Ethereum L2s can steal all user funds at any moment! ⚠️
Arbitrum One: "The Security Council can perform emergency upgrades directly through the UpgradeExecutor. Such an upgrade can be executed instantly without any delay. Theoretically, the Security Council can instantly upgrade the chain and steal user funds."
Optimism: "The OP Mainnet rollup can be controlled and altered by a direct upgrade of the contracts: such an upgrade can be executed without delay and alter all rollup mechanisms, including stealing users’ funds."
Loopring: "The system is operated by the Loopring multisig. It can instantly upgrade ExchangeV3’s implementation, potentially altering the functioning of the whole rollup, including stealing users’ funds."
zkSync Era: "The Governor can also change the Verifier contract without any delay. As the Verifier contract is responsible for zkProof verification, the Governor can steal funds from the rollup by changing the Verifier into a malicious version."
And these are just some excerpts from the "Upgradeability of Ethereum L2s" report.
Existing L2s are not a scaling solution, they're a solution for banksters to take control over your coins. The very same applies to Bitcoin L2s such as custodial Lightning wallets and Liquid. And that's why they're afraid of L1 scaling: they want to be in control.
Humans are usually careful, but the panic this time surprises me. We're close to the biggest bull run ever, yet people are scared. My 58k buy orders are filled. It's interesting to see the BTC spot ETF acting the same in the USA and now in Hong Kong.
The share of Bitcoin perpetual futures traded during APAC opening hours ( 1am - 8am UTC time ) has increased to 26%, up from 21% in the months preceding the CFTC’s lawsuit against Binance in early 2023.
The share of trading during US opening hours has decreased slightly from 48% to 46%
✅Another red week for crypto market, fourth in a row. Ethereum is starting to show relative strength and leading growth over the last day📈 Weekly news digest: 💎Crypto 🔸Fintech company Stripe will begin supporting transactions in USDC this summer 🔸Ape Terminal stated that ZKasinoIDO has been canceled, & all participants will receive refunds 🔸BNB Foundation announced that total of 1,94 millionBNB was burned 🔸Solana Saga Chapter 2 pre-orders have already received 2 airdrops that can offset price of phone📱 🏦Crypto exchanges 🔸Thailand will block unauthorized crypto platform 🔸The bankruptcy estate of FTX plans to auction an unknown number of Solana tokens this week 🔸Binance exec arrested in Kenya,faces extradition back to Nigeria 🔸USSEC will delay decisions on BlackRock & Grayscale applications for spot Ether ETFs 💵Finances & Economy 🔸Venezuela’s state-owned oil company PDVSA turned to USDT as a form of payment. Tether vowed to freeze assets Venezuela will use to bypass oil sanction❄️ 🔸Franklin Templeton has tokenized a $380 million treasuries fund on Polygon & Stellar blockchains ⛓ 🔸iconic "Buy Bitcoin" sign was sold at an auction for 16BTC🪧 🔸FBI warns Americans on "unregistered crypto money transmitting services" ⚖️Law and Order 🔸Consensys has filed a lawsuit against US SEC for what the company calls an “unlawful seizure of authority” after SEC accused MetaMask of acting as an unlicensed BrokerDealer 🔸 Federal Trade Commission voted to ban noncompete agreement 🔸New rules allow UK police to seize crypto holdings without being required to make an arrest 🔸China’s most prominent pro-blockchain official, Yao Qian, is under investigation by Chinese government 🔸Federal prosecutors charged Samurai Wallet founders to commit money laundering 🗣Personalities 🔸US Senator Elizabeth Warren wants 1% crypto wealth tax 🔸US presidential candidate R.F. Kennedy Jr. wants to put US budget on blockchain 🚀Best performers: Pepe-$0..0574(↑24%) Bonk-$0..0255(↑21%) Hedera-$0.10(↑17%)
✅ Another red week for the crypto market, the fourth in a row. Ethereum is starting to show relative strength and is leading the growth over the last day 📈
Weekly news digest:
💎 Crypto
🔸 Fintech company Stripe will begin supporting transactions in USDC this summer
🔸 Ape Terminal stated that the ZKasino IDO has been canceled, and all participants will receive refunds
🔸 Metis announced the launch of Sequencer mining
🔸 BNB Foundation announced that a total of 1,94 million BNB was burned 🔥
🔸 Solana Saga Chapter 2 pre-orders have already received two airdrops that can offset the price of the phone 📱
🏦 Crypto exchanges
🔸 Thailand will block unauthorized crypto platforms
🔸 The bankruptcy estate of the FTX plans to auction an unknown number of Solana tokens this week
🔸 MtGox official website form has been updated It now contains the expected number of tokens and cash to be withdrawn and the status of payment
🔸 Binance exec arrested in Kenya, he faces extradition back to Nigeria
🔸 The US SEC will delay its decisions on the BlackRock and Grayscale applications for spot Ether ETFs
💵 Finances and Economy
🔸 Venezuela’s state-owned oil company PDVSA turned to USDT as a form of payment. Tether vowed to freeze assets Venezuela will use to bypass oil sanctions ❄️
🔸 Today, Republic First Bank collapsed and was seized by regulators
🔸 Franklin Templeton has tokenized a $380 million treasuries fund on the Polygon and Stellar blockchains ⛓
🔸 The iconic "Buy Bitcoin" sign was sold at an auction for 16 BTC 🪧
🔸 FBI warns Americans against using "unregistered crypto money transmitting services"
⚖️ Law and Order
🔸 Consensys has filed a lawsuit against the US SEC for what the company calls an “unlawful seizure of authority” after the SEC accused MetaMask of acting as an unlicensed BrokerDealer
🔸 The Federal Trade Commission voted to ban noncompete agreements
🔸 New rules will allow UK police to seize crypto holdings without being required to make an arrest
🔸 China’s most prominent pro-blockchain official, Yao Qian, is under investigation by the Chinese government
🔸 US prosecutors want CZ to serve 36 months in prison
🔸 Federal prosecutors charged Samurai Wallet founders with conspiracy to commit money laundering
🗣 Personalities
🔸 US Senator Elizabeth Warren wants 1% crypto wealth tax
🔸 US presidential candidate R.F. Kennedy Jr. wants to put the US budget on blockchain