Explore zkSync's ZK Stack launch, 100 BTC movement, TUSD shorting, Chibi Finance scam, FTX's debt recovery and more in today's news.
zkSync Launches ZK Stack Framework

zkSync Launches ZK Stack Framework

Jun 28, 2023
| Issue

Hi all! Welcome to another edition of the Datawallet newsletter, your go-to place for all things crypto-related. As usual, we will be covering various trending crypto topics aimed at all levels of investors. There are a few more stories today, so grab your favourite caffeinated drink and enjoy.

Today’s drop will cover these key daily news items:

zkSync Launches the ZK Stack for Hyperchains

zkSync recently launched the ZK Stack, a modular framework facilitating developers to construct their own ZK-driven Hyperchains. Rooted in Era's open-source code, it aligns with the ZK Credo, guiding principles by zkSync for the future of ZK tech and culture. It's part of zkSync's initiative to establish a ZK-enabled Internet of Value, promoting personal freedom.

This cutting-edge tool offers developers unparalleled sovereignty, allowing customization of their Hyperchain projects, from data availability mode to decentralizing the sequencer with their token. The ZK Stack is open source, EVM compatible, tried-and-true, and future-proof. Being free and composable, it fosters the development of Hyperchains for a trustless network, ensuring low latency and shared liquidity. It is poised to adapt to future Ethereum scaling advancements.

ZK Stack allows for custom Hyperchains tailored to diverse use cases, offering trustless, affordable, asynchronous connectivity. Whether a lightweight sequencer with low latency, trustless interactive apps, a closed private chain requiring ecosystem connectivity, or a system using a native token as base, ZK Stack caters to varied needs. This new technology is expected to be a boon for the zkSync ecosystem, which has already exploded in total value locked (TVL) with over $170 million in assets on the network.

After 13 years two whales moved 100 BTC on-chain

Data from the blockchain indicates that two wallets, each containing 50 BTC mined in 2010, have moved the coins to a new address. 

This renewed activity, after 13 years of inactivity, occurs as Bitcoin's price soared past $31,300 for the first time in a year. The latest surge is attributed by market players to renewed hope for the approval of a spot Bitcoin ETF and Bitcoin's dominance surpassing 50% on American exchanges.

The reason behind these Bitcoin whales transferring these coins on-chain after years of non-use remains unknown. However, a prevailing theory suggests that these transfers may serve as a means for them to communicate signals to each other about when to inflate the asset's price.

Traders short TUSD stablecoin

The speculation around TUSD's stability is causing traders to short it, with worry that the stablecoin might once more lose its dollar parity. The number of short positions on TUSD has been progressively rising, with a noteworthy event on June 21, where a trader initiated a $4M position through the Aave protocol. Shorting is an investment plan where investor offloads borrowed assets with hopes of repurchasing them at a reduced price later, intending to gain from a potential drop in the asset's value.

Chibi Finance rugs users

The creators of Chibi Finance, a platform based on Arbitrum, are suspected of embezzling more than $1 million in different tokens just after the platform's launch on Tuesday. The money was quickly moved to other networks. According to the security company CertiK, the Chibi developers were able to carry out this theft by setting up a harmful contract that enabled them to take funds from Chibi's smart contracts.

SAP tests cross-border USDC payments

The multinational software corporation, SAP, is currently conducting trials on cross-border USDC transactions using Ethereum's Goerli testnet. Bernhard Schweizer, the head product specialist and project leader of SAP Digital Currency Hub, stated that the experiment has been underway since the previous quarter and is available for participation to businesses worldwide.

FTX debtors recover $7 billion

According to recent legal papers, about $7 billion in tangible assets has been reclaimed by debtors from FTX. This sum is still not quite the estimated $8.7 billion the exchange is indebted to its clients, but it seems the deficit is decreasing. Still, it remains uncertain if the recovered $7 billion will be used to settle the debts of customers.

Other breaking news

Wrapping up

In this edition, we've touched on the launch of zkSync's ZK Stack, movement of 100 BTC by inactive whales, shorting of TUSD, SAP's USDC cross-border payment trials, and the Chibi Finance scam. FTX's debt recovery marks a positive note. Other key updates were also highlighted.

As the crypto sphere continues its dynamism, we hope this newsletter sharpens your understanding. Until next week, stay safe and informed. Keep hodling!