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Chayanika Deka



Articles by Chayanika Deka

Profanity Exploit Continues as Hackers Drain Another 732 ETH From Crypto Wallet

2 days ago

A hacker managed to get away with 732 ETH worth around $950,000 from a crypto wallet.
Interestingly, blockchain security firm PeckShield revealed that the theft was carried out via the same vanity address hack connected to the UK-based crypto market maker Wintermute.
On-chain data suggested that the hacker moved the stolen funds to the OFAC-sanctioned crypto mixing tumbler Tornado Cash.
The latest exploit comes days after decentralized finance aggregator 1inc first discovered a severe vulnerability in the Profanity tool and stated that user funds are at risk of loss following a potential exploit.
Launched in 2017, Profanity is a tool designed to enable Ethereum users to create “vanity addresses,” which are essentially custom crypto wallets with identifiable names or

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Voyager Digital CFO Resigns After Five Month Stint

3 days ago

Voyager Digital’s Chief Financial Officer, Ashwin Prithipaul, is set to exit the company after a transition period to “pursue other opportunities.”
The exec joined the company as the CFO in May this year.
Voyager’s current Chief Executive Officer, Stephen Ehrlich, will step into the role to assume Prithipaul’s duties in the interim.
In addition to a brief stint as a CFO in Drive Digital, Prithipaul also served executive positions at Galaxy Digital, initially as Chief Accounting Officer, followed by a CFO role.
In a statement, Ehrlich said,
“On behalf of the Board of Directors and the executive leadership team, I want to extend our sincerest gratitude to Ashwin for his many valuable contributions, especially for his efforts during Voyager’s restructuring process.”
Voyager

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Kraken’s Jesse Powell on Why He Decided to Step Down as CEO

4 days ago

The news of Jesse Powell, the CEO of Kraken, stepping down from the position at the cryptocurrency exchange he founded in 2011 is a significant shake-up. The exec recently came under fire for allegedly “fostering a hateful workplace and damaging their mental health,” according to a New York Times feature.
But Powell believes the entire fiasco was a “blessing in disguise” and that it turned out positively for the company.
Powell’s Comments Post Step Down
Despite the market downturn, Kraken has posted relatively stronger financial results than its competitors. But certain comments by the former boss sparked outrage. In an interview with Protocol, the often-controversial exec said his decision to step back from the CEO position has nothing to do with media outcry.
“Following

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CoinCorner Taps Dubai’s Royal Family to Facilitate Bitcoin Transactions

4 days ago

Douglas-based cryptocurrency exchange CoinCorner has partnered with Seed Group, a company of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, to facilitate Bitcoin transactions in the United Arab Emirates (UAE).
Under the agreement, Seed Group will aid in the expansion of CoinCorner’s operations across the emiratesand the wider Middle East as well as access to top decision-makers in the government and private sectors.
Promoting the exchange’s Bitcoin transaction solutions and lightning services in the region also remains one of the focus areas of the deal.
CoinCorner plans to set up a user-friendly platform enabling UAE residents to buy, sell, send, receive, and store Bitcoin, in addition to offering local businesses solutions to transact in cryptocurrency.
Hisham

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GitHub Reverses Tornado Cash Ban But There’s a Catch

5 days ago

The US Office of Foreign Assets Control (OFAC) assigned popular crypto tumbler Tornado Cash as an entity on the Specially Designated Nationals (SDN) sanction list last month which triggered an outcry from privacy and free speech advocates. Subsequently, Microsoft-owned GitHub removed its source code as well as terminated the user accounts of three individuals who contributed code to the project.
In a recent turn of events, the platform unbanned the coin mixer and contributors on the platform. Notifying that the repos are, however, currently in “read-only” mode, Ethereum dev Preston Van Loon tweeted that the hosting service is yet to reverse all actions and return the repositories to their former status.
Loon believes the move is still “progress from an outright ban.”

