October 3, 2022       /       Unchained Daily       /       Laura Shin

Daily Bits✍️✍️✍️

  • Coinbase fixed a problem that left it unable to process payments and withdrawals from US-based banks for five hours on Sunday.
  • Former Celsius CEO Alex Mashinsky withdrew $10 million from the crypto lender before it froze withdrawals and went bankrupt.
  • Elon Musk’s vision for a decentralized Twitter was revealed in a series of text messages.
  • Arrested Tornado Cash developer Alexey Pertsev will have to stay in jail after his appeal was rejected by a judge in the Netherlands.
  • The CFTC charged Adam Todd, founder of crypto exchange Digitex, for allegedly violating the Commodity Exchange Act.
  • The SEC charged two crypto firms for an alleged scam related to the DIG token.
  • A hacker stole $21 million from multi-chain DEX Transit Swap and later returned 70% of the funds.
  • After CME Group executives criticized FTX’s plan to allow futures trading on its platform, the CME filed a similar proposal.
  • Indian crypto exchange WazirX laid off 40% of its employees.
  • Celsius Mining, the mining arm of bankrupt lender Celsius, claimed that hosting provider Core Scientific violated bankruptcy terms.

Today in Crypto Adoption…

  • German telecom giant Deutsche Telekom announced it will run an Ethereum validator.
  • Paraguayan senators rejected a veto from the President on a BTC mining legislation.

The $$$ Corner…

  • Uniswap Labs, the entity behind the Uniswap DeFi protocol, is reportedly seeking a fundraise of between $100 million and $200 million at a $1 billion valuation.
  • Juno, a crypto banking platform, closed an $18 million series A funding round.
  • Arthur Cheong, founder of DeFiance Capital, is looking to raise $100 million for a new fund.
  • Blowfish, a Web3 security company, raised $11.8 million led by Paradigm.

What Do You Meme?

What’s Poppin’?

Solana Goes Offline Once Again

by Juan Aranovich

 

The Solana blockchain suffered yet another outage this weekend that lasted several hours.

The network stopped processing transactions after a node misconfiguration on Friday night.

“Many folks are asserting the outage was due to a spam attack. This is incorrect. The outage was due to an extremely rare consensus bug,” explained Joe McCan, founder of crypto fund Asymmetric.

In other words, the validators of the network were not being able to reach consensus, so a decision was made to halt the blockchain in order to fix the issue.

The problem was solved and the blockchain went live again after six hours and nineteen minutes, according to the Solana Status website.

Evan Van Ness, a well recognized Ethereum community member, said that the website doesn’t provide accurate information. “Typical Sqlana, trying to claim the Sol server was only down for 6 hours. It was down for more like 9.5 hours,” he wrote on Twitter.

Anatoly Yakovenko, founder of Solana, replied to Van Ness: “It’s a sad state for the industry when on even days that sqlami is down it’s still handling more txs from dapps then all the evm chains and their rollups and L2s combined.”

This outage comes after several others this year. The network also went offline in May and in June, and suffered degraded performance in January, March, April, and May. In September of last year, it halted for over 18 hours.

Meanwhile, the day before this outage, Sam Bankman-Fried, founder of FTX, had said that “downtime issues were partially solved a few months ago.”

Solana is the fourth-largest smart contract blockchain by market capitalization, behind Ethereum, Binance Chain and Cardano. The token SOL was trading at $35 on Friday, and is down to ~$32.50 as of press time.

Recommended Reads

  1. The Tie analysis on Ethereum
  2. PC Principal on what to watch in October
  3. Chainlink on its new economics

On The Pod…

Nikhilesh De, CoinDesk’s managing editor for global policy and regulation, comes to talk about the CFTC lawsuit against Ooki DAO and the potential consequences across the crypto industry. Show highlights:

  • the enforcement action against Ooki DAO and the CFTC’s arguments behind it
  • whether bZx’s statements that the DAO would be beyond the reach of regulators made it a target for the CFTC
  • whether the broader implication of these charges could mean that all DeFi is illegal
  • whether the hacks of bZx made it a high-profile target
  • the CFTC Commissioner Summer Mersinger’s dissenting statement and her concerns
  • who the targets of the CFTC enforcement action are
  • the consequences of the lawsuit for token holders and how to determine which token holders are liable
  • why the CFTC chose to post a notice in the Ooki DAO forum and whether that is sufficient notice
  • what the next steps for DAO members are and whether there will be wide community support

Book Update

My book, The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze, which is all about Ethereum and the 2017 ICO mania, is now available!

You can purchase it here: http://bit.ly/cryptopians