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Crypto && Coffee 132

Technology Recap:


  • Robert Dickinson posted to the Bitcoin-Dev mailing list to inquire about whether a size limit should be imposed to discourage such data storage as ordinals

  • Ordinals are becoming the controversial topic lately within the Bitcoin world around writing inscriptions – inscribed satoshis with arbitrary content, into transactions to create bitcoin-native digital artifacts. 

  • Carla Kirk-Cohen and Clara Shikhelman posted to the Lightning-Dev mailing list a summary of recent conversations about attempts to address channel jamming attacks


  • Danny Ryan published Finalized no. 38 which dives into the upcoming Shanghai and Capella upgrades. Sepolia, the first long-standing public testnets is scheduled to go through the upgrade on February 28th, 2023. This upgrade will allow validator withdrawals. 

  • Terence Tsao of Prysmatic Labs and Arbitrum shares a full update on EIP-4844!

  • The Ethereum Foundation provides a recap on an in-person interop event in Austria for core devs to dive into the Shanghai and Capella upgrades plus more!

Other Chains: 

  • Optimism’s Goerli testnet was successfully upgraded and an upgrade proposal for Optimism Mainnet was submitted to the Token House. From this, Optimism sheds light on Bedrock which is the first official release of the OP Stack.

  • Axiom, the team that provides smart contracts with trustless access to on-chain data, announces the ZK co-processor for Ethereum. 

  • Solidity released v0.8.18 which includes notable features such as: disabling CBOR metadata, support for the Paris hardfork, deprecation of selfdestruct, and changes in EVM bytecode generation from Yul. 

  • The Zcash Foundation releases their January 2023 updates with focus on Zcon Voices! 

  • shares a new page called ETH.STORE which aims to display a transparent Ethereum staking reward reference rate. This represents the average financial return validators on the Ethereum network have achieved in a 24hr period. 

  • Vela Exchange opens beta on Arbitrum. 

  • The Meteora Platform is now live! Powered by Solana, the Meteora Platform claims to hold DeFi’s most dynamic Vaults and AMMs. 

  • Umee announces a partnership with Axelar Core to be their bridge to connect to Ethereum and give users a smooth cross-chain experience. 

Hacks | Vulnerabilities | Exploits:

  • On February 1st, 2023 Bonq lost $120M on Polygon in a price oracle manipulation exploit.

  • On February 2nd, 2023 Orion Protocol lost $3M on BSC and Ethereum due to a reentrancy vulnerability which allowed the attacker to inflate deposited assets. 

  • On February 3rd, 2023 SperaxUSD lost $309K due to a logic error vulnerability in its rebasing mechanism for USD balances on their multi-sig wallet

  • On February 9th, 2023 dForce was exploited in a chain of transactions on both Arbitrum and Optimism that led to a total gain of $3.56M for the attacker. 

  • On February 9th, 2023 Jump Crypto reported a severe vulnerability that was addressed together with the Core BNB team and fixed within hours. 

Mainstream Recap:

  • Paxos is under investigation by the New York Department of Financial Services (NYDFS). 

  • The U.S. Securities and Exchange Commission (SEC) publishes a statement on how they are charging Payward Ventures, Inc. and Payward Trading Ltd., both commonly known as Kraken, with failing to register the offer and sale of their crypto asset staking-as-a-service program. Thus, to settle, Kraken agreed to immediately cease offering or selling securities through staking services and programs as well as pay $30M in disgorgement, prejudgment interest, and civil penalties. 

  • CoinDesk reports that LocalBitcoins is suspending the exchange after 10 years of operations. 

  • The United States and United Kingdom sanction members of Russia-based Trickbot cybercrime gang. 

  • The Block reports that dYdX recorded $466.3B in cumulative transaction volume during 2022. 

This Week’s Cup of Coffee:

This week, we are headed to Porto, Portugal for a cup of Colombia Villamaria Espresso from 7g Roasters. This bold and acidic roast yields bright flavors of tangerine, cherry and hints of sugar cane. Sip up and enjoy!! 

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