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    Ethereum Merge Inches Closer As Developer Agree On Tentative Date Anticipation and excitement are building in the Ethereum community as more clarity around the merge emerges. Ethereum developers have now agreed to a tentative date for the mainnet merge, which could be sooner than expected, seeing the Ethereum blockchain finally transition to Proof-of-Stake.  Tentative Date Announced  Ethereum core developers have locked in the 15th of September, 2022, as the tentative date on which the blockchain will transition to Proof-of-Stake. This means that the merge will happen sooner than expected as a result of the successful test on the Georli testnet, completed on Wednesday.  Core Ethereum developers confirmed the date, including Tim Beiko and Terence Tsao, Co-founder of Prysmatic Labs, who agreed in an 11th August developer call that it (merge) would be when Total Terminal Difficulty (TTD) hits 58750000000000000000000. This was later confirmed in a post on Github titled tentative mainnet TTD. Date Could Still Change  The possibility that the exact date and TTD could be changed still remains, the success of the testnet merges carried out so far are a good indication that Ethereum’s mainnet is finally ready to transition to the Proof-of-Stake consensus mechanism without any significant hurdles. The new timeline is three days earlier than the initially planned date of the 19th of September, which core developer Tim Beiko promised.  “Tentative Mainnet TTD 58750000000000000000000 Note: nothing is final until it’s in client release, so do expect changes last minute due to unforeseen circumstances.” Bellatrix: Setting The Stage For The End Of Proof-of-Work  Once the Total Terminal Difficulty hits 58750000000000000000000, it will mark the end of Proof-of-Work on the Ethereum blockchain and signal the official introduction of Proof-of-Stake. The TTD refers to the total difficulty required to mine the final block before the transition to PoS. However, before the merge is executed and completed, Ethereum developers will need to perform the Bellatrix hard fork, which will implement the necessary software updates required for clients to run the new consensus layer.  The hard fork is scheduled for the 6th of September, just under ten days before the official merge. The journey to the merge has been long for Ethereum and its developers, with the Georli testnet becoming the final testnet to switch to the Proof-of-Stake consensus mechanism successfully. The Georli testnet merge followed the successful transitions of the Sepolia merge and the Ropsten testnet merge.  Rumblings Of Discontent?  However, there are some seeds of discord with Ethereum miners who rely on Proof-of-Work and its income. These Proof-of-Work miners are determined to continue using the Proof-of-Work consensus mechanism for Ethereum and maintain their flow of income. Chandler Guo, BTC, and ETH miner, a proponent of Proof-of-work and a crypto angel investor, is at the forefront of the movement and is leading the charge for PoW miners to initiate a hard fork of Ethereum and create a Proof-of-Work chain. Guo is a proponent of the theory that the crypto space is big enough for two Ethereums to exist and has tweeted several opinions on Twitter in support of his views.  Guo is determined to release the necessary code to perform a hard fork that would bypass the difficulty bomb. This mechanism significantly reduces block rewards for miners in an effort to prevent them from producing new blocks. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.  765   255 

           twitter   ethereum   eth    12 Aug   
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    Bitfinex May Face Criminal Investigations in U.S. The sister company of stablecoin Tether, crypto exchange Bitfinex, is facing the possibility of criminal investigations in the United States according to the Department of Justice (DOJ) in a reply to a Freedom of Information Act (FOIA) request shared on Twitter earlier this week. Bitfinex has for a long time been under scrutiny for its actions, and if reports are to be believed, it will be subject to investigations yet again. The DOJ has since denied a request for information regarding Tether Holdings Limited, its parent company iFinex Inc. and other subsidiaries, including Bitfinex, citing Exemption 7(A) of the FOAI Guide. The exemption precludes the disclosure of: Records or information compiled for law enforcement purposes, but only to the extent that production of such law enforcement records or information ... could reasonably be expected to interfere with enforcement proceedings. The individual who filed the request in February 2022 is Twitter user oleh86, and according to it, the request itself asked: Dear Sirs, Pursuant to Freedom of Information Act (FOIA), 5 U.S.C. § 552, I am hereby requesting any and all information in the possession of the US Department of Justice on jointly and severally TETHER HOLDINGS LIMITED, TETHER LIMITED, TETHER INTERNATIONAL LIMITED, TETHER OPERATIONS LIMITED, IFINEX INC., BFXNA INC., and BFXWW INC. The denial of the request read as follows: Looks like #Bitfinex is in legal proceedings in the US - the DOJ denied my FOIA request on grounds of Section b(7)(A) aimed at preventing pretrial publicity that could impair a court proceeding. The exemption essentially prevents the public from getting information about the legal enforcement of the company. It is done to ensure that people with information do not try and tamper with evidence or try anything that would unduly influence the proceedings. Bitfinex’s Legal Woes Bitfinex and sister company Tether has been facing heavy scrutiny from legal entities for a long time. In 2021, Bitfinex and Tether had to pay $42.5 million in fines to the U.S. Commodity Futures Trading Commission (CFTC) in civil monetary penalties. Bitfinex has also faced multiple investigations from civil and criminal entities in the U.S. regarding whether stablecoin issues Tether, was being truthful about the state of its reserves. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 1098   365 

           bitfinex   twitter   tether    12 Aug
  1. 6. Metaverse Meltdown: Top Metaverse Lands Lose 91% Value

    609   609         twitter   eth   facebook    more 12 Aug   

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