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Arbitrum L2 Core Network Is Suspected To Be Down

Mark Brennan
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Arbitrum L2 Core Network Is Suspected To Be Down

Arbitrum L2 core network crash.



The leading network of the Arbitrum Layer 2 scaling solution crashed. The project team reported an error in the Sequencer smart contract that caused the protocol to stop releasing new blocks. The developers guaranteed the safety of user funds.

The last block at the time of writing (# 4509808) on the Arbitrum network was generated for more than five hours.

 

 

Arbitrum network is suspected to be down, no new blocks have been generated for more than two 5h, and the Metamask cannot connect. Arbitrum said in discord: we are aware of some issues with the network. We are investigating and will post an update.

The Sequencer smart contract has limited control over the order of transactions, so user transactions are recorded immediately before confirmation by the Ethereum blockchain. The transfer of funds through this contract is optional; network clients can bypass it. The developers said because of this problem; no one can steal funds or falsify transactions because every operation it processes has a user’s digital signature, which is verified in L2. They also warned of possible re-crashes as Arbitrum One is still in beta.

Arbitrum writes:

“Earlier today, we experienced Sequencer downtime, which made the Arbitrum One network temporarily unavailable.”

The team later confirmed that the problem was resolved:

“The issue has now been fully resolved, and the Arbitrum Sequencer, as well as all public RPC nodes, are fully operational.”

In September 2021, Arbitrum experienced a 45-minute outage. Then the leading cause of the incident was the Sequencer bug, which received a massive batch of transactions in a short time.

Recall that on January 6, the Solana developers reported a decrease in the performance of the beta version of the main net and warned users about possible errors in transaction processing.

FLOKI Declared Phased Transition to a DAO Following The Footprints of Competitor Shiba Inu (SHIB)

Zabi
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FLOKI Declared Phased Transition to a DAO Following The Footprints of Competitor Shiba Inu (SHIB)

Following the footprints of its competitor Shiba Inu (SHIB) token, Floki Inu (FLOKI) also decided to begin a gradual and phased transition to a DAO (Decentralized Autonomous Organization).



This phased transition to a DAO will make FLOKI more decentralized and secure, ensuring faster growth and adoption. The team called this move “a transformational moment” for FLOKI and its community.

The team would gradually implement the transition in a “phased” manner. The process is set to begin towards the end of this new week, and the team will reportedly come up with further updates during the week as the transition process begins.

Upon completion of the transition, Vikings will be given the power to vote on critical issues using their FLOKI token.

The statement comes after Floki Inu’s team went into extensive discussions with its key and strategic advisors. During the debate, it was emphasized that Floki must become more decentralized, as this is one of the critical things needed to ensure mainstream adoption for the token in 2022 and beyond.

Before the announcement, FLOKI’s team also closely reviewed the data and information from several reliable sources. The team found that several key industry players like Binance Coin (BNB), the third biggest cryptocurrency globally, Kucoin, one of the world’s biggest exchanges, and The Giving DAO have already shifted their focus towards DAO-related projects.

This data clearly sent a message to FLOKI’s team that, “DAO” is now a defined trend, and FLOKI would definitely not want to miss the ride, as they were always intended to be a DAO.

ITobe a DAO, FLOKI’s team knew that they would need to ensure mainstream adoption, which will become possible only if FLOKI is listed on as many mainstream CEXs as possible. Therefore, they began to ask its Twitter followers to sign the petitions created on change.org for the listing of FLOKI on all major exchanges like Binance, Coinbase, Kraken, Crypto.com, etc.

Binance Introduced Binance Spot Grid Trading Tool

Mark Brennan
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Binance Introduced Binance Spot Grid Trading Tool

Binance, the largest exchange globally in terms of daily trading volume of cryptocurrencies, recently introduced the Binance Spot Grid Trading tool.



A tool is reported to be a strategic one and will automate the buying and selling of crypto at preset intervals around a preset price range to construct trading grids.

The announcement is made by Binance’s official Twitter handle via tweet:

The exchange provided further details about the tool in its official blog post. According to the exchange: “Binance Spot Grid Trading is now live on Binance Website.”

Spot Grid Trading will help Binance users in several ways, like they can trade 24/7 by staying on top of market trends. Also, users will be able to maximize their profits by automatically placing buy orders at a low price and selling orders at a high price. Moreover, the tool will facilitate users to make strategic, informed, and rational trading decisions instead of FOMO (Fear of Missing Out).

