Tag: etherscan

Etherscan Made 100% Inaccessible by China's Great Firewall

Etherscan.io, one of the most widely used Ethereum block explorers, was found to be inaccessible from IP addresses inside of mainland China. According to the tests performed locally, the country’s Great Firewall, which is used by the government to regulate citizens’ access to foreign internet sites, has blocked the Ethereum blockchain data site. 

Greatfire.org, a site that monitors and stores a database of websites that are blocked in mainland China, recorded that Etherscan.io was still available for access, with “no censorship detected” as of Aug. 18 of this year in the country. 

The site’s record shows that Etherscan.io has become 100 percent blocked since Oct. 30, citizens inside mainland China could only access the site with a virtual private network (VPN). 

Greatfire’s test on Etherscan.io. Source: Greatfire.org

Matthew Tan, Etherscan’s CEO, noticed that the site was blocked “within the last three months,” although he was unsure of the exact date. He explained that he was not sure why the block has occurred and “cannot speculate on what the reasons might be.” 

Matthew Graham, the CEO of Sino Global Capital, a blockchain investment firm, said: “This is another instance of friction between the decentralized and immutable technology of blockchain and the tightly controlled, centralized government of China. We should expect additional problems like these in the future as blockchain is integrated further into the Chinese economy and daily life.” 

Although it is unclear about the reasons behind blocking a blockchain explorer in China, there were reports last year accounting cryptocurrency users encoding censored articles regarding the #Metoo movement and a pharmaceutical scandal in China using Ethereum transactions to avoid internet censorship in the country.  

Image via Shutterstock

TempleDAO Hacker Moves Stolen Funds to Sanctioned Crypto Mixer Tornado Cash

According to data from block explorer, Etherscan, the attacker of the TempleDAO hack, has moved the funds stolen via the recently sanctioned crypto mixer, Tornado Cash.

This information was first disclosed by blockchain data firm on Sunday, PeckShield. A roughly amount of ETH was seen transferred from an address supposed to be that of the TempleDAO hacker to the Tornado Cash platform. The transaction started with a deposit of 0.1, and ETHoccurred place within hours on Sunday.

Tornado Cash is an Ethereum-based crypto mixer used to anonymize transactions on the Ethereum blockchain. In August, the platform got sanctioned by the United States Treasury Department’s Office of Foreign Assets Control (OFAC).

Declaring that the crypto mixer is mainly associated with high-profile hacks such as the Ronin and Harmony breaches. Specifically, OFAC claimed the crypto mixer benefited North Korea’s Lazarus Group and that the platform has been used to launder hundreds of millions of dollars worth of crypto since its launch.

Last week, TempleDAO, a protocol staking platform, suffered a hack on one of its staking vaults. As seen on Etherscan, the hacker made away with 1,830 ETH, which was roughly $2.3 million at the time. 

Notably, this hack comes amid the rise of cryptocurrency hacks this month. According to new data from Chainanalysis, October 2022 is the month with the most hacking activity ever. 

Source: Chainanalysis 

The data averred roughly 11 hacks amounting to $718 million happened this month alone. Chainanalysis stated, “At this rate, 2022 will likely surpass 2021 as the biggest year for hacking on record.”

Last week, trading and lending platform Mango Market suffered an exploit which happened via an oracle price manipulation attack. In addition, on October 6, popular crypto exchange, Binance confirmed a BNB cross-chain bridge hack with Roughly $100 million of Binance Coin (BNB) stolen due to the exploit.

Wemade Introduces Etherscan-Developed 'WEMIX Scan'

Wemade, a South Korea-based blockchain developer, has announced the launch of its new block explorer, WEMIX Scan, designed for the WEMIX3.0 Mainnet and testnet. This development is part of the company’s broader efforts in the blockchain space.

The block explorer is a result of Wemade’s collaboration with Etherscan, known for its expertise in blockchain data services. The partnership, initiated in May, also includes plans for a block explorer for the Ethereum layer 2 project ‘Kroma’. The release timeline for the Kroma block explorer remains unspecified.

WEMIX Scan, in its design and functionality, aligns with the standards observed in block explorers of major global blockchains. It offers users access to various data points, including transaction methods, total USD value, top 25 NCP data, and gas fees from tokens listed on platforms such as CMC/CoinGecko.

The introduction of WEMIX Scan took place during Korea Blockchain Week on September 5, 2023. Wemade participated as a sponsor for the IMPACT conference, a segment of the event.