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Bitcoin Mining Firm Compute North Files for Bankruptcy

6 days ago

Compute North, which happens to be the latest casualty of the ongoing crypto rout, has filed for a Chapter 11 bankruptcy in the US Bankruptcy Court for the Southern District of Texas.
The filing is pending before the Judge Bankruptcy David R Jones. The company’s CEO, Dave Perrill, also stepped down from his position earlier this month but will continue to remain on the board.
Compute North in Trouble
Under the terms of the filing, the firm will be able to continue its operation while it draws up a comprehensive restructuring plan to repay creditors. Compute North revealed that it owed as much as $500 million to at least 200 creditors. Its assets, on the other hand, are worth between $100 million and $500 million.
The bankruptcy filing is expected to help stabilize its

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Helium Is Finally Moving From its Custom Blockchain to Solana

6 days ago

The community members of the Internet of Things (IoT) blockchain network, Helium, has voted for a complete transition to Solana to improve network scalability.
The HIP 70 proposal published by the Helium Foundation has been in the works for several months.
In August, the foundation detailed the reasons behind the core developers’ inclination to Solana from its own bespoke chain to ramp up Helium in terms of speed, stability, and ability to serve more users.
The vote for the migration began on September 12. A majority of 81.41% voted in favor of the migration, while the rest, 18.59%, stood against it.
The proposal states,
“The proposed changes in HIP 70 do not change the fundamentals of the Helium Network or HNT, but provide several benefits to the Helium Network including

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Uniswap Foundation Launches First Wave of Grants Totaling $1.8M

6 days ago

Uniswap Foundation, the organization that oversees the development of the largest DEX in the world, has stated that its first wave of grants sums up to almost $1.8 million total.
According to the official announcement, the grants vary in size and scope and are spread across three areas – protocol growth, community growth, and governance stewardship.
Uniswap Diamond
Uniswap Diamond is heralded as one of the most ambitious initiatives to be funded by Uniswap Grants. All ecosystem stakeholders are expected to benefit from this work.
The aim is to enhance the pro trader and LP experience, ramp up market share, and ease development and on-chain data analysis. For the purpose of historical and real-time on-chain data, API and SDK will be added, which is expected to be a

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EOS Officially Adopts Community-Led Leap 3.1 Codebase After Hard Fork

8 days ago

EOS managed to raise $4.2 billion in its year-long ICO back in 2018. Despite a very hyped start, the project had a rather bumpy ride. After edging close to dissolution, EOS has finally declared “independence.”
According to the press release shared with CryptoPotato, EOS block producers have executed a coordinated hard fork to Leap 3.1. EOS is finally migrating to the newly forged Antelope Framework.
This essentially means that an individual running a node will have upgraded them to continue syncing with the network. This is EOS’ second hard fork and seeks to activate new features that are not backward compatible with previous code versions.
Liberating EOSIO Codebase
Leap 3.1 is the C++ implementation of the new Antelope protocol, which comes with several new features such

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Crypto Market Maker Wintermute Hackers Drain $160M, Profanity Bug Suspected

8 days ago

UK-based crypto market maker Wintermute suffered a loss of approximately $160 million.
In a series of tweets, the company’s founder and chief executive, Evgeny Gaevoy, revealed that the decentralized finance operations had been compromised. The centralized finance and over-the-counter verticals have not been affected.
Blockchain security expert Certik recorded that $162,509,665 had been stolen over 13 transactions and speculated that the exploit could have resulted from a brute force attack on the Profanity wallet.
The attacker took advantage of a leaked private key which they were able to utilize to set their malicious contract as the swap contract.
Notably, the private key compromise stemmed from a vulnerability in the Profanity wallet reported last week by 1inch in a

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Ripple Attacks SEC Citing Lack of ‘Investment contract’ Granting Investors Rights