PayPal Exploring Its Own Stable Coin “PayPal Coin”

Albert Brown
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PayPal Exploring Its Own Stable Coin “PayPal Coin”

PayPal Holdings Inc. is exploring the possibility of launching a stable coin backed by the US dollar, which will be used for payments on a large scale and ensure user safety.



Bloomberg report that Software developer Steve Moser has discovered hidden code and images in the PayPal iPhone app, confirming that the payment system is working on a stable coin called “PayPal Coin.” After analyzing the code, the developer told Bloomberg about the new feature and further informed that the US dollar would back the Paypal digital asset.

A PayPal spokeswoman later explained that the images and code inside the app came from a recent in-house internal hackathon where engineers discuss new research and product developments; such developments may or may never see a public release.

However, Jose Fernandez da Ponte, VP and Head of Cryptocurrency at PayPal, later confirmed Bloomberg that the company is exploring the possibility of a stable coin. Considering that the product has not been finalized yet, it may appear with a different logo, name, and features. And if PayPal decides to launch a stable coin, the payment system will work closely with regulators worldwide.

According to da Ponte,

“We are exploring a stable coin; we will work closely with relevant regulators if and when we seek to move forward. There would have to be clarity on the regulation, the regulatory frameworks, and the type of licenses needed in this space.”

In recent years, PayPal has become active with cryptocurrencies. In 2020, US PayPal users got the ability to buy, sell and store digital assets, and in August last year, these features became available to UK citizens. Earlier, PayPal CEO Daniel Schulman said that the company might focus on distributing central bank digital currencies to the public.

1 Billion Shiba Inu (SHIB) Tokens Burned By Bigger Entertainment

Zabi
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1 Billion Shiba Inu (SHIB) Tokens Burned By Bigger Entertainment

Steven Cooper, the owner of Bigger Entertainment, reported that his business had burned 103,270,223 (103M) Shiba Inu (SHIB) tokens in the past 24 hours, which brings the total to 1B.



Bigger Entertainment achieved a significant milestone, i.e. officially burning 1 BILLION SHIB. Bigg Entertainment became the leading SHIB burner after launching its burn campaigns less than three months ago.

Steven Cooper has created music playlists that burn SHIB while users listen to music. All the burns are verified by Shytoshi Kusama, a pseudonymous developer of SHIB.

According to Steven Cooper’s the playlist contains about 600 songs right now and growing out of which 20-100% of royalties are burned based on the project. The Bigger Entertainment official website says that the burning of SHIB will continue in the same way until and unless the price doesn’t hit the 1 cent (0.01$).

Shibburn’s official Twitter handle report, 105,153,116 (105M) SHIB tokens were officially taken out of circulation in the last 24 hours with two transactions. The report confirms that the burn of 103,270,223 (103M) was made by Steven Cooper’s business.

 

So far, 410,300,738,115,810 SHIB tokens (41.03007%) have been burned from the initial supply of 1 quadrillion.

In addition, Steven Cooper gives a massive shout-out to Twitter ID “@4851Shiboshis” as he actively participated in the burning campaign and bought Bigger Entertainment’s very FIRST MIXDRAFT NFT.

Bitcoin Developer Said Ethereum CoFounder ‘Vitalik Is Either Delusional Or A Lying Scammer’

Mark Brennan
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Bitcoin Developer Said Ethereum CoFounder ‘Vitalik Is Either Delusional Or A Lying Scammer’

Peter Todd, the Bitcoin developer, attacked Ethereum this Thursday, claiming that Vitalik Buterin, creator of Ethereum, is either delusional or a lying scammer.



His charge is based on Ethereum’s scalability plans which will need to store around 85 terabytes per year. This is not Todd’s first attack; in 2019, he had already called Ethereum an illegal seizure of Vitalik Buterin.

Although Ethereum’s blockchain is already about three times larger than Bitcoin’s, ETH is only half the age of Bitcoin.

The story between Peter Todd and Ethereum goes back a long way; in 2019, he claimed that the project was a scam and that its founders lied about its capabilities, probably referring to scalability. Another point addressed by Todd was the pre-mining of Ethereum, where a large part of the coins was destined for the founders.

Todd said back in 2019: “Sad to see the @internetarchive advertising such a scammy project. ETH is essentially a massive stock offering by a set of founders who lied about its capabilities. Better to stay out of advertising cryptocurrencies entirely if you can’t keep away from scammy behavior.”

In 2022, Todd has again called the Ethereum developers scammers, this time referring specifically to Vitalik Buterin, the leader of Ethereum.

