Scenius Sync (Issue #66)

TON Endorsed as Telegram's Blockchain of Choice, Ethereum’s Holesky Testnet Fails to Launch in Rare Tech Misstep, Mark Cuban Wallet Drained for $860k, and Citi Debuts Token Service

Scenius: The intelligence and the intuition of a whole cultural scene. The communal form of the concept of genius.

Welcome to The Scenius Sync.

Our mission with this concise publication is twofold:

1. Share the essential stories driving the crypto industry and markets.

2. Highlight innovative applications and mainstream adoption of crypto and blockchain technology.

If you find this newsletter valuable, please subscribe and share The Scenius Sync with your network 💪

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Essential News 🗞

1. Ethereum’s Holesky Testnet Fails to Launch, in Rare Tech Misstep for the Blockchain

   • Ethereum developers failed to get their new test network, Holesky, started on Friday, marring a technological milestone that was supposed to serve as a celebration of the first anniversary of last year’s historic “Merge” upgrade.

     While some validators were able to manually start the test network, there was a misconfiguration in one of the genesis files of the network, according to Ethereum core developers. As a result, Ethereum core developers decided to postpone the launch for about two weeks, giving them time to regroup.

2. Ex-Ripple Legal Chief Takes Helm at Binance.US Amidst Turmoil

   • Norman Reed, the former general counsel of Ripple, has been designated as the interim CEO of Binance US. This move comes after Brian Brooks resigned from the post after serving for just three months. However, some experts view this as a survival tactic for the exchange rather than a growth strategy. More coverage from Blockworks, here.

3. Genesis no longer offering trading services through any business units

   • The digital asset financial firm Genesis is halting digital asset derivatives trading through GGC International, the company said in an email to clients that was reviewed by The Block. Genesis said the move means it will no longer offers trading services through any of its business entities. It said the decision "was made voluntarily and for business reasons."

4. Mark Cuban loses $860,000 of crypto to phishing attack

   • Billionaire entrepreneur Mark Cuban suffered a phishing attack on one of his crypto wallets with the hacker making off with over $860,000 in various tokens. Cuban was able to salvage millions of dollars in tokens and his CryptoPunk.

5. Crypto Platform JPEX Shuts Down Trading Amid Hong Kong Probe

   • JPEX, a Dubai-based crypto exchange and lending platform, shuttered operations overnight due to a sudden liquidity crisis on the 17th of September. According to a statement by the platform, the fault lies with institutions and JPEX’s partners in Hong Kong, who acted unfairly and maliciously, respectively.

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Innovation & Adoption 💡📈

1. Google Cloud teams up with Web3 startup to make DeFi mainstream

   • Google Cloud has joined forces with Web3 startup Orderly Network to create user-centric developer tools for decentralized finance (DeFi) to lower the barrier of entry into the decentralized world. The partnership will work to develop off-chain components of DeFi infrastructure focused on tackling self-custody and transparency challenges. Orderly will be a DeFi infrastructure provider, available on Google Cloud Marketplace. 

2. Toncoin leads bitcoin in crypto market rally after Telegram endorsement

   • Toncoin rallied on Monday, as the native token of the The Open Network was boosted by a fresh endorsement from the Telegram messaging platform last week.  Investors are enthused about Toncoin's prospects after Telegram and the TON Foundation jointly announced a new self-custodial wallet, called TON Space, at the Token 2049 conference in Singapore on Wednesday. On Thursday, Pavel Durov, the creator of Telegram, endorsed TON as its blockchain network of choice for expanding web3 infrastructure on the platform.

3. Citigroup Debuts Token Service in Latest Foray Into Digital Assets

   • Citigroup Inc. debuted a token service that’s part of a broader push to offer digital assets to institutional clients. The product — known as Citi Token Services — will transform customers’ deposits into digital tokens that can be sent instantly anywhere in the world, according to a statement Monday.

4. EigenLabs gears up to launch upcoming data availability solution

   • EigenLabs, the developer behind the EigenLayer re-staking protocol, plans to unveil EigenDA, a solution designed to reduce data storage costs for Layer 2 Ethereum rollups. It is expected to go live by the end of 2023. The solution has piqued the interest of projects like Celo, Mantle, Fluent, Offshore, and Layer N, which are looking into integrating this mechanism into their Layer 2 setups, according to EigenLabs. 

5. Crypto VC Blockchain Capital scores $580 million for two new funds

   • Blockchain Capital, the San Francisco-based venture capital firm, raised $580 million for two new crypto investment funds. Founded in 2013, the company today announced its sixth early-stage venture fund and a first opportunity fund, having raised $580 million in total. Payments giant Visa was among those that contributed capital.