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- OpenSea expands to Solana for NFT trading.
- Raydium unveils LaunchLab to compete with PumpSwap.
- KiloEx suffers a multi-chain hack totaling $7 million.
The Ethereum Foundation has opened applications for the sixth Ethereum Protocol Fellowship (EPF), a key initiative in the crypto space. This program focuses on onboarding skilled software engineers for client-side development in the Ethereum ecosystem. The deadline to apply is April 30, 2025.
From June to November, the fellowship has two in-person activities. The first is to be held at EthCC, France, and the second at Devconnect, Argentina. The applicants who cannot fulfill the primary requirements can still be part of the protocol research group.
These contributors shall be sponsored with a stipend and mentorship to gain experience. The initiative reflects Ethereum’s ongoing drive towards talent development and enhanced community participation in core protocol development.
Meme Coin Surge and Crash Raises Eyebrows
Base’s official X Twitter account pitched one of those so-called “meme coins” called “Base is for everyone” early on Thursday. The market cap of the coin rose to over $17 million within an hour’s time. Then, it collapsed by over 95% to $623,000 soon afterward.
Blockchain accounts showed three accounts controlled 47% of the token supply. One of them possessed more than 25% by itself. Most people believed the coin was related to Coinbase or to Base. The uncertainty brought forth speculation and panic.
The base subsequently explained the token was unofficial and part of an on-chain cultural test. The incident raised controversy surrounding token ownership, public trust, and the necessity for better communications from protocol teams.
Crypto Recovery Efforts Underway at ZKsync and KiloEx
ZKsync experienced a severe breach following the leak of an admin account private key. The hacker utilized an airdrop contract function to mint 111 million unused ZK tokens. The stolen tokens’ value is approximated at $5 million.
The exploit impacted token supply but didn’t touch user balances. The team is still investigating, attempting to recover the assets. Synthetix stablecoin sUSD was also under pressure. The token decreased to $0.66 on Friday, a record low.
Analysts attributed the de-peg to effects caused by the SIP-420 upgrade and not to financial instability. The token soon recovered to $0.827. KiloEx was attacked on multiple chains, including BNB, Base, and Taiko.
The hack traced back to the access control flaws of the price oracle, which permitted the attacker to steal $7 million. KiloEx is working with exchanges as well as law enforcement to track down the attacker. A 10% white-hat reward has been offered if the stolen funds are returned.
Related Reading: Crypto Correction Incoming: Is Bitcoin About to Follow 2024’s Decline? CryptoQuant Weighs In
