The vote was passed to fully collateralize Frax Finance’s native stablecoin, thus phasing out its algorithmic backing. The community of decentralized finance stablecoin protocol Frax Finance has voted to fully collateralize its native stablecoin Frax (FRAX), marking an end to the algorithmic backing of the protocol. The FIP-188 governance proposal initially posted on Feb. 15...Continue Reading

The NY Attorney General is looking for a court order to remove the exchange from the state and wants it to block all internet addresses originating from New York. Cryptocurrency exchange CoinEx has been sued by the New York Attorney General, Letitia James, alleging the firm falsely represented itself as an exchange due to failing...Continue Reading

Only 226 validators have been slashed since Ethereum staking began, with 75 of those coming from a single event in February 2021. The Ethereum ecosystem has seen only 226 validators slashed since the launch of the Beacon Chain on Dec. 1, 2020 — amounting to just 0.04% of 524,060 validators, according to an Ethereum core developer....Continue Reading

According to the Department of Justice, Forsage employed smart contracts which were coded in ways consistent with a Ponzi scheme. The founders behind the alleged $340 million “global Ponzi” scheme Forsage have been indicted by a federal grand jury in the District of Oregon. The four Russian founders — Vladimir Okhotnikov, Olena Oblamska, Mikhail Sergeev,...Continue Reading

Gate’s founder called Hong Kong a “hub,” meanwhile, the city’s financial secretary said the region “must keep up” with the “huge potential” of Web3. Cryptocurrency exchange Gate.io is gearing up to launch a presence in Hong Kong following the local government’s planned $6.4 million (50 million Hong Kong dollar) cash injection into Web3 as per...Continue Reading

The partnership will see Google Cloud becoming a validator on the Tezos network. Google’s cloud computing arm has added another string to its Web3 bow, with a new partnership to see it becoming a network validator on the Tezos blockchain. On Feb. 22, Tezos Foundation, a Swiss non-profit foundation supporting the Tezos blockchain announced it...Continue Reading

The blockchain has not produced any new blocks or processed transactions for at least an hour and 40 minutes, leading some to believe its currently suffering an outage. Layer-2 scaling solution Polygon (MATIC) has not processed a block in over an hour and a half, leading some to believe that the blockchain network could be...Continue Reading