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Staked ETH Withdrawals Processed on Goerli Testnet Ahead 0f Shanghai Fork!
On Tuesday, the Goerli test network (testnet) conducted the last dress rehearsal for Ethereum’s upcoming Shanghai upgrade, also known as “Shapella”. The test focused on simulating staked ether (ETH) withdrawals, marking a significant step towards the upgrade’s final stage, which involves activating it on the main net blockchain next month. The upgrade was initiated on epoch 162304 at 10:26 UTC, but as of now, the epoch hasn’t been finalized due to insufficient validator participation rates. Typically, the epoch would have been completed by 10:38 UTC (6:38 p.m. ET) under normal participation circumstances.
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NYDFS Attributes Signature Bank Shutdown to Leadership’s ‘Crisis of Confidence’!
On Tuesday, the New York Department of Financial Services refuted allegations that it took control of Signature Bank as a means of conveying an “anti-crypto message.” The regulatory body made it clear that the bank’s closure was not due to any issues related to cryptocurrencies. Over the weekend, the New York Department of Financial Services (NYDFS) took control of Signature Bank and handed it over to the Federal Deposit Insurance Corporation (FDIC). This move followed the seizure of Silicon Valley Bank by California’s banking regulator on the previous Friday, and Silvergate Bank’s announcement of voluntary liquidation of its assets last week. Signature Bank, similar to Silvergate, had been serving several clients in the crypto industry.
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The Shapella hard fork has been implemented on the Goerli testnet!
The execution of the Shapella hard fork has taken place on the Goerli testnet, which serves as the final testing phase before Ethereum validators are granted the ability to withdraw their Ether (ETH) from the Beacon Chain. Despite the processing of deposits, there were some problems encountered with the hard fork. Tim Beiko, an Ethereum core developer, pointed out that the process was not entirely seamless due to several testnet validators failing to upgrade their client software before the Goerli fork. He attributed the issue to the fact that testnet validators had a weaker motivation to perform the upgrade, given that the ETH on the testnet holds no real value. However, he anticipates that validators will make the necessary adjustments in preparation for the upcoming fork on the Ethereum Mainnet.
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Crypto Exchanges Reverse Course, Cease Support for STG Token Reissuance!
Bitfinex and Binance have announced this week that they are retracting their technical assistance for Stargate Finance’s plan to reissue STG tokens, and instead, they will endorse the use of the protocol’s original STG tokens. The recent community proposal from Stargate decentralized autonomous organization (DAO) to halt the minting of new tokens has prompted Bitfinex and Binance to withdraw their support for the new STG tokens. This decision was made to eliminate security risks for STG token holders, as Stargate Finance had already started distributing the new tokens when the proposal was made. According to data from Etherscan, the exchanges are now dealing with the aftermath of this problem.
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First-ever cross-border stablecoin transaction completed by National Australia Bank!
On March 14, National Australia Bank (NAB) revealed that it had accomplished the inaugural cross-border stablecoin transfer on a layer 1 public blockchain. The transfer, which occurred within the bank, employed the fully-backed AUDN stablecoin linked to the Australian dollar (AUD). As per a statement issued by the bank, the Ethereum blockchain was employed to conduct the transaction utilizing smart contracts for seven currencies. The seven currencies were the Australian, New Zealand, Singaporean, and United States dollars, as well as the euro, Japanese yen, and British pound sterling. Fireblocks also released a statement confirming the same information.
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Recent bank failures lead to ‘negative’ outlook for the US banking system!
Moody’s, the credit rating agency, has revised its outlook on the entire US banking system from “stable” to “negative” in response to the recent bank failures of Silicon Valley Bank, Silvergate Bank, and Signature Bank. As a result, regulators have intervened with a rescue plan for affected depositors and institutions. NBC News has reported that despite the negative outlook for the US banking system, bank stocks rallied strongly, with the SPDR Bank exchange-traded fund surging by nearly 6.5% in morning trade. Moody’s highlighted that the extended period of low rates, as well as a pandemic-related fiscal and monetary stimulus, have created complications for bank operations. Moody’s also cautioned that banks with significant unrealized securities losses and non-retail and uninsured US depositors may still face risks.
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Anchorage Digital, a Crypto Platform, to Lay Off 20% of its Workforce!
According to a Bloomberg report, Anchorage Digital is set to lay off around 75 employees, which accounts for approximately 20% of its workforce, due to the continued decline in the digital asset market. Anchorage Digital, the institutional crypto platform and parent company of the first federally chartered crypto bank in the US, Anchorage Digital Bank, has stated to Bloomberg that regulatory ambiguity in the country contributed to the company’s choice to reduce its workforce. “The need for better crypto infrastructure is growing ever clearer,” Anchorage said in a statement to Bloomberg. “For us, that means focusing resolutely on our status as an unequivocal qualified custodian, among other safe and regulated ways for institutions to participate in the digital asset ecosystem.”
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Metamask introduced several new features aimed at increasing privacy and giving users more control!
Metamask, the Web3 wallet app, has announced several additions to its platform to improve privacy and provide greater autonomy for users. The developer disclosed the new features in a blog post on 14th March. This move follows previous criticism faced by Metamask for purportedly violating users’ privacy. According to a report from Ethereum node operator Chase Wright, Metamask used to automatically connect to Ethereum via its Infura RPC node when a user set up the wallet. This resulted in the transmission of the user’s public address to Infura before they could adjust their node settings, even though they had the option to do so later. Consensys, the parent company of Metamask, owns Infura.