Ethereum Foundation Moves $290M in Ether, Celebrity Tokens Crash, and Bitcoin Achieves First ZK-Proof
Welcome to another episode of This Week In Crypto! This week, we cover the Ethereum Foundation’s major Ether movement, the dramatic crash of celebrity-endorsed tokens on Solana, and Bitcoin’s first-ever verified zero-knowledge proof on its mainnet. Dive in for the latest updates and insights in the crypto world.
- Ethereum Foundation Moves $290M in Ether After 7 Years
- Celebrity Tokens on Solana Crash by Over 99%
- Bitcoin Mainnet Receives First-Ever Verified ZK-Proof
- Blueberry Ring: Anticipation Builds for August Release
Ethereum Foundation Moves $290M in Ether After 7 Years
A wallet associated with the Ethereum Foundation has made a significant move, transferring approximately 92,500 Ether (worth roughly $290 million) on July 25. This Ether had remained untouched since 2017. The recipient address has not moved the funds as of the latest reports, and it remains unclear whether the Ethereum Foundation was directly responsible for this transaction.
This movement has raised questions and speculation within the crypto community, though the Ethereum Foundation has not provided any official comments. Such large transactions can impact market sentiment, especially given the long dormancy of the involved funds.
Celebrity Tokens on Solana Crash by Over 99%
The launch of celebrity-endorsed tokens on the Solana blockchain has ended disastrously for investors, with most token values plummeting by over 99%. Celebrities like 50 Cent, Caitlyn Jenner, Andrew Tate, Iggy Azalea, and Barron Trump supported the launch of these tokens, which initially attracted a significant amount of investment from their fan bases.
According to cryptocurrency analyst Slorg, even the best-performing celeb coins are down more than 70%, with half of them losing over 99% of their value within just a month. The dramatic decline has been attributed to various factors, including possible insider activities and fraudulent promotions. Notable incidents include Jason Derulo’s denial of selling his JASON tokens and 50 Cent’s claim that his X account was hacked to promote a scam token.
Bitcoin Mainnet Receives First-Ever Verified ZK-Proof
In a groundbreaking development, BitcoinOS (BOS), a Bitcoin rollups protocol, successfully verified the first zero-knowledge (ZK) proof on Bitcoin’s mainnet on July 24. This achievement, made possible by BOS’s ZK Succinct Non-Interactive Argument of Knowledge (zk-SNARK) verification software library, BitSNARK, marks a significant step towards enhancing Bitcoin’s functionality and scalability without altering its base layer.
Edan Yago, co-founder of BOS, highlighted that this development transforms Bitcoin from being merely digital gold to an operating system capable of supporting decentralized applications. The ability to verify ZK-proofs on the Bitcoin mainnet opens the door to “near-trustless bridges” for moving Bitcoin between the mainnet and layer-2 rollups, enabling more complex transactions such as private transactions and smart contracts.
Yago emphasized that this advancement allows for the introduction of new features to Bitcoin in a permissionless way, turning what was once seen as a disadvantage of Bitcoin’s ossification into a major strength.
This significant breakthrough aligns with other recent advancements in zero-knowledge proof technology, such as StarkWare’s successful ZK-proof verification on Bitcoin’s testnet, which further underscores the potential for improving Bitcoin’s scalability and enhancing its utility for global payments.
Blueberry Ring: Anticipation Builds for August Release
We’re excited to provide an update on the highly anticipated Blueberry Ring! Following the success of the initial launch, where the first round of sales sold out on the same day, the much-awaited wearable is set to drop in August.
The Blueberry Ring, a cutting-edge ring that tracks health data and mines $HEALTH tokens on Moonchain, has garnered significant attention and demand. We are thrilled that Blueberry has chosen Moonchain as their exclusive partner, solidifying our collaboration in pioneering the future of decentralized physical infrastructure networks (DePIN).
Stay tuned for more updates as we approach the release, and get ready to transform your wellness journey with the Blueberry Ring!
