Web3 Diaries-Optimism Completes Bedrock Upgrade
The Optimism network concluded its “Bedrock” upgrade on June 7, reducing deposit times, lowering layer-1 fees and enacting additional security features, according to an announcement from network developer OP Labs. The upgrade is part of a series of reforms the developer says will help create a “Superchain” of scaleable Web3 networks based on Optimism’s OP Stack software.
OP Labs CEO Karl Floersch stated that Bedrock implements multiple gas optimizations the team discovered, reducing the network’s data availability fees on Ethereum by 40%. These reductions are passed on to the user in the form of lower gas fees on Optimism.
In addition, the upgrade allows the network to recognize chain reorganizations (reorgs) on Ethereum, reflecting these reorgs in the user’s Optimism balance. This allows deposit times to be reduced to one minute.
Coinbase Net Outflow Soars Post SEC Lawsuits
User withdrawals from Coinbase soared on Monday and Tuesday as the U.S. Securities and Exchange Commission (SEC) sued the crypto exchange one day after filing a lawsuit against rival Binance.
Blockchain data by crypto intelligence firm Nansen shows that Coinbase net outflows over a 24-hour period totaled $600 million. Traders have withdrawn $1.38 billion of cryptocurrencies during this period, compared to $771 million of deposits, per Nansen. The data excludes bitcoin (BTC) transfers.
The outflows happened as the SEC, the top U.S. securities regulator, hit Coinbase with a lawsuit for violating federal securities regulations only a day after suing rivals Binance.US and Binance.
North Korean Hackers Breached Atomic Wallet: Elliptic
Atomic Wallet users might have fallen victim to Lazarus, the infamous North Korean hacking group, said blockchain intelligence firm Elliptic in a blog post on Tuesday.
Early Saturday morning, the team behind Atomic, a non-custodial crypto wallet, announced that some users were compromised and lost the funds from their wallets. According to the company, the number of incidents did not exceed 1% of “monthly active users.” The announcement followed multiple reports on Reddit from users complaining their wallets had been drained.
ZachXBT, a pseudonymous blockchain sleuth, estimated that around $35 million in various cryptocurrencies had been stolen, including bitcoin (BTC), ether (ETH), tether (USDT), dogecoin (DOGE), litecoin (LTC), BNB coin (BNB), polygon (MATIC) and Tron-based USDT.
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