Selected News:

1. Opside testnet node count exceeds 24,000, making it one of the largest testnets in the world;

2. Retool released a post revealing the details of the Fortress Trust $15 million theft case, with the Google Authenticator cloud sync feature being the attack vector.

3. Coinbase Report: FTX's token sell-off will not have an impact on the market;

4. Whale users bought $150 million worth of ETH call options on Deribit in the past 24 hours.

5. Ethereum network gas fee drops to 8 gwei.

Project Updates

Google Cloud Web3 Lead: Web3 should focus on solving business problems, not just token prices

James Tromans, the head of Web3 at Google Cloud, said in an interview with Cointelegraph that Web3 practitioners need to pay more attention to the business logic in smart contracts rather than the supply and demand dynamics of tokens. Web3 developers need to build frictionless solutions to help users manage wallet assets and data, in order to provide excellent user experience for Web3 projects. Additionally, Tromans believes that blockchain and smart contracts can bring innovation, reduce enterprise operating costs, and provide new sources of revenue for businesses.

Opside test network node quantity exceeds 24,000, becoming one of the largest test networks in the world.

According to official sources, as of September 18th, the number of nodes on the Opside testnet has exceeded 24,000, with 91 major miners providing ZKP computing power for 15 ZK-Rollup. All PoS nodes and PoW miners on the Opside testnet are operated independently by the community, distributed in nearly 50 countries and regions worldwide, and the network has achieved complete decentralization. According to incomplete statistics, the total hardware investment of the community participating in the Opside testnet's PoS and PoW has exceeded $50 million. In addition, the Opside testnet now supports one-click deployment of Polygon zkEVM or zkSync chains and GPU mining. Miners can access the network to provide computing power and receive profits without permission. It is expected that the number of PoW miners will reach a new high in a short period of time, and the profits of PoW will far exceed those of PoS.

Retool released details of the Fortress Trust $15 million theft case, with Google Authenticator's cloud synchronization feature being the attack medium

Software company Retool released a post revealing details of 27 encrypted customer accounts being hacked, including the reason for the theft of Fortress Trust's $15 million in cryptocurrency. The report shows that the cloud synchronization function of Google Authenticator was the culprit of the attack, turning multi-factor authentication into single-factor authentication. Attackers controlled the Okta account, which in turn controlled the Google account, and thus gained control of all OTPs stored in Google Authenticator.

Coinbase Report: FTX Token Sell-Off Will Not Impact the Market

According to a research report released by Coinbase, the sale of FTX tokens is not expected to have a significant impact on the market due to the presence of various mitigating factors. The report states that first, the sale of tokens will not suddenly bring huge selling pressure to the market, as the initial liquidation limit is only $50 million per week, which will then increase to $100 million in the following weeks. In addition, David Duong, the head of institutional research, wrote that the sale of certain tokens is strictly controlled and requires a 10-day notice to these committees. As part of the token redemption plan, a large portion of the SOL held by FTX will be locked until 2025, and the same goes for other tokens that need to be sold.

Data

friend.tech "Keys" price ranking: founder Racer Key ranks first with 8.19ETH

friend.tech "Keys" price ranking latest data shows: · Platform founder Racer ranks first with 8.190 ETH; · Crypto KOL Vombatus ranks second with 5.550 ETH; · Crypto KOL Hsaka ranks third with 4.865 ETH; · Crypto KOL Levi ranks fourth with 4.489 ETH; · Crypto KOL Herro ranks fifth with 4.128 ETH.

Billionaire Mark Cuban's wallet attacker transfers 526 ETH

According to Paiduin's monitoring, the wallet attacker of billionaire Mark Cuban transferred 526 ETH, worth about $856,000. The involved money laundering addresses interacted with centralized trading platforms Binance and ChangeNow.

The gas fee on the Ethereum network has dropped to 8 gwei.

According to Etherscan data, the current gas fee on the Ethereum network has dropped to 8 gwei.

In the past 24 hours, 9 addresses have cumulatively transferred 231,648 TRB to Binance, worth approximately $7.88 million.

According to Spot On Chain monitoring, 9 addresses have transferred a total of 231,648 TRB (USD 7.88 million) to Binance in the past 24 hours, which may have caused a nearly 35% drop in TRB price. Among these 9 addresses, 6 have suffered losses while 2 have gained considerable profits.

A whale user bought $150 million worth of ETH call options on Deribit in the past 24 hours.

According to data from the options tracking website Greeks.Live, in the past 24 hours, whale users have purchased nearly 92,600 ETH call option contracts worth $150 million on the cryptocurrency trading platform Deribit. Greeks.Live indicates that whales hold over 40,000 ETH call option contracts expiring in December at a price of $2,200, and nearly 50,000 call option contracts expiring in October at a price of $2,000.

Cryptocurrency research firm RxR: ETH current trading price is 27% lower than its fair value

According to research conducted by the research institution under RxR Opportunities Fund, established through the collaboration of Republic Crypto and Re7 Capital, ETH's current trading price is 27% lower than its fair value. It is reported that RXR's fair value prediction is based on a hybrid version of Metcalfe's Law, which includes an active user group on the growing Ethereum extension network (Layer 2) and an active user group on the Ethereum mainnet to measure the network's fair value. Traditional Metcalfe's Law models often only focus on the active user group on the mainnet. RXR analyst Lewis Harland said, "When we include the active user group on the Ethereum extension network in the model, the valuation of the Ethereum network can better track the updated ML Index compared to when this data is ignored. Assuming that users will never grow further, the valuation of ETH should be $275 billion (currently $196.7 billion, with a 27% discount in trading price compared to fair value)."

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