethereum network, attracting investors who are seeking new opportunities in the decentralized finance (DeFi) space. This platform allows users to participate in a unique form of gambling by purchasing tokens that represent a portion of the total prize pool. The tokens can then be used to redeem a share of the prize money if the user's token matches the winning combination. MPEPPE MPEPE is based on the concept of a fair game, where the outcome is determined by a random number generated by the Ethereum blockchain. This ensures transparency and fairness in the gambling process. The platform has gained popularity among Ethereum investors due to its innovative approach and the potential for high returns. Investors are drawn to MPEPPE MPEPE as it offers a new way to engage with the Ethereum network and potentially earn profits through gambling activities. The platform also provides an opportunity for users to interact with smart contracts and explore the capabilities of decentralized applications (dApps). Despite the risks associated with gambling, many investors are willing to participate in MPEPPE MPEPE in the hopes of winning a share of the prize pool. The platform has generated interest within the Ethereum community and is expected to continue attracting users who are looking for unique opportunities in the DeFi space. Overall, MPEPPE MPEPE represents a novel approach to gambling on the Ethereum network, offering investors a new way to engage with decentralized finance.

The article discusses the recent movement of stolen Ether by the hacker who breached the Indian cryptocurrency exchange WazirX in May 2022. The hacker has begun to move the stolen funds using Tornado Cash, a privacy-focused tool that allows users to mix their Ethereum transactions to obscure their origin. By utilizing Tornado Cash, the hacker aims to make it harder to trace the stolen Ether and potentially cash out without being caught. The hacker has reportedly started moving the stolen Ether in batches of 50 ETH to various Ethereum addresses. This strategy is likely an attempt to further obfuscate the trail of the stolen funds and make tracking them more challenging for authorities and cybersecurity experts. WazirX has been working with law enforcement agencies and cybersecurity experts to investigate the security breach and track the stolen funds. The exchange has also offered a reward of $500,000 for any information leading to the recovery of the stolen funds or the identification of the hacker. The movement of the stolen Ether using Tornado Cash highlights the challenges faced by cryptocurrency exchanges and law enforcement agencies in tracking and recovering stolen funds in the decentralized and pseudonymous world of blockchain transactions. It also underscores the importance of implementing robust security measures and protocols to prevent security breaches and protect user funds on cryptocurrency platforms.