The Digest contains the following:

• Developers Report “Almost” Bug-Free Ropsten Testnet Merge

• Interlayer Confusion Causes 20 Milliard Tokens of Optimism (OP) to Go Missing

• Yuga Labs Removes Code Allowing Creation of Infinite Bored Apes NFTs

• Alibaba Cloud Launches Three New NFT Solutions to Creators

• South Korean Crypto Exchanges to Delist LTC Following the MimbleWimble upgrade

Ethereum Developers Report “Almost” Bug-Free Ropsten Testnet Merge

In a historic event on Wednesday, June 8, Ropsten, Ethereum’s oldest test network, successfully completed its transition into proof of stake in the much-anticipated Merge event.

Ropsten reached the Terminal Total Difficulty of 50000000000000000000 at 16:00 UTC. The two were then merged. The merge saw Ropsten’s PoW codes combined with the codes of the PoS beacon chain.

Although there were minor issues with client node pairing, the Ethereum core developer, Parithosh Jayanthi, stated that the Ropsten merge or Ethereum’s (ETH) first dress rehearsal for the upcoming mainnet merge, was almost bug-free.

Ethereum developers are now monitoring PoS on the Ropsten chain to “make sure no client pairs go out of sync.” After that, two more chains, Goerli and Sepolia, will be merged in preparation for the final mainnet merge of Ethereum.

Flipsider:

• Contrary to investors’ expectations, the news has had minimal impact on the price of Ethereum, which has gained just 0.07% in the last 24 hours.

Why you should care

Ropsten’s merge is a series of tests put together to inform developers on future steps to ensure the smooth transition of the mainnet to PoS.

Interlayer Confusion Causes 20 Milliard Tokens of Optimism (OP) to Go Missing

Just one week after the airdrop of Optimism’s new token, the project announced the theft of 20 million tokens. Inadvertently, the Ethereum scaling project sent the tokens the wrong address.

Optimism released a statement revealing that the 20,000,000 OP tokens were intended for Wintermute (a crypto market maker). However, they fell into the wrong hands when Wintermute provided Optimism’s team with an incorrect blockchain address.

They were sent from Layer-2 addresses to Layer-1 addresses and the tokens ended up hanging. Wintermute couldn’t reclaim the money, so a hacker was able to redirect 20,000,000 OP to his account.

The CEO of Wintermute, Evgeny Gaevoy, took responsibility for allowing the theft stating that “we made a serious error.” Wintermute has now offered the hacker a job in exchange for the funds.

Flipsider:

• The hacker didn’t use the tokens to manipulate the Optimism governance system. They instead used the tokens to manipulate the Optimism governance system. Vitalik Yeterin received 1 million OP tokensThe co-founder and CEO of Ethereum.

Why you should care

It is clear that a small error in transferring funds via the blockchain could prove costly.

Yuga Labs Removes Code Allowing Creation of Infinite Bored Apes. NFTs

Yuga Labs has removed the code which allows unlimited amounts of Bored Ape Yacht Club Nonfungible Tokens (NFTs) from circulation. It comes just one year since the company announced that it would be taking it down.

This code, in addition to diluting the rareness of the BAYC collection’s rarity, was seen as an open hack vulnerability that hackers could exploit to create Bored Apes.

The code was revoked by EmperorTomatoKetchup, one of the co-founders of Yuga Labs. He wrote on Twitter (NYSE:), “the contract owner has now been burned,” sharing the link to the transaction after revoking the codes.

Flipsider:

• The official Discord server for Bored Ape was breached again four days ago. They stole the files. users’ 200 ETH ($357,000) in NFTs.

Why you should care

It will be possible to keep the Bored Apes indefinitely, helping preserve the value of this collection at BAYC.

Alibaba Cloud Launches 3 New NFT Solutions For Creators

Alibaba Cloud, China’s biggest cloud service provider, has launched three new NFT solutions to help creators easily monetize their NFT projects. This platform offers everything users will need to create NFT-related products.

To create flexible NFT marketplaces, creators can use the digital marketplace as a first option. Alibaba Cloud’s NFT solution also features a Digital Marketing Service allowing users to send SMS to customers across the globe.

Third is the Global Delivery Service. This includes Alibaba Cloud Content Delivery Network (CDN), Server Load balancer (SLB) and a Global Delivery Service. This high-performance, NFT delivery service supports 100,000 queries per minute on Alibaba Cloud nodes.

Alibaba Cloud’s NFT service works through a subscription system. Costs for these services vary depending on which offering the creator chooses. They can range anywhere between $1 and $26,826.00 each year.

Flipsider:

• Chinese authorities have issued warnings over the potential dangers associated with trading in NFTs and completely banned crypto and mining.

Why you should care

Alibaba Cloud provides a single-stop shop for NFT creators who want to develop NFT-related products.

South Korean Crypto Exchanges will delist Litecoin LTC (LTC), following MimbleWimble Upgrade

South Korea’s leading cryptocurrency exchanges are delisting Litecoin after MimbleWimble (MWEB), a privacy-focused upgrade that makes LTC transactions secret, was released.

Bithumb and Upbit said they will withdraw market support of LTC due to privacy issues in MWEB that are inconsistent with South Korean anti money laundering (AML).

On Wednesday, June 7, Upbit shared an update on South Korea’s Act on the Reporting and Use of Specific Financial Transaction Information, which prohibits anonymous transactions, and is the exchange’s key reason for ending support for LTC.

Bithumb, Upbit will delist Litecoin, (LTC), after Coinone and Korbit delisted the largest crypto market by value from their respective platforms.

Flipsider:

• Market analysts predicted a large Litecoin sell-off (LTC), in South Korea due to the removal of crypto from major exchanges.

Why you should care

Crypto projects must adhere to the regulatory frameworks of more countries in order to be able to function within their regions.

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