JPMorgan CEO Jamie Dimon said the Wall Street lender plans to offer Bitcoin (BTC) to its customers in a stark shift from his historical stance toward the digital asset.
During JPMorgan’s Investor Day, Dimon reiterated that he is “not a fan” of Bitcoin, but acknowledged that clients will continue to demand access to it.
He said:
“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin.”
He also clarified that the bank does not plan on offering custody services.
Dimon maintains skepticism
Dimon’s criticism of crypto is consistent with past remarks. In a January interview, he called Bitcoin “worthless.” He tied it to criminal activity, repeating concerns raised in his 2023 Senate testimony, in which he advocated forshutting down the industry altogether.
At the 2024 World Economic Forum in Davos, hereferred to Bitcoin as a “pet rock,”while in April of the same year, Dimoncalled crypto a “Ponzi Scheme.”
In his May 19 remarks, he also stated that “blockchain doesn’t matter as much” as people think. However, JPMorgan has continued to build infrastructure around blockchain technology for institutional use.
Earlier this month, Kinexys completed a test transaction that bridged its private network to a public layer-1 blockchain, using tokenized short-term Treasury assets and real-time settlement protocols. Chainlink and Ondo Finance participated in this pilot.
Additionally, Kinexys processes over $2 billion in transactions daily and plans to scale up dollar-euro settlements using JPM Coin, JPMorgan’s proprietary token.
JPMorgan increases crypto exposure
Amid the remarks on Bitcoin offering, JPMorgan’s13F filingwith the US Securities and Exchange Commission (SEC) for the first quarter of 2025 showed a dramatic increase in crypto exposure through exchange-traded funds (ETFs).
As of March 31, the firm reported $16.3 million in crypto-related holdings, up from$1 million at the end of 2024. The lender’s crypto exposure is primarily via Bitcoin and Ethereum-linked instruments.
As of March 31, JPMorgan held a little over 263,000 shares of BlackRock’s iShares Bitcoin Trust (IBIT) and around 3000 shares ofBitwise’s spot Bitcoin ETF (BITB).
The lender also held shares of Grayscale’s Bitcoin Trust (GBTC) and Mini Trust ETFs, Fidelity’s Wise Origin Bitcoin Fund (FBTC), and new allocations to Bitwise and Franklin Templeton Ethereum products.
The firm’s crypto-related holdings are just a tiny fraction of its $4.4 trillion in assets under management at the end of the first quarter.
It’s unclear how much of the portfolio reflects proprietary positioning versus facilitation of client demand. The bank has previously clarified that holding some ETF allocations could be a part of its market-making services.
Every year, the Ethereum ecosystem welcomes thousands of builders through community events, hackathons, courses, bootcamps, and campus clubs. However, many newcomers struggle to remain engaged, as they face challenges securing structured early-career opportunities. The Ethereum Season of Internships directly addresses this retention gap by creating a coordinated collection of internship opportunities across the ecosystem.
What is the Ethereum Season of Internships?
The Ethereum Season of Internships offers a coordinated collection of paid, fully remote summer internships across the Ethereum ecosystem. This initiative creates pathways for the next generation of contributors to connect with Ethereum projects and apply their diverse skills in development, research, design, marketing, finance, legal, and more.
Our long-term vision is to make Ethereum an increasingly welcoming space for new talent, building a sustainable pipeline that transforms newcomers into committed long-term contributors.
Internship Structure
Duration: 12 weeks (August – October 2025)
Eligibility: Open to all, especially early-career professionals and students
Host Organizations: Various teams throughout the Ethereum ecosystem
Compensation: Paid opportunities. Rates determined and provided by hosts (small financial support available for nonprofit hosts; read more on the sign-up form)
Flexibility: Both full-time and part-time positions available
Interested in Hosting an Intern this Summer?
Hosting teams can not only connect with passionate talents (i.e., potential future hires!), they can also experiment with more lightweight ways to involve new contributors in their projects. By joining forces, we can increase the visibility of internship opportunities and attract even more people.
To qualify as a host, your team must:
Be an active contributor to the Ethereum ecosystem (L2s, infrastructure, research, tooling, applications, etc.)
Demonstrate alignment with Ethereum’s core values: decentralization, censorship resistance, open-source innovation, privacy, and security
Maintain open source projects for interns to work on
Provide clearly defined projects or tasks with specific learning outcomes
Have at least 5 full-time contributing members, with one or more willing mentors
Not be a current participant in the Ethereum Protocol Fellowship (EPF)
As a host, your team will be responsible for:
Reviewing and selecting interns aligned with your projects and mentorship capacity (selection deadline: mid-July)
Establishing formal agreements with selected interns
Managing paid internships during the 12-week period (August – October 2025)
Delivering consistent support and mentorship throughout the program
Documenting and sharing your experience to help improve future iterations
Ready to Host an Intern?