He responded to a video cut where Vitalik claims that some users may make investments in hard drives (HD) to support the network when Ethereum moves to Proof-of-Stake (PoS) with ETH 2.0. According to him, the ETH blockchain is not big for dedicated users to store.

Vitalik said: “If a user keeps buying a $100 hard drive per month, they can store it. On dedicated user who cares, they can afford to store the chain, so 85 Terabytes per year is fine, it is not a big deal, but if you take that number higher, there will come the point when it starts causing problems.”

Todd says these plans are unrealistic. “Not to mention, a $100 HD every month isn’t even the start. I need backups; I want to be able to work on it on my laptop; in the event of downtime, I want to easily and quickly test fixes, etc. Vitalik is either delusional or a lying scammer.”

One of the main reasons Bitcoin has not increased the size of its blocks to support more transactions per second is the decentralization factor. The larger a blockchain, the fewer people will be able to store it completely. By comparison, Bitcoin’s blockchain size today is about 383 GB and while the size of the Ethereum blockchain is 1.1 TB. Bitcoin is 13 years old, and Ethereum is only 7.

ETH blockchain size is already a high number, and it will increase much faster with the arrival of ETH 2.0. Also, remember that all these ETH transactions need to be maintained for a lifetime.

World Top Tennis Tournament ‘Australian Open’ To Launch NFTs And Metaverse

Mark Brennan
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World Top Tennis Tournament ‘Australian Open’ To Launch NFTs And Metaverse

Crypto adoption continues to grow. The organizers of one of the greatest Grand Slams globally, the Australian Open, take a step to enter the crypto world.


Gizmodo report that the Australian Open will be the first-ever Tennis tournament to incorporate non-fungible tokens (NFTs) and launch its metaverse. Craig Tiley, the Australian Open tournament director, told Gizmodo:

“With this next wave of technology, global tennis fans will have the opportunity to be part of the 2022 Australian Open in a way never before available,”

At the start, the collection dubbed as “Art Ball NFTs” will be made public 6,776 NFTs. “Art Ball NFTs” will be minted on January 13; they will be linked to live matches. The tournament is starting on January 17.

These Art Balls will be linked to plots on the tennis court surface. When one of the 11 championships points lands on a plot, the NFT owner of that plot can claim and receive the championship point tennis ball from the match, complete with a specially handcrafted case. Owners winning shot NFTs of the over 400 AO matches will also get an airdrop. The airdrop would include virtual wearables, a film of the point, and Australian Open merchandise.

The project will also include 169 NFTs from AO Artist Series from local and international artists.

 

Australian Open Metaverse

Australian Open is also preparing is the metaverse ‘AO Decentraland.’ It will be a 3D virtual reality platform that will allow fans to explore Australian Open.

The AO metaverse will be built on Decentraland. As the tournament is set to kick off on January 17, fans can virtually participate in AO Decentraland’s global party.

According to Craig Tealey, Australian Open Tournament Director, the wave of Metaverse will allow tennis enthusiasts worldwide to participate in the 2022 Australian Open in a manner never before seen.

Pakistan Federal Investigation Agency (FIA) Issue Notice To Binance Probing A Multi-Million Dollar Scam

Mark Brennan
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Pakistan Federal Investigation Agency (FIA) Issue Notice To Binance Probing A Multi-Million Dollar Scam

On Friday, Pakistan’s Federal Investigation Agency (FIA) detected an online fraud of Rupee 100 (Rs) billion using cryptocurrencies and issued a notice to the local representative of Binance.



Business Recorder sharing details of the fraud writes additional Director of the FIA cybercrime wing Imran Riaz said that those involved in the online fraud transferred the money abroad via cryptocurrency.

“We launched a probe after receiving complaints regarding a fraud involving billions of rupees being committed using nine online applications,” he said and added that they had sought answers from a representative of the cryptocurrency in Pakistan.

He shared that people invested between $100 to $80,000 in fraud applications. “Those who developed these apps were linked to cryptocurrency,” the FIA official said.

He said they had sought details of all those linked to the fraud with the Binance exchange, and their crypto accounts would be suspended.

FIA Cyber Crime Wing on Friday issued a notice to an official from Binance, a popular cryptocurrency exchange while investigating a multi-million dollar scam.

The agency, seeking a reply from the Binance official, added that a questionnaire has also been sent to Binance Headquarters.

“The FIA Cyber Crime Sindh has issued an order of attendance to Hamza Khan, General Manager/ Growth Analyst at Binance Pakistan (Crypto Currency Exchange), to explain his position on the linkage of fraudulent online investment mobile applications with Binance,” stated the handout.

“A relevant questionnaire has also been sent to Binance Headquarters Cayman Islands and Binance US to explain the same,” added the statement released by the FIA Cyber Crime Wing Sindh on Friday.

The FIA said that many online investment frauds are going on in Pakistan on the pattern of Ponzi Schemes wherein investors are promised unrealistically high returns on their investment if they bring in more clients.

“These schemes benefit old clients at the cost of new clients and ultimately disappear when they have made substantial capital base worth billions of rupees.”

The statement added that on December 20, people contacted FIA Cyber Crime Sindh through social media and disclosed at least 11 mobile applications, namely MCX, HFC, HTFOX, FXCOPY, OKIMINI, BB001, AVG86C, BX66, UG, TASKTOK, and 91fp, stopped working over some time “and have defrauded Pakistani people of billions of rupees.”

Each such application had on average 5,000 customers, with HFC having a maximum of 30,000 customers, it added.

The FIA official further shared that cryptocurrency is used in money laundering and terror financing. Last year in September, the central bank opposed digital currency in the country, saying it has already issued an advisory warning against trade in virtual currency as it is not legal tender.

During a Sindh High Court hearing, a petitioner stated that the State Bank imposed a ban on digital currency on April 6, 2018, despite developing countries earning significant revenue from the cryptocurrency, which doesn’t threaten national interests.

Investors Can Expect “Bull Storm” For Shiba Inu (SHIB) as PlaySide Studios Meeting With Shytoshi Kusama and William Volk Today

Zabi
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Investors Can Expect “Bull Storm” For Shiba Inu (SHIB) as PlaySide Studios Meeting With Shytoshi Kusama and William Volk Today

PlaySide Studios Meets With Shiba Inu Developer Shytoshi Kusama and William Volk Today To Work On Something Amazing.


PlaySide Studios, the Australian company, recently disclosed via tweet that it would meet Shytoshi Kusama, a pseudonymous developer of Shiba Inu (SHIB), and William Volk, former VP Technology at Activision today.

After 10 hours of PlayStudio Tweet, Shiba Inu’s official Twitter handle said:

“Working on amazing things, ShibArmy! Woof!”

The tweet from “Shib” shows that the meeting has started, and both partners might come up with some surprising and exciting updates soon. Aggressive investors are advised to stay cautious. Traders can expect intense volatility in SHIB once the details are made public.

Shiba Inu’s price tested its strong support level following the news, i.e., 0.00002847. This kind of news and technically strong support level usually indicates a “Storm” is coming. However, the information is pretty positive, and the price support level is vital. Therefore, investors can expect a “Bull Storm” from here, which might take the SHIB’s price to new heights.

On November 26, Shiba Inu’s team appointed William Volk, who already served Activision as VP Technology, to lead the charge for the Shiba Inu Games.

Later on December 8, Shiba Inu’s partnered with Playside Studios (PLY) and made eight months material fixed price work-for-hire development agreement to develop a Multiplayer Collectable Card Game, which is reported to revolve around the art of Shiba token’s ‘Shiboshi’ NFT.

Despite Market In Red, Kintsugi (KINT) Price Skyrocketed 104% After Kraken Listing

Zabi
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Despite Market In Red, Kintsugi (KINT) Price Skyrocketed 104% After Kraken Listing

Kraken listed Kintsugi (KINT); as a result, the token price went up 104%.



Kraken Exchange, a United States-based cryptocurrency exchange, officially declared that trading for Kintsugi (KINT) is now live on the exchange except for the clients residing in the United States, Canada, Australia, and Japan.

Kintsugi is a decentralized network that allows users to create kBTC – a 1:1 Bitcoin-backed asset – in a trustless and decentralized manner. In response to the news, Kintsugi’s (KINT) price soared to $50.53, rising %104 at the time of writing.

The trading volume also shoots 2640.47% to $2,213,297 from the previous session volume of $711,984.08. After Kraken’s listing, the price and volume increase suggests the buyer’s interest in the coin and how crazily they want to get on board to make profits.

kint price above 100%
image source: coinmarketcap

The United States-based cryptocurrency exchanges initially made the deposits live for KINT, shortly after the exchange confirmed that trading is also live for the coin on their platform.

The company provided further details about the listing via the official blog post and made clear that KINT can be traded against USD and EUR, with a price precision of 2 decimal places. Further, at the time of launch, only two services will be made available for KINT, i.e., Kraken and Kraken Terminal, whereas Kraken Futures and Margin Trading won’t support KINT.

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