🪙 Vitalik Buterin Says Layer 3s Won’t Magically Increase ThroughputEthereum co-founder Vitalik Buterin has re-upped his post from 1.5 years ago on “Layer 3s”, saying that L3s won’t magically increase throughput. Still, they can reduce certain fixed costs associated with batch publishing and deposits or withdrawals. In one of them, Layer 2 is responsible for scaling, while Layer 3 focuses on customizing functionality. While this doesn’t directly enhance scalability, it allows applications to scale through L2s while dissecting layers to meet specific operational requirements for diverse use cases.

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💰 Bitcoin Dips Below $66,000 Ahead of Fourth Halving, Loses Over 5% in 24 Hours 📉

The price of bitcoin experienced a decline on Monday, near 10:00 p.m. Eastern Time (ET), tumbling to a position slightly over the $66,000 mark. By 6:30 a.m. the following day, it had edged down further to reach its intraday low of $65,480 per unit. In the wake of this downturn, the crypto derivatives markets saw the liquidation of bitcoin long positions amounting to $135.3 million wiped out.

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🚨 Crypto thefts fall 48% month over month to $79 million in March 📉

Crypto hacks saw a consecutive monthly decline, with malicious players stealing roughly $79 million from decentralized finance projects in March. A breakdown of the incidents showed that targeted exploits on protocols resulted in the highest losses, totaling $52.1 million. This was followed by flash loan attacks and phishing incidents, which resulted in cumulative losses of approximately $43 million.

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🟠 Binance touts 35% hike in compliance budget as firm girds for monitor, sentencing of ex-CEO Zhao
The world’s biggest cryptocurrency exchange says it’s increased year-over-year spending on compliance from $158 million to $213 million, purchasing a raft of new software systems to block and report suspicious transactions. The increased outlay also reflects personnel costs, including Binance’s decision to bring back executive Steve Christie as its deputy chief compliance officer.

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🟠 Binance Data Including Code, Internal Passwords Leaked on GitHub: ReportAccording to 404 Media, the material, posted by an account called "Termf," included code, infrastructure diagrams, internal passwords, and other technical information. Some code available on the site is reportedly related to Binance's implementation of security measures, including passwords and multi-factor authentication (MFA).

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💰 Bitcoin's Mining Difficulty Skyrockets by 7.33%, Setting New Record for 2024On Friday, Feb. 2, 2024, the Bitcoin network witnessed a significant milestone as its mining complexity metric surged by 7.33% at block height 828,576. This marked the most substantial increase in difficulty for the year thus far. The current level of difficulty stands at 75.50 trillion, reaffirming its status as the most challenging period for bitcoin mining to date.

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🪙 JPMorgan says Tether's increasing dominance is negative for crypto“Tether is mostly at risk given its lack of regulatory compliance and transparency,” JPMorgan analysts said. "Tether is mostly at risk given its lack of regulatory compliance and transparency," JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a report on Thursday. "We therefore view the increasing concentration in Tether over the past year as a negative for the stablecoin universe and the crypto ecosystem more broadly.

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💰 Polygon Labs lays off 19% of team after 'rapid growth' during crypto's bull runPolygon Labs is laying off 19% of staff, the organization's CEO Marc Boiron announced in a post to X on Thursday. Polygon Labs' decision to dismiss "60 teammates" follows several other companies announcing layoffs during last year's downturn. In 2023, high-profile crypto companies like Coinbase, Binance and OpenSea all announced layoffs. Roughly one year ago, Polygon Labs also cut 20% of staff.

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🪙 Tether reports profit of $2.9 billion in Q4 attestation, with $5.4 billion in excess reservesStablecoin issuer Tether reached a record $2.9 billion net profit in Q4 2023 and set an all-time high increase in excess reserves backing its tokens in circulation, according to its latest attestation report conducted by global auditing firm BDO. Net operating profit was around $1 billion, primarily resulting from holdings of U.S. Treasuries, with the rest of the gains largely related to the appreciation in the value of Tether's bitcoin and gold reserves during the quarter.

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💰 Bitcoin heads for fifth consecutive monthly green candle amid rollercoaster market conditionsThis month was a rollercoaster ride for the digital asset, with peaks touching $49,000 and troughs sinking to roughly $38,500. The volatility was stoked by the eagerly anticipated launch of the spot Bitcoin ETFs, which initially spurred a sell-off but eventually bolstered recovery. The period from September to December 2023 also recorded green monthly closes for Bitcoin, which saw Bitcoin shoot up from $25,000 to $45,000 in anticipation of the ETF.

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