8 days ago

Ripple has filed a motion seeking dismissal of the suit ahead of the trial in federal court in Manhattan. The blockchain firm contended that the crypto-asset at the center of the ongoing legal battle – XRP – cannot be considered a security.
In a recent filing over the weekend, Ripple argued that there was no “investment contract” that granted investors rights or required the issuer to act in their interests.
Ripple-SEC Nears The D-Day
As per the report, Ripple further alleged that the United States Securities and Exchange Commission’s (SEC) “untethered position” could deem the sale of all types of ordinary assets, including diamonds, gold, soybeans, cars, and art, into sales of securities. Ripple added that the agency was not granted such authority by Congress.
In the

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Ethereum’s Vanity Addresses Drained of Over $3M Despite 1inch’s Warning

9 days ago

A hacker managed to steal $3.3 million worth of cryptocurrencies from several Ethereum addresses generated with the “Profanity” tool. The funds were drained even after the decentralized exchange aggregator 1inch warned users about discovering a severe vulnerability putting millions of dollars at risk.
It had previously advised users owning wallet addresses generated with the Profanity tool to transfer their assets to a different wallet.
1inch Security Report
In early 2022, 1inch contributors observed that Profanity used a random 32-bit vector to seed 256-bit private keys and suspected it could be unsafe. Upon further investigation, more suspicious activity was noted, signaling that Profanity wallets were compromised.
“The 1inch contributors checked the richest vanity

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3 Possible Reasons Behind Bitcoin’s Drop to 3-Month Lows: Analysis

9 days ago

On the nervous global backdrop, the much anticipated “Merge” eventually transpired as a sell-the-news type of event. Cryptocurrencies suffered fresh declines in the wee hours of Monday morning.
The global market cap fell to $909 billion, with a trading volume of $79.54 billion over the past 24 hours. Major assets such as Bitcoin and Ethereum slid below $19k and $1.3k, respectively, recording double-digit losses in the past day alone.
With the palpable nervousness across global markets ahead of a key rate decision by the Fed due this week, the turbulence in the market is likely to continue. Investors would need to brace themselves to alleviate the damage.
Investors Need to Brace For More Declines
According to CryptoQuant’s data, two recent signs of indicators have occurred

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Doodles’ NFT Sales Volume Skyrockets After $54M Capital Infusion by Reddit’s Ohanian

11 days ago

After the announcement of a $54 million funding round, Doodles’ sales volume spiked by over 1,000% in a matter of just a few hours earlier this week. Doodles’ record-breaking traction comes despite a slowdown in the NFT market.
According to data from DappRadar, the project’s volume was recorded to be $2.48 million, with an uptick of 1028.34% on a 24-hour scale mid-week.
Its floor price, on the other hand, jumped above 8 ETH before falling back and settling near 7.54 ETH at the time of writing.
Doodles recently clocked $54 million at a $704 million valuation. The funding round was led by Reddit co-founder Alexis Ohanian’s Seven Seven Six venture capital firm, in addition to other participating firms such as 10T Holdings, Acrew Capital, and FTX Ventures.
With the latest

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Scams Impersonating Vitalik Buterin Mount Amid the Merge

13 days ago

The excitement around the Ethereum Merge is tremendous for the PoS proponents and the community of the second-largest cryptocurrency.
It also presents a very lucrative opportunity for fraudsters, who tried to take advantage even before the event.
Ethereum foundation had earlier warned the community to be on high alert for scams trying to take advantage of users during this transition.
But that has not stopped these malicious entities from hacking the official Twitter handle of Go First airline, which was later changed to “vitalik.eth” in the early hours of September 14.
The compromised account’s display picture was also changed to that of Ethereum co-founder Vitalik Buterin.
The tweet following the security breach promoted a fake giveaway scam of $100,000 ETH.

seems like

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Cardano’s Charles Hoskinson Hits Back at Jack Dorsey Over PoS Debate

