26 May 2025, 20:50

New Details Emerge from Developers of Altcoin Affected by Hack Worth Over $200 Million

Sui made new statements regarding the security vulnerability that occurred in the decentralized exchange Cetus recently. Sui developers said the incident was caused by a bug in Cetus’ own math library, not a vulnerability in the Sui network or the Move programming language. However, the team said the losses experienced by users were significant and announced that they were taking new measures to increase the security of the ecosystem. The development team announced that they will share details of their current security measures this week and will allocate an additional $10 million to further strengthen security. This budget will be used for security audits, bug bounty programs, formal verification methods, and similar security initiatives. It was stated that the plans will be shaped together with the developer community. Related News: New Development Regarding Ripple's Alleged Historic Acquisition Deal: Company Issues Statement “We designed Sui to enable more secure smart contract development. This is the first major security incident for a dApp, which is heartbreaking. However, this is a maturation moment that every major blockchain faces at some point. We must learn from this incident, strengthen critical codes, and build a more robust ecosystem together,” the Sui team said in a statement. On the other hand, the Sui Foundation is discussing different scenarios with the ecosystem on how to evaluate the $160 million in stolen funds that were frozen after the incident. Options on the table include returning the funds via a whitelist (with or without a management vote), performing a hard fork on the network, transferring assets to a regulatory custodian, or permanently freezing the funds and reducing the supply. *This is not investment advice. Continue Reading: New Details Emerge from Developers of Altcoin Affected by Hack Worth Over $200 Million

26 May 2025, 15:15

BlackRock issues rare warning: Is Bitcoin’s future at risk from quantum tech?

BlackRock Bitcoin warning In a rare move, BlackRock has quietly added a new line to its iShares Bitcoin Trust (IBIT) filing — and it is turning heads. The update, submitted in early May 2025, flags quantum computing as a potential risk to Bitcoin’s long-term security. The filing specifically warns that if quantum tech advances far enough, it could break the cryptographic systems that secure Bitcoin . In their words, it could “undermine the viability” of the cryptographic algorithms used not just in digital assets but across the global tech stack. It’s the first time you’ve seen the world’s largest asset manager call out this threat so directly in a Bitcoin-related disclosure, and it says a lot about how seriously institutional players are starting to take future-proofing crypto . Yes, exchange-traded fund (ETF) risk disclosures tend to be exhaustive by nature. But the fact that quantum computing made the cut (alongside more common concerns like volatility and regulatory shifts) suggests it’s no longer just a hypothetical issue in the eyes of big finance. For investors, this signals two things: first, that Bitcoin isn’t immune to emerging tech threats, and second, that institutional players like BlackRock are actively weighing those risks as they build long-term strategies in crypto . The message is clear: If the industry wants to stay ahead, preparing for a post-quantum world can’t wait. Did you know? As of early 2025, BlackRock manages over $11.6 trillion in assets, making it the largest asset manager globally. To put that in perspective, BlackRock’s assets under management exceed the combined GDP of Germany and France. Bitcoin quantum risk: Is it real? Quantum computers work differently from the laptops and servers we use today. Instead of crunching numbers one at a time, they can process huge numbers of possibilities at once. That makes them incredibly powerful — especially when it comes to cracking codes. Bitcoin’s security relies on two major cryptographic systems: SHA-256 and ECDSA . In plain terms, these are the tools that secure your Bitcoin address and make sure only you can authorize transactions. They’ve worked flawlessly for years, but quantum computers could change that. Here’s the worry: A powerful enough quantum computer might be able to reverse-engineer your private key from your public address , especially during that short window after you’ve broadcast a transaction but before it’s confirmed on the blockchain. If that ever became possible, someone could hijack your transaction and steal your coins. That sounds dramatic, but it’s not an immediate threat. Most researchers agree they’re still at least 10-20 years away from quantum machines that could actually pull this off. The tech just isn’t there yet — not at the scale or stability needed to break Bitcoin’s cryptography. Still, the warning signs are flashing. Roughly a quarter of existing Bitcoin ( BTC ) sits in older wallet formats that could be more vulnerable if quantum leaps happen faster than expected. And even if the timeline is long, the crypto community knows it has to act early. Work is already underway on post-quantum cryptography , which is a security system that could stand up to the next generation of computing. Did you know? Quantum computers can, in theory, solve certain problems exponentially faster than classical computers. For instance, Google’s Sycamore processor completed a specific task in 200 seconds, whereas it would take even the most advanced classical supercomputers approximately 10,000 years to finish. Is Bitcoin safe from quantum computing? While quantum computing still feels like a future problem, the crypto industry is already gearing up for it, and the efforts underway are more serious than most people realize. What Bitcoin’s doing (and not doing yet) Changing the protocol behind a blockchain is never simple; you need broad consensus, careful testing and a long lead time. But that hasn’t stopped developers from floating ideas regarding Bitcoin. One of the most talked-about proposals is something called QRAMP, the Quantum-Resistant Address Migration Protocol. The idea is to push users to move their coins from older, potentially vulnerable wallet formats into addresses protected by newer, quantum-safe algorithms. It would require a hard fork, so it’s no small lift, but it’s a serious plan to future-proof the network before a so-called “Q-Day” sneaks up. Who’s already ahead? Some blockchains aren’t waiting around. Algorand, for example, has already integrated Falcon , a post-quantum digital signature algorithm that’s been officially vetted by the US National Institute of Standards and Technology (NIST). That means transactions on Algorand are already being backed by encryption that could hold up even if quantum machines go live tomorrow. The Quantum Resistant Ledger (QRL) is another big one. It was built from day one with this threat in mind, using XMSS (a hash-based signature scheme) instead of traditional cryptography. It’s not a major player in market cap terms, but it’s one of the most advanced projects in terms of pure security design. Why it’s not easy Of course, none of this is simple to implement. Quantum-safe cryptography often comes with trade-offs. Algorithms like Falcon are compact and efficient, but they still require more computing resources than traditional ones. Moreover, switching everyone — miners, exchanges, wallet apps and individual users — to a new cryptographic standard could be a logistical nightmare unless it’s planned years in advance. Plus, there’s a delicate balance to strike. Move too soon, and you risk breaking things or relying on tech that isn’t battle-tested. Wait too long, and you’re exposed. That’s why many in the space are eyeing a 10-to-20-year window as a rough estimate for when quantum computing becomes a real threat. But even then, nobody wants to be the last to prepare. Bitcoin’s future and quantum computing If there’s one lesson from quantum conversation so far, it’s this: Being early matters. When it comes to tech that could one day rewrite the rules of digital security, waiting around just isn’t an option. So, what does preparation look like? For developers, it starts with testing and integrating quantum-resistant algorithms into existing systems. Some are already experimenting with “hybrid” approaches, using both traditional and post-quantum cryptography side by side, so networks aren’t caught off guard if (or when) Q-Day arrives. For crypto businesses — exchanges, custodians and wallet providers — the job is twofold: Make sure your infrastructure is future-proof, and make sure your users know what’s coming. Education and UX will play a huge role here. Migrating keys and updating protocols isn’t something the average holder can or should do alone. And then there’s the regulatory side — maybe not the most exciting part of crypto, but an absolutely critical one in this context. You are already seeing movement: The NIST finalized several post-quantum cryptographic standards in 2024. That gives the industry a starting point, a common language to build around. But what’s still missing is a clear regulatory push that says, “Here’s how and when this should happen.” Good policy here wouldn’t mean clamping down on innovation — it would mean supporting it. Think: funding open-source research, incentivizing post-quantum upgrades and creating frameworks that help institutions adopt secure standards without killing momentum. Did you know? The US government began preparing for the quantum threat as far back as 2016, and in 2024, the NIST’s move was sparked by growing fears that quantum computers could one day break the encryption protecting everything from Bitcoin to national security infrastructure. A slow burn BlackRock didn’t need to bring up quantum risk in its ETF filing — but it did. And when a company of that size puts it in writing, it turns vague rumors into something much more real. The transition to a quantum-resistant crypto world isn’t going to happen overnight. It’ll be messy, slow and full of tough technical choices. But it has to happen. Finally, waiting until quantum computers are actively breaking SHA-256 in the wild would already be too late.

26 May 2025, 13:30

CoinW’s WConnect Launches $120,000 Rewards Campaign to Celebrate Ethereum’s Pectra Upgrade