Etherscan, primarily recognized for its Ethereum block explorer, has a track record of developing block explorers for various mainnets and testnets, including Bscscan and Polygonscan.

Wemade’s endeavors in the blockchain domain extend beyond just development. With the gaming industry showing increased interest in blockchain technology, Wemade is exploring avenues to integrate these technologies. 

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

Long-term Dormant Ethereum ICO Participant Activates $3.2 Million Worth of ETH

A participant of the initial coin offering (ICO) for Ethereum has emerged from an 8.2-year hiatus, transferring their entire stash of 2,000 ETH, valued at $3.2 million, to four distinct addresses. This event occurred on October 21, 2023, as reported by Lookonchain via Twitter. The transaction showcases not only the price appreciation of Ethereum but also the potential market dynamics induced by long-term dormant cryptocurrency holdings transitioning to active status.

The participant acquired these 2,000 ETH during Ethereum’s genesis phase at an approximate total cost of $620, given the ICO price of approximately $0.31 per ETH. The tweet included a link to the Etherscan page showing the transactions from the address 0x6403d062549690c8e8b63eae41d6c109476e2588. The remarkable price appreciation highlights the enormous potential for early adopters in the cryptocurrency space, with the value of the assets skyrocketing from about $620 to $3.2 million over a span of 8.2 years.

Market Implications

The reactivation and transfer of assets from long-dormant cryptocurrency wallets to exchanges can evoke various reactions within the market and the cryptocurrency community. These transactions are often closely monitored and speculated upon, generating discussions and narratives that may impact market sentiment and price dynamics in the short term. Cryptocurrency exchanges may see an influx of ETH, which could potentially affect the asset’s price depending on the subsequent actions taken by the ICO participant

Large transfers from dormant addresses are sometimes perceived by the market as a prelude to selling, which could potentially put downward pressure on the price of the cryptocurrency involved. This concern may escalate especially in cases where a substantial amount of cryptocurrency is moved, potentially affecting market liquidity, more so if the cryptocurrency has a relatively smaller market cap.

Beyond the immediate market reactions, the reactivation of long-dormant wallets carries sentimental or symbolic significance. It highlights the patience and long-term vision of early adopters, reflecting the historical narrative of the cryptocurrency in question. Such events showcase real-world examples of significant asset appreciation over time, underscoring the potential rewards for long-term holders in the cryptocurrency ecosystem.

Snowtrace to End Etherscan-Powered Service by Nov 30

On October 30, 2023, Snowtrace.io, a popular blockchain explorer tool dedicated to the Avalanche C-Chain, announced that it would be discontinuing its Etherscan-powered explorer effective from November 30, 2023 (00:00 UTC). This announcement came through a series of tweets from Snowtrace’s official Twitter handle, @SnowTraceHQ. The Snowtrace team expressed their gratitude towards the Avalanche community (@avax) for their support over the last two years.

The Snowtrace team stressed the importance of backing up crucial information. They specifically urged users to save backups of Private Name Tags and Contract Verification details before the discontinuation date. An official reminder was also issued 17 hours before the post, reiterating the urgency to backup such information, linking to a page on Etherscan’s website for further details regarding the discontinuation of the blockchain explorer.

Although the official announcement did not clarify the reason behind the discontinuation, some individuals within the crypto community speculated that the high service costs associated with Etherscan’s Explorer-as-a-Service (EaaS) framework could be a driving factor. Mikko Ohtama, Co-founder of Trading Strategy, estimated the annual EaaS subscription cost to be between one to two million dollars, potentially making it a costly endeavor for Snowtrace to continue its operations under the existing framework.

Amidst the buzz, Phillip Liu Jr., the Director of Strategy and Operations at Ava Labs, commented on the development. He mentioned that the protocol is transitioning to “something better” and affirmed that operations would “absolutely not” cease, indicating a probable shift to an alternative solution for blockchain exploration.

The episode underscores the dependencies and potential challenges faced by blockchain explorers leveraging Etherscan’s EaaS framework. It sheds light on the importance of renewing service agreements, ensuring sufficient bandwidth, and maintaining adequate traffic to keep a block explorer operational. The Snowtrace scenario serves as a strong reminder to users about the significance of backing up their data, especially when utilizing third-party services for blockchain exploration.