13 days ago

Former Twitter CEO Jack Dorsey’s latest tweet did not sit well with the Cardano creator, Charles Hoskinson, who squarely aimed at the Bitcoin proponent and said the Merge will kick off an “era” where all proof-of-stake (PoS) networks will be unfairly categorized as being similar to Ethereum.
His tweet read,
“Now begins the Era of everyone assuming that all Proof of Stake works like Ethereum’s Proof of Stake. The maxis will attack Cardano for slashing and label all the Ethereum problems as ours. Thanks, Jack.”
Charles Hoskinson Vs. Bitcoin Maxis
According to Hoskinson, Ethereum’s much-anticipated Merge is one of the hardest things that has ever been done in the digital asset space. The Cardano founder today congratulated the community on this achievement. However, he

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Central Bank of Bahrain to Test Bitcoin Payments Via OpenNode

14 days ago

The Central Bank of Bahrain (CBB) is set to test a Bitcoin payment processing and payout solution in collaboration with OpenNode.
According to the official press release, the BTC payment processor plans to provide the infrastructure for the solution.
The Regulatory Sandbox was first launched in 2017, following which the CBB authorized OpenNode to participate in its framework that enables financial tech companies to test their ideas and solutions in the country.
OpenNode’s CEO and Co-Founder stated,
“OpenNode’s leading Bitcoin infrastructure solution continues to pave the way for countries, governments, and reputable financial institutions to adopt the Bitcoin standard and transact on the lightning network.”
The new Bitcoin payment solution is part of Bahrain’s digital

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Bitcoin Miners Dumping Spree Continues: CryptoCompare Report

15 days ago

The crippling impact of May and June’s crash on Bitcoin miners still persists. New data revealed that August recorded the fourth consecutive month that has seen negative miner net flows.
Bitcoin miners had to resort to selling in order to sustain themselves throughout August recording a net outflow of 21.3k BTC. The only month when miners accumulated BTC this year was April, as per the latest edition of CryptoCompare’s Asset Report.
Bitcoin Miners in Distress
The price of the world’s largest cryptocurrency remained below $24k for the most part in August and even traded beneath $20k for a few weeks, which in addition to a high hash rate that rose 5.28% to 212 million TH/s, forced miners to offload their tokens.
Bitcoin miners continued to take advantage of the several small

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MakerDAO Users Can Now Mint DAI For Free

15 days ago

Users of MakerDAO, the organization behind DAI, will now be able to mint the stablecoin for free.
This was made possible after an executive vote increased the debt ceiling for its stETH vault to 200 million DAI.
The higher debt ceiling is expected to minimize its dependency on support from centralized collateral assets. As such, the governance voted on the proposal that sought to reduce the fees for six vaults. The main idea was to promote DAI mints against decentralized collateral.
Currently, MakerDao Governance has reduced the stability fee for the Wrapped stETH vault to 0%. This essentially means that users can now mint DAI for free rather than paying fees to Maker.
Announcing the same, MakerDAO tweeted,
“Free Dai minting? There is only one volatile-collateral vault

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Algorand Foundation Confirms $35M Exposure to Crypto Lender Hodlnaut

16 days ago

The non-profit organization behind the development of the Algorand blockchain infrastructure – Algorand Foundation – has confirmed a $35 million USDC exposure to Hodlnaut.
Additionally, it said it is pursuing all legal remedies to maximize asset recovery from the embattled crypto lender.
Despite the hole in the balance sheet, the organization does not expect to trigger any operational or liquidity concerns.
The Algorand Foundation, in an official announcement, said these funds were surplus to the daily requirements, representing less than 3% of its assets.
“As part of the Foundation’s mission, from time to time, we invest a portion of our surplus treasury capital to generate yield for the purpose of Algorand ecosystem development, and these funds were invested for that

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Ethereum Merge Could Spell Trouble for Distressed Crypto Lender Hodlnaut

