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Showing posts with the label ethereum foundation

The Ethereum Foundation won’t disclose Vitalik Buterin’s voting power

A prominent historian who wrote the book about Ethereum’s creation cannot find an answer to a simple question. No matter how many times she’s asked — as recently as yesterday — no one will tell her how many votes Vitalik Buterin controls over the Ethereum Foundation and its $400 million treasury. It’s a question that impacts millions of ETH tokenholders around the world, including hundreds of thousands of wallets that transact on any given day. Laura Shin, author of the book The Cryptopians about the formation and early years of Ethereum, has asked one question for years. Does Vitalik Buterin have three supervotes, or do the four board members vote equally? There are four current directors on the board of the Ethereum Foundation: Vitalik Buterin, Aya Miyaguchi, Hsiao-Wei Wang, and Patrick Storchenegger. With many changes in leadership over time, Buterin is a founding member and widely recognized as the project’s leader. However, the foundation r...

Liquity scare hits DeFi as Ethereum Foundation sinks $120M into sector

While the frequency of once-common nine-figure hacks has waned in recent months, the decentralized finance (DeFi) sector remains a dangerous place. An $85 million scare and a $9.5 million hack have directly preceded the Ethereum Foundation’s show of confidence in DeFi, as it deposits $120 million of ether (ETH) into key protocols Aave, (Maker spin-off) Spark, and Compound Finance. However, just yesterday, users of DeFi protocol Liquity V2 were advised to withdraw their funds, after the team discovered a “potential issue” in the project’s Stability Pools. Liquity, the issuer of LUSD and BOLD stablecoins, is an immutable protocol and therefore unable to pause or upgrade the affected pools. In the event of a critical vulnerability, it would be up to users to be aware of the issue and withdraw any funds. The Liquity team was informed of a potential issue affecting Liquity V2 Stability Pools (“Earn”), and is currently investigating a potential impact. The team is currentl...