ALBAWABA- In this week's crypto news recap, Ethereum faced a potential delay in its Deneb-Cancun upgrade designed to address scalability, while Tether pledged $1 billion in liquidity support for the Tron network. The SEC encountered challenges in accessing Binance.US's software, sparking legal concerns. Furthermore, OpenSea warned of a security breach, highlighting the ongoing need for vigilance in the NFT marketplace. Let's dive in!
OpenSea Issues Security Warning Regarding Third-Party Breach
In a recent development, popular NFT marketplace OpenSea has issued a security warning to its API users.
The alert stems from a security breach suffered by one of OpenSea's third-party vendors, which may have put users' OpenSea API keys at risk. While OpenSea reassures users that the incident is not expected to have an immediate impact on those seeking to integrate with the platform, caution remains paramount in the world of digital assets.
SEC Faces Setback in Bid for Immediate Access to Binance.US Software
In a recent legal development, the United States Securities and Exchange Commission (SEC) encountered a setback in its attempt to gain immediate access to Binance.US's software. During a hearing held on September 18, the judge presiding over the case, Judge Faruqui, expressed his reluctance to grant the SEC's motion compelling Binance to provide detailed information and make its executives more available for depositions. Instead, Judge Faruqui suggested that the SEC should refine its requests for discovery with greater specificity and engage a broader spectrum of witnesses. Meanwhile, in another legal twist, Binance Global and its CEO, Changpeng "CZ" Zhao, have sought the dismissal of the SEC's lawsuit filed against them in June, alleging that the regulator had exceeded its jurisdiction in the matter.
Tether's Treasury Allocates $1 Billion Liquidity Boost for Tron Network
In a recent development, Tether's Treasury has greenlit a significant move to inject $1 billion in near-term liquidity into the Tron network. The authorization, attributed to a billionaire, was highlighted by the blockchain tracking entity, WhaleAlert, prompting a swift response from Tether's Chief Technology Officer, Paolo Ardoino. Ardoino clarified that the USDT tokens would function as inventory to "replenish" the Tron network. This authorization empowers Tether to swiftly issue USDT as soon as customer funds are received, ensuring that the issuer maintains a full 100% reserve. It's important to note that this event signifies an authorization and not an actual issuance, with the allocated amount earmarked to fulfill upcoming issuance requests and facilitate chain swaps within the Tron network.
Ethereum's Deneb-Cancun Upgrade Faces Possible Delay to 2024
The Ethereum Deneb-Cancun upgrade, designed to address scalability issues with Ethereum through Ethereum Improvement Proposal 4844 (EIP-4844), may face a delay until early 2024, according to discussions among core developers. Concerns were raised during a recent meeting, as Deneb-Cancun has not yet appeared on public testnets, and without a testnet launch before November's Devconnect conference, a mainnet release before year-end seems unlikely. This potential delay hinges on various factors, including software readiness across Ethereum's execution and consensus layers. The upgrade's centerpiece, EIP-4844, aims to improve scalability by enabling temporary storage of off-chain data, ultimately reducing transaction costs on Layer 2 rollup solutions.