16 days ago

Ethereum’s pending transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) can trigger new risks for the troubled crypto lender – Hodlnaut.
The Singapore-based company was one of several firms in the crypto industry that succumbed to the pressures of the downturn after the collapse of Terra ecosystem tokens.
According to a new report, Hodlnaut has warned of risks to its assets if the Merge fuels a “bout of volatility in virtual coins.”
As such, sudden price movements in the price of the Ethereum-based tokens could prompt “smart contracts to automatically liquidate the assets,” said the distressed company in the blog post.
One way to alleviate risks, according to Hodlnaut, is to unwind tokens deployed on decentralized finance (DeFi) platforms. However, this move could

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Japanese Mayors Awarded With NFTs for Excelling at Usage of Digital Technology

19 days ago

The Japanese government is handing out non-fungible tokens (NFTs) as a supplementary award to local authorities that excelled in utilizing digital technology to solve local issues as well as fostering the digital economy.
A total of seven mayors received NFT awards for various initiatives.

As per the report from CoinPost, the tokens, which were distributed at the “Summer Digi Denkoshien 2022” ceremony, essentially represent “digital certificates” of achievement. The award ceremony was headed by Japan’s chief cabinet secretary Hirokazu Matsuno. The country’s Prime Minister, Fumio Kishida, was also in attendance.
The tokens, for one, were issued on the Ethereum blockchain network but leveraged Proof of Attendance Protocol (POAP) technology. POAP-style NFTs are mostly used

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Singapore’s DBS Inks Partnership With The Sandbox

19 days ago

Singapore’s largest bank DBS announced a partnership with Ethereum-based gaming platform The Sandbox to design an interactive metaverse experience  – DBS BetterWorld – as part of its broader roadmap to explore Web 3 opportunities for its customers.
The latest deal marks the foray of the first Singaporean entity to collaborate with the Animoca Brands’ subsidiary as it joins DBS’ ambitious “SingaporeVerse,” a neighborhood on its virtual map that seeks to bring the culture of the city-state to life in the metaverse.
DBS Partners WIth The Sandbox
The official press release stated that DBS BetterWorld aims to highlight the importance of “building a better, more sustainable world, and inviting others to come alongside.” As part of the deal, DBS plans to acquire a 3×3 plot of the

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Bitcoin Needs to Adopt an Upgrade Similar to Caradano’s to Survive: Charles Hoskinson

19 days ago

With energy sources getting expensive rapidly, the environmental impact of validating PoW crypto-assets is being studied intensely.
The White House’s latest report mentions the excessive usage of energy by several industries, including cryptocurrency mining, was brought up by IOG CEO Charles Hoskinson. He went on to say that the paper, published on the order of President Joe Biden, essentially seeks to ban Bitcoin, which is based on Proof-of-Work (PoW) consensus mechanism, due to energy consumption.
Cardano’s Ofelimous to the Rescue?
In a new video update, the Cardano Chief said,
“The EPA and the DOE are going to start talking to crypto companies to basically tell them to change the way their cryptocurrencies work. In other words, Bitcoin should be banned.”
However,

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Coinberry’s Software Blunder Costs $3M in Bitcoin: Report

20 days ago

The Toronto-based crypto exchange Coinberry has reportedly lost around $3 million in Bitcoin due to a software glitch in 2020. It was during a software upgrade that erroneously enabled users to purchase BTC with Canadian dollars that had yet to be properly transferred to their accounts.
That loss of about 120 Bitcoins was not known until the recent lawsuit filed by the platform in Brampton, Ont., west of Toronto.
According to the Finacial Post report, the bug was with the Interac e-transfer function through which the users could initiate an e-transfer, get the amount credited to their accounts, buy bitcoin and transfer the coins out.
In the end, users would then cancel the original e-transfer, thereby retaining their own funds and getting free bitcoin, the lawsuit said.
As

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Ethereum Merge: What Does This Mean for Stakers and Miners (Chainalysis Report)

20 days ago

Ethereum, the world’s second-largest cryptocurrency, is all set to discard its energy-intensive proof-of-work consensus mechanism sometime next week. While ETH’s price could potentially decouple from other cryptocurrencies post Merge, staking yields is expected to catalyze institutional adoption, Chainalysis said in its latest report.
On the other hand, it may be a difficult road for the existing miners on the network.
Uptrend in Institutional Stakers
As per Chainalysis, the network’s staking rewards will make Ethereum similar to an instrument such as a bond or commodity with a carry premium. The report said stakers can expect around 10-15% yields annually. These returns could potentially make Ethereum staking an “enticing bond alternative for institutional investors.”

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Terra Luna Classic (LUNC) Soars 100% Weekly as KuCoin, Gate Io Extend Tax Burn Support

21 days ago

Despite the dramatic sell-off of Terra ecosystem tokens, LUNC has managed to rally along with the crypto market favoring the upside.
While the plan continues to revive the chain and attract investors back, the latest surge of more than 100% over the past week after its tax burn confirmation.
At the time of writing, LUNC was trading at $0.00056, recording a daily rise of almost 55%.
LUNCUSDT. Source: TradingViewAs per the new 1.2% Tax Parameter Change proposal, taxes will be charged and burned for on-chain activities, including transfers of LUNC and USTC between wallets and smart contracts.
The proposal essentially seeks to carry out a 1.2% token burn tax on all transactions in a bid to transform LUNC into a deflationary asset.
If passed by Terraform Labs (TFL), the 1.2%

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Bybit Responds After Brazil Watchdogs Bars the Exchange From Brokering Securities

21 days ago

Singapore-based cryptocurrency exchange Bybit said it is taking necessary steps to ensure that it understands the requirements of the Securities and Exchange Commission of Brazil (CVM) with respect to its services.
The Brazilian watchdogs had banned Bybit from brokering securities.
The CVM released a declaratory act earlier this week that ordered the suspension of the crypto platform’s security offerings and intermediation services directly or indirectly via websites, applications, or social networks to Brazilian citizens.
The document stated that Bybit was seeking to raise funds as a securities intermediary without the appropriate authorization to do so.
Following the development, a Bybit spokesperson told CryptoPotato,
“Bybit is taking steps to ensure we fully understand

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21Shares Parent Fetches $25M Funding, Post-Money Valuation Hits $2B

22 days ago

21.co, the parent crypto ETF issuer 21Shares, has announced raising $25 million in a funding round led by Marshall Wace.
Following the latest capital infusion, the company is now valued at $2 billion.
The firm also said that the post-money valuation makes it “Switzerland’s largest crypto unicorn.”
The funding round, which was 21.co’s first in the last two years, also saw the participation of Collab+Currency, Quiet Ventures, ETFS Capital, and Valor Equity Partners.
The company’s statement read,
“With this round of financing, 21. co will continue to drive rapid, targeted growth through first-of-their-kind products, key market expansions, and strategic talent acquisitions.”
21.co reportedly ended 2021 “on a nine-figure revenue run rate.” Even during the market downturn, the

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Ethereum Classic is a Dead Project: Cardano’s Charles Hoskinson

22 days ago

The feud between the Cardano founder and the Ethereum Classic community appears to have escalated. After an Ethereum Classic proponent accused Charles Hoskinson of attempting to milk the network following the proposed 20% miner tax, the Cardano founder slammed the entire project.
In the latest tweet, Hoskinson called Ethereum Classic a “dead project” that serves “no purpose” or “real compelling argument” for its existence.
“I love how a sustainable development fund turns into a miner tax. ETC still gives me sadness for what could have been. It’s a dead project with no purpose or real compelling argument to exist outside of spite.”
The Feud
It is worth noting that the Cardano exec left Ethereum in 2014 over disagreements with regard to the future direction of the project.

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