Issue 59 – Hot damn, this is going to get interesting quickly
citationneeded.news Issue 59 – Hot damn, this is going to get interesting quickly |
AI summary of the linked articleThe article is a June 2024 crypto news recap that opens with the SEC's surprise approval of Ethereum spot ETP applications, made on May 23 after a period of delays. It notes that the reasons for the approval are unclear, and that some have described it as part of a broader softening toward crypto by US lawmakers and regulators. Other items include Ryan Salame's 90-month sentence on May 28 for his FTX-related charges, and a $1.8 million legal fee award against the SEC in the Debt Box case. |
1 comment mishaSubmitter I had read the news about Linea L2 halting their blockchain. It surprised me but I didn’t read deeper. But now Molly White bringing it up again, I think the centralization of a lot of L2s is quite worrisome. Of course it was very convenient to prevent a hacker from stealing funds, but this could also but used for censorship. Or worse. Anyway quoting Molly below. Stuff to think about: “The Linea layer-2 blockchain, which is backed by ConsenSys, made the controversial decision to halt block production in response to a $6.8 million hack of Velocore, a decentralized exchange built on top of Linea. Like many layer-2 blockchains, Linea is incredibly centralized, and it's this centralization that gave the project team an easy off-switch they could hit when something went awry. Although this prevented the thief from cashing out some of the assets they'd stolen from Velocore in a flash loan attack, it was extremely controversial, as this degree of centralization is viewed as dangerous in the cryptocurrency world. As often happens after these types of unilateral actions, Linea has promised that they will soon be trying to decentralize so that they will be prevented from ever doing something like this in the future. We'll see.” |