BitcoinWorld CoinW’s WConnect Launches $120,000 Rewards Campaign to Celebrate Ethereum’s Pectra Upgrade DUBAI, UAE, May 26, 2025 /PRNewswire/ — WConnect , the flagship builder engagement initiative by CoinW, has launched a global campaign to celebrate the upcoming Ethereum Pectra Upgrade, running from May 23 to June 14, 2025 (UTC). Open to traders, developers, and crypto enthusiasts worldwide, the campaign offers participants the chance to explore Ethereum’s latest developments while sharing in a $120,000 prize pool, including deposit bonuses and trading rewards. By combining live expert insights, hands-on challenges, and incentive-driven activities, WConnect aims to empower users to learn, trade, and earn — all while staying on the cutting edge of Ethereum’s next chapter. WConnect Live Insight Series: Expert Perspectives on Ethereum’s Future As part of the campaign, WConnect will host a four-episode “Live Insight” webinar series featuring prominent builders and researchers from the Ethereum ecosystem. Each session will explore key narratives shaping Ethereum’s future, including: The growing role of Liquid Staking Derivatives (LSD) in driving innovation The evolving Layer 2 landscape following the Pectra upgrade The adoption of Account Abstraction (AA) and wallet ecosystem adoption Strategies for capturing alpha opportunities during ETH upgrade cycles Following each episode, participants can test their knowledge and win prizes by joining the ETH Pectra Quiz Challenge — making it rewarding to both learn and engage with the ecosystem. Understanding the Ethereum Pectra Upgrade The Pectra Upgrade marks a major technical milestone for Ethereum, combining the Prague execution layer hard fork with the Electra consensus layer upgrade. This unified upgrade aims to enhance the network’s scalability, security, and usability, aligning Ethereum’s infrastructure more closely with the long-term ETH 2.0 roadmap. Key benefits of the Pectra Upgrade include: Improved staking flexibility, supporting innovations like LSDs and Restaking, allowing users to optimize their yield strategies Enhanced Layer 2 scaling, reducing transaction costs and increasing throughput A stronger foundation for future growth across the Ethereum ecosystem Together, these enhancements pave the way for a more robust and efficient decentralized network. Trade and Earn: Diverse Campaigns with Generous Rewards WConnect’s campaign offers multiple trading incentives designed to reward active participation across the Ethereum ecosystem. Eligible tokens include SSV , EIGEN , ETHFI , STRK , ZK , OP , SWELL , RPL , ENA . Trade Ecosystem Assets: Users who deposit over 50 USDT and trade eligible tokens with a minimum 100 USDT volume qualify to share a $90,000 prize pool, distributed proportionally based on trading volume. Trading Check-ins: Complete daily trades of 100 USDT or more to earn rewards from a $10,000 prize pool by maintaining 3, 5, or 7 consecutive check-in days. Invite Friends: Earn up to 100 USDT by inviting friends who register and trade during the event (limited to the first 200 users). Deposit Bonuses: Deposit 50 USDT or more in event tokens to receive interest coupons and enjoy an APY boost up to 8% on flexible savings products for ETH , SSV , STRK , and OP . Join WConnect and Unlock Web3 Opportunities WConnect’s Ethereum Pectra Upgrade Campaign offers more than just rewards — it’s a gateway to understanding one of the most important technical transitions in Ethereum’s evolution. Participants gain valuable insights from industry leaders, stay ahead of emerging trends, and earn incentives for being part of the movement. Don’t miss your chance to be part of this dynamic journey — explore, learn, and grow with WConnect. For full event details and to participate, visit the official event page . About WConnect WConnect is a flagship online initiative launched by CoinW to foster industry dialogue and accelerate innovation across global blockchain ecosystems. By bringing together leading voices from exchanges, developer communities, and emerging tech projects, WConnect creates a collaborative space for exploring cutting-edge trends, sharing technical expertise, and uncovering new growth opportunities. Through curated panels and open discussion, WConnect serves as a bridge between builders and thought leaders, driving meaningful conversations that shape the future of Web3. This post CoinW’s WConnect Launches $120,000 Rewards Campaign to Celebrate Ethereum’s Pectra Upgrade first appeared on BitcoinWorld and is written by chainwire

26 May 2025, 08:50

Shutter Network Proposes “Holy Trinity” to Combat Ethereum’s Rising Censorship and Centralization