While the exact future of Snowtrace remains uncertain, the proactive communication from its team regarding the discontinuation and urging users to backup their data demonstrates a responsible approach towards handling such transitions. The anticipation now pivots towards what alternative solutions will emerge to fill the void left by Snowtrace’s discontinuation and how Ava Labs plans to navigate this change.

dYdX Utilizes $9M Insurance Fund Following Alleged Targeted Attack on YFI

The decentralized exchange (DEX) dYdX experienced a significant financial event on November 17, requiring the use of its insurance fund. The exchange had to cover $9 million worth of customer liquidations following a dramatic market fluctuation. Antonio Juliano, the creator of dYdX, labeled the event as a “targeted attack,” suggesting a deliberate attempt to destabilize the exchange’s financial stability.

Before November 17, the price of Yearn Finance (YFI) token surged by over 170%, only to plummet by 43% on the day of the incident. This abrupt price drop has raised concerns within the crypto community about potential market manipulation or even an exit scam. The focus of the alleged attack was on long positions in YFI tokens on the dYdX platform, leading to nearly $38 million in holdings being liquidated.

Juliano emphasized that the v3 insurance fund, despite the substantial payout, remains well-funded with $13.5 million. He reassured users that their funds were not impacted by the incident. In response to community concerns, dYdX announced that no user funds were affected and that an investigation is underway. Furthermore, dYdX is conducting a thorough review of its risk parameters and considering changes to both the v3 and potentially the dYdX Chain software to enhance security and prevent similar occurrences.

The crypto community has expressed alarm at the sudden market shift, with some speculating about insider involvement in manipulating the YFI market. Concerns were raised about the sufficiency of the remaining insurance fund and the steps dYdX is taking to prevent future attacks. There were claims that developers controlled multiple wallets holding a significant percentage of YFI tokens, though these claims were not conclusively backed by Etherscan data.

dYdX’s commitment to transparency in its investigation process is crucial in maintaining user trust. The team is collaborating with several partners to uncover the specifics of the incident and is expected to provide updates as new information emerges.

Etherscan Acquired Solana to Enhance Services and Ensure Fair Blockchain Data Access

Etherscan, the premier Ethereum block explorer, has officially acquired Solscan, a leading block explorer for the Solana ecosystem. This acquisition, announced on January 3, 2024, marks a significant milestone in the evolution of blockchain technology and data services​​​​.

Etherscan, founded in 2015, has been a cornerstone in the crypto space, renowned for its independent and pioneering role. Its latest move to acquire Solscan is seen as a strategic expansion to enhance its service offerings across multiple blockchain networks. Solscan, since its inception, has been a pivotal player within the Solana ecosystem, consistently driving innovation and optimizing its services to cater to the needs of Solana users. This acquisition by Etherscan highlights Solscan’s strategic value and the synergy between the two entities​​​​.

              Source: Etherscan

Key Aspects of the Acquisition

Commitment to Excellence: Post-acquisition, Solscan will continue its dedication to the Solana ecosystem, ensuring that it remains a reliable and innovative block explorer. This commitment reinforces the company’s dedication to its user base within the Solana community​​.

Shared Vision: Both Etherscan and Solscan share a unified vision of providing neutral and equitable access to blockchain data. This common goal is expected to drive their joint efforts towards enhancing transparency and fairness in the blockchain space​​.

Enhanced Features and Capabilities: The integration of Solscan into Etherscan’s portfolio is set to bring additional beneficial features to both platforms. Users can anticipate enhanced exploration and analysis capabilities, improving the overall user experience and utility of both block explorers​​​​.

User Experience and Support: As part of the Etherscan family, Solscan will focus on offering enhanced support and a more seamless user experience. This includes improvements in user interfaces, navigation, and overall accessibility, aiming to provide an unparalleled service in blockchain exploration​​.

Implications of the Acquisition

The acquisition of Solscan by Etherscan is more than just a business transaction; it represents a momentous step in the world of blockchain exploration. It signifies a collaborative merging of expertise and resources, aiming to elevate blockchain data services across multiple networks. The union of these two platforms is expected to yield a comprehensive suite of tools and services, advancing the capabilities of blockchain technology and enhancing user engagement across different blockchain networks​​​​.

In conclusion, Etherscan’s acquisition of Solscan is a testament to the evolving landscape of blockchain technology and the growing importance of diversified and integrated data services. This strategic move positions Etherscan as a more versatile and robust player in the blockchain space, ready to cater to a broader range of network requirements and user needs.

Exit mobile version