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Title: Ethereum devs tip The Merge will occur in August ‘if everything goes to plan’

May 20, 2022 04:20AM ET

By: AnalysisWatch

Ethereum's long-awaited migration to a proof-of-stake (PoS) consensus mechanism, repeatedly postponed, looks set to occur in August. Hopefully.

Preston Van Loon, a developer of the Ethereum (ETH) network, told attendees at the Permissionless conference that the transition, known as Merge, will happen in August if all goes according to plan.

Echoing this sentiment, fellow Ethereum researcher Justin Drake said that ensuring the merge happens quickly is a top priority, sharing his "strong desire to make it happen before the August difficulty bomb."

The "trouble bomb" refers to the program coded into Ethereum's blockchain that intentionally slows down the network. It is designed to encourage the transition to PoS by making it harder for miners to fall behind on the proof-of-work (PoW) chain after the merge.

On April 11, Ethereum developer Tim Beiko announced that the merger had been delayed again. Despite the success of the "shadow fork test," Beiko stated that The Merge will not be implemented in June as planned. According to Beiko, developers must act quickly to avoid the difficulty bomb, otherwise they will have to introduce another update to delay the bomb.

The reconfirmation of the timeline comes on the heels of news this week that the Ethereum network will see a "huge testing milestone," with the Ropsten Testnet Merge being conducted on June 8. The Ropsten Testnet Merge will see the PoW test network combined with a new PoS consensus level test network. It will simulate what will happen once the actual merger between Ethereum and the Beacon Chain finally takes place and becomes a PoS network.

Title: NFT hackers target Seth Green, film star losses $300k worth of NFTs

May 20, 2022 04:30AM ET

By: AnalysisWatch

US actor and comedian Seth Green has become the latest victim of a phishing attack in which hackers stole four NFTs worth more than USD 300 000.

The actor took to Twitter (NYSE:TWTR) on Tuesday to report the attack, calling on the NFT community not to purchase the four NFTs.

The stolen titles included the authoritative Bored Ape Yacht Club, Mutant Ape Yacht Club and Doodles titles. In total, the hackers succeeded in stealing approximately 145 ETH or over $300,000 worth of NFTs and immediately set about selling their collection.

Bored Ape was worth more than USD 200 000 and Mutant Ape was sold for USD 42 000. The remaining two NFTs were worth approximately USD 26,000 each, based on the minimum collectibles price at the time of the robbery.

Green was subsequently able to identify one of the buyers on Twitter, who claimed to be a street photographer.

The NFT website was flooded with fraudulent phishing messages. Attackers typically lure unsuspecting victims to compromised websites to gather sensitive information about their cryptocurrency portfolios; in February, several Open Sea users fell victim to a phishing scam that allowed attackers to obtain USD 1.7 million from the NFT.

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