May 23 – Shutter Network an open-source threshold encryption protocol initially developed by brainbot GmbH and contributor to Gnosis Chain’s encrypted transaction layer, has proposed a three-part solution that has each been discussed independently in the Ethereum ecosystem, but never fully integrated. This strategy, coined the “Holy Trinity of Censorship Resistance” by Marc Harvey-Hill from Nethermind, combines three key technologies: enshrined PBS (ePBS), FOCIL (Fork-Choice enforced Inclusion List), and encrypted mempools. The proposal outlines how a combination of protocol upgrades could restore the neutrality and trustworthiness that have long defined Ethereum’s core ethos. With just two builders responsible for more than 80% of block production, Ethereum’s transaction flow is increasingly controlled by a small set of actors. This concentration of power is undermining the network’s goals of open access, credible neutrality, and resistance to manipulation, especially as Ethereum evolves into a settlement layer for high-stakes applications like stablecoins and tokenized real-world assets. “Censorship resistance isn’t just a philosophical ideal but a technical necessity,” said Loring Harkness, Head of Commercial at brainbot GmbH. “As Ethereum scales into mainstream financial infrastructure, the ability to guarantee neutral, reliable transaction inclusion is what will distinguish it from centralized alternatives.” The Three-Part Proposal: 1. Enshrined PBS (ePBS): Eliminating Trusted Relays Out-of-protocol PBS currently relies on relays to mediate between proposers and builders, making them centralized choke points. In this system, relays receive blocks from builders and forward headers to proposers, who then sign and return the selected header. While effective, it introduces trust and censorship risks. Enshrined PBS proposes removing these intermediaries by implementing PBS directly in Ethereum’s consensus layer. Builders submit a hash of the block payload; if the beacon block referencing it gains enough attestations, the payload is released, and validators confirm it was delivered on time. However, ePBS doesn’t resolve builder centralization or malicious MEV extraction – hence the need for the next two components. 2. Fork-Choice enforced Inclusion List (FOCIL): The Watchdog Against Censorship EIP-7805 introduced the concept of FOCIL, where validators select an Inclusion List (IL) committee per slot. Each member of the IL committee compiles a list of pending transactions from the public mempool, which are then merged and must be included in the block by the proposer. Attesters only validate blocks that comply. This system ensures censored transactions still have a guaranteed path to inclusion, assuming at least one honest IL committee member. It enforces accountability at the block production level and makes censorship visible and punishable. 3. Encrypted Mempools: Leveling the Playing Field Encrypted mempools prevent frontrunning and MEV extraction by hiding transaction contents until block inclusion is confirmed. Highlighted by Vitalik Buterin as a key future upgrade, this system creates fairness by keeping transaction data private until it’s too late for manipulators to exploit. Shutter recently proposed a practical roadmap for a threshold encrypted mempool on Ethereum L1 , leveraging Shutter and proposer commitments to make this system viable within Ethereum’s current architecture. Shutter has already deployed its encrypted mempool on the Gnosis Chain using a threshold encryption scheme and has proposed a phased path to Ethereum mainnet integration. A Coordinated Execution Model In a network using ePBS, FOCIL, and encrypted mempools, users submit encrypted transactions to the public mempool. The IL committee selects transactions for mandatory inclusion. The mempool provider then releases the necessary decryption material, which upon receiving sufficient attestations are used by the Builder for decryption.If valid transactions are omitted despite available gas, the block is invalid. If decryption is delayed, transactions roll into the next slot—ensuring inclusion, privacy, and fairness even in adversarial conditions. Shutter outlined the potential transaction flow in a network that implements ePBS, FOCIL, and an encrypted mempool: Users submit encrypted transactions using a public key from the mempool provider. An IL committee monitors the mempool and builds inclusion lists, which the proposer merges into a single list. The builder must include these transactions in the next block or risk the block being invalidated if gas remains. Once decryption material is released and attested by a two-thirds supermajority of attesters, the builder decrypts and places the transactions at the top of the block to prevent MEV abuse. If the decryption material isn’t sufficiently attested, the transactions are deferred to the next IL. The proposer includes the final block via ePBS, but failure to include valid IL transactions can result in slashing or rejection. Ethereum faces a growing censorship problem that threatens its core principles of decentralization and neutrality. The Holy Trinity of Censorship Resistance, consisting of ePBS, FOCIL and encrypted mempools, presents a comprehensive solution that could restore Ethereum’s foundational values. As the network continues to evolve toward becoming a global settlement layer, implementing these measures will be crucial to ensuring that Ethereum remains true to the vision outlined in its whitepaper: a credibly neutral, decentralized platform accessible to all.

24 May 2025, 19:50

Sui Foundation Steps Back Amid Vote on Cetus Fund Recovery

After the recent Cetus protocol hack, the Sui Foundation has decided to stay out of a crucial vote on whether to recover $162 million in frozen assets. As the Sui network prepares for an on-chain governance decision, the Foundation revealed it will not take sides or vote, leaving the choice entirely to the community. Sui Validators Quickly Freeze Stolen Funds Right after the attack on the Cetus protocol resulted in the loss of $260 million worth of crypto assets, Sui validators acted fast to prevent further damage. They used a tool in the network to block certain wallet addresses, which helped freeze about $162 million that had been stolen. This fast response stopped the attacker from moving more funds off the network, although around $60 million had already been lost before the freeze took effect. Each validator used its settings to ignore transactions linked to the hacker. Notably, these measures are not permanent and can be turned on or off by each validator based on risk analysis or legal needs. Cetus Requests a Protocol Upgrade After the emergency freeze, Cetus asked the Sui community to approve a protocol upgrade. This upgrade would help return the frozen funds to users without changing the blockchain’s history or undoing past transactions. Validators and SUI token holders will participate in the upcoming vote. Cetus has agreed to accept whatever the community decides, noting that no single party should decide alone. Furthermore, Cetus revealed its team is working with security experts, analysis firm Inca Digital, and international law enforcement to track the hacker and recover the missing $60 million. As part of the recovery efforts, the team even offered the attacker a $6 million bounty in hopes of recovering the funds. Sui Foundation Stays Neutral The Sui Foundation has set clear conditions for its involvement. It will not vote on the upgrade and will not influence the decision in any way. Instead, it sees its role as a neutral party that helps somewhat guide the process. The Foundation also expects Cetus to commit publicly to using all available resources to repay affected users in full. This vote will be a major test of the Sui network’s governance model. It will show how a decentralized system can come together during a crisis and how its future may be shaped by its supporters. The post Sui Foundation Steps Back Amid Vote on Cetus Fund Recovery appeared first on TheCoinrise.com .

24 May 2025, 19:25

Cardano’s Charlie Hoskinson struggles to defend himself against accusations of being a scammer

Charles Hoskinson, co-founder of both Cardano and Ethereum, spent Saturday, May 24, unloading on critics who’ve spent weeks accusing him of manipulating the Cardano ledger to control $619 million in ADA. In a lengthy X post, Charlie claimed that the real issue has nothing to do with fraud, misconduct, or ethical failure. He said the attacks are coming from “a group of deeply disgruntled, now deranged, people” who have decided he’s a villain and will stop at nothing to ruin his name and his company, Input Output Global (IOG). Charlie argued that these people operate with the same political rage that Americans saw with Hillary Clinton and now-President Donald Trump. “Every event involving controversial public figures is viewed through a political lens and transformed into either a negative or positive spin,” he wrote. In Charles’ view, Cardano has no defense mechanism against what he described as “derangement syndrome,” which he said could “ultimately kill the ecosystem if left unchecked.” Hoskinson links criticism to growing online hatred Charlie said his haters will twist any Cardano success into a personal scam. If Midnight, Cardano’s privacy-focused sidechain, makes billions for ADA holders, they’ll call it an exit scam. If Leios, another protocol in the works, gets delivered, he claimed they’ll say it was someone else’s idea. “It will worsen yearly and eventually become complete fantasies and bizarre conspiracies,” he added. He also claimed the hate may one day lead to violence, saying some critics are so far gone they might try to physically harm him or IOG employees. “It saddens and disgusts me,” he wrote. “Something is causing this mental illness on a mass scale, and it destroys a lot of lives, especially the people afflicted.” Charlie said these people live in “a self-inflicted hell where nothing but negativity is present, spiraling faster each month— isolation and despair combined with a rot of the soul.” He ended his post saying he’ll keep going and invited readers to “consider how to cure this cancer together.” Allegations trace back to 2021 MIR transaction The storm around Charlie began weeks ago, after Masato Alexander, an NFT creator, alleged that Charlie used a “genesis key” during the Allegra hard fork in 2021 to rewrite the Cardano ledger and reroute a massive amount of ADA to staking and treasury pools. Masato pointed to a specific MIR (Move Instantaneous Rewards) transaction dated October 24, 2021, that moved 318 million ADA from reserves. The transfer, which was publicly visible on Cardanoscan, quickly became the focus of online speculation. Critics questioned why that volume of ADA was moved without a public explanation. The suspicion was that the action wasn’t authorized or transparent, and people began asking how Cardano handles dormant or unclaimed ADA tokens. The accusations picked up steam, leading to mounting pressure on Charlie and the Cardano Foundation to respond. Charlie first addressed the allegations on May 6, calling them “false and misleading.” He said the redemptions remained open for three years after that transaction. He also said that the whole redemption process stretched over seven years, giving original buyers plenty of time to claim their ADA. On May 18, Charlie returned to X to clarify his point again, saying: “IOG never gave itself 350 million unclaimed ADA. This is a lie. The vast majority was claimed, and the remaining was forfeited after seven years of waiting was donated to Intersect.” At the moment, the Cardano Foundation is working on an official audit report, which Charlie said will address the full timeline and provide clarity. But the report hasn’t been released, and until it lands, the noise around the issue isn’t going anywhere. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now