Applications to become a host organization close on May 28, 2025. Even if you can’t host this summer, you can still contribute by listing beginner-friendly issues in your repositories.
Timeline & Next Steps
Join Us in Cultivating a Resilient Ecosystem
If you’re a leader in the Ethereum ecosystem interested in developing pathways for new talent, we invite you to become a host organization. Your participation helps shape the next generation of Ethereum contributors.
For questions or additional information, contact us at nextbillion@ethereum.org.
Intern applications will open in the coming weeks. Stay tuned for announcements about the application process and available positions.
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Ethereum is the most secure blockchain ecosystem. This is the result of 10 years of progress and iteration across every level of Ethereum’s technology stack, from wallet UX to developer tooling to consensus protocol security.
But being the most secure platform in the crypto ecosystem isn’t enough. Ethereum’s ambition is far greater: to be civilization-scale infrastructure that securely underpins the internet and global economy, surpassing the safety and trustworthiness of the world’s legacy systems.
Today we are announcing the Trillion Dollar Security initiative, an ecosystem-wide effort to upgrade Ethereum’s security to help bring the world onchain.
Reaching “Trillion Dollar security” means a world where:
Billions of individuals are each comfortable storing more than $1000 onchain, collectively amounting to trillions of dollars secured on Ethereum.
Companies, institutions or governments are comfortable storing more than 1 trillion dollars of value inside a single contract or application.
What will the 1TS project do?
This initiative has three components:
(1) Mapping the landscape of security strengths and attack vectors across every domain and layer of Ethereum’s technology stack. We will gather input from across the ecosystem and synthesize this into a security overview report that will help us identify focus areas.
This mapping will span a wide range of domains, including: UX (blind signing, frontend security), wallet security (firmware issues, supply chain attacks), smart contract security (developer tooling, standard libraries), infrastructure (cloud security, dependency management), consensus and protocol security (DOS risks, stake centralization), internet infra (DNS level censorship), and more.
(2) Executing on improvements in focus areas identified during the mapping overview. We will work closely with the ecosystem to implement near-term high priority fixes and allocate investments for longer term improvement projects.
(3) Communicating more effectively about Ethereum’s security. Users of all kinds should be able to understand, utilize, and benefit from Ethereum’s strong security foundation. Anyone should be able to evaluate Ethereum’s security standards and compare these against other blockchains and legacy systems.
Who will contribute to this project?
At the Ethereum Foundation, the project will be driven by Fredrik Svantes (Protocol Security Lead) and Josh Stark (EF management team) as the initial co-chairs of the project.
They will be supported by three ecosystem stewards who will help guide the project and provide input and advice.
samczsun
samczsun is the founder of the Security Alliance (SEAL) and works with leading technologists and researchers to secure the future of crypto. He got his start in crypto through responsibly disclosing dozens of critical vulnerabilities across various protocols and publishing technical writeups. He is also a security advisor at Paradigm.
Mehdi Zerouali
Mehdi is a co-founder & director of Sigma Prime, a leading blockchain security and research company. Mehdi has been in the offensive information security industry for over 15 years and has performed hundreds of security assessments targeting critical infrastructure and applications. With Sigma Prime, Mehdi leads a team of security engineers dedicated to the Blockchain space, helping prominent projects secure their decentralized protocols.
Zach Obront
Zach is a co-founder of Etherealize, where he is building products to move global financial infrastructure onto Ethereum. He spearheaded the initial build of OP Succinct, the first full ZK validity proof version of the OP stack. Zach has been working in web3 security since 2022, leading audit contests, working on private audits, and uncovering critical bugs to help secure the ecosystem.
We want your help!
Achieving Trillion Dollar Security is only possible with the support of the broad Ethereum ecosystem.
We want your perspective and input on where Ethereum’s security needs to improve. Whether you are an individual user or a security auditing firm, we want to hear from you!
If you or your organization is interested in contributing input, please do so through this form where we are collecting responses to help inform our work.
If you are interested in sharing further information, we’re keen to have more in-depth discussions with stakeholders across the ecosystem. You can reach us at trilliondollarsecurity@ethereum.org
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The recent appointments of the two Co-Executive Directors and President are part of a broader effort to strengthen the Ethereum Foundation, and this structure is designed to ensure our vision, strategic and balanced execution, technical direction, and ecosystem development. This blog is intended to clarify the structure of the management team and the board.
New Management (Strategic & Operational Execution)
EF’s Co-EDs will lead and execute together with other management members. You can expect to hear from members of EF management regularly on their plans, decisions, and other new changes.
The EF board is like a security council to protect the heart and soul of EF, and to ensure compliance as a Swiss foundation. The board sets the vision, oversees that the high-level strategies and decisions by management are aligned with the Foundation’s values. The Board is also responsible for selecting Executive Director(s), and if necessary terminating the employment of executives. The current board of directors includes:
Vitalik Buterin, Founder – continues to provide technical and intellectual guidance to the broader Ethereum ecosystem
Aya Miyaguchi, President – sets the Ethereum Foundation’s vision with other board members. Manages some key external relationships
Patrick Storchenegger, Swiss counsel – serves as the Swiss representative for legal and compliance matters
Hsiao-Wei Wang, Co-Executive Director – serves as the bridge between the board, executives, and management
The board has shared the vision, guiding principles and goals for the next few years with the management team. We anticipate further strengthening the board to better serve its mission over time.
Tomasz and Hsiao-Wei Wang’s appointments as Co-EDs are an unconventional decision, but one that allows them to complement one another at a busy time for the Ethereum ecosystem and EF alike.
Tomasz will be enabled to help EF drive strong and comprehensive changes based on his grasp of community and technological needs while he stays involved in other companies (Nethermind and venture affiliations). The board and Tomasz have agreed to the expected two year term for his Co-ED role at EF to leverage his proven strategic execution-expertise and experience, especially as the next couple of years bring significant opportunities for Ethereum.
Hsiao-Wei’s dual board and ED roles, in addition to her research experience, will help her to serve as a bridge between the board and management, with an eye for the needs of the organization that come with a deep understanding of its history and place.
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The Ethereum Foundation has announced the distribution of over $32 million in grants during the first quarter of 2025.
According to the May 8 update, the funding was issued through its Ecosystem Support Program and spread across 94 projects. While the report categorized the recipients by theme and focus area, it did not disclose the specific grant amounts for each initiative.
Meanwhile, this marks a notable 63% increase from the $11.6 million awarded in the last quarter of 2024, signaling a stronger commitment to the growth and improvement of the Ethereum ecosystem.
Ethereum Foundation grants focus on community and education
The largest share of grants went to projects under the Community and Education category, with 32 initiatives receiving funding. These included research, workshops, conferences, and bootcamps to promote learning and network engagement.
The Foundation’s focus on educational outreach and community development demonstrates its effort to enhance Ethereum users’ understanding and ecosystem participation.
Meanwhile, the Foundation allocated 16 grants to Developer Experience and Tooling. CertiK, a blockchain security firm, received two grants among the beneficiaries in this category.
CertiK is working on simplifying the verification process for zkVM (Zero-Knowledge Virtual Machine) circuits. The firm’s efforts include improving modular arithmetic operations and optimizing scenarios where multiple values are stored in a single field element.
Other significant grant categories included Cryptography and Zero-Knowledge Proofs, with 14 projects supported.
The Consensus Layer received seven grants, while both Execution Layers and Protocol Growth and Support categories were each backed by five initiatives. General Growth and Support secured four grants, with an additional two awarded under indirect funding.
The remaining 10 projects were awarded under the “Others” category. This category funded entities focused on advocating for decentralization, in-depth research on stablecoins, and those working on integrating the traditional financial system with Ethereum.
Notably, L2Beat, a prominent Layer-2 data aggregator, also received a grant. This award forms part of the Ethereum Foundation’s ongoing financial support for the platform’s data provision activities, which are seen as essential to the transparency and scalability of Ethereum’s layer-2 solutions.
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Bitcoin (BTC) reclaimed the $100,000 mark for the first time in over two months, driven by bullish market sentiment, rising institutional adoption, and renewed macroeconomic confidence after President Donald Trump announced a major trade deal with the UK on May 8.
Bitcoin hit an intraday high of $101,493, extending a broader rally that has gained momentum in recent weeks. The flagship crypto is now up more than 45% year-to-date, reclaiming ground after a steep pullback to $74,000 in the first quarter.
Based on CryptoSlate data, Bitcoin was trading at $100,633 as of press time, up nearly 4% over the past 24 hours.
The wider crypto market is also rallying, with most of the top 10 digital assets posting double-digit percentage gains over the past day.
Ethereum (ETH) climbed above $2000 for the first time since falling below it earlier in the year. The second-largest crypto was up 13.3% over the past 24 hours and trading at $2053 as of press time.
Solana (SOL) was similarly up over 10% and trading around $160 as of press time, while BNB was trading at $621 after more modest gains of roughly 3.5% over the past day.
XRP was up 6.4% over the past day and trading at $2.25, while Dogecoin (DOGE) was up over 10% and trading a little above $0.19 as of press time.
Trade deal eases tariff concerns
The announcement of a comprehensive trade deal between the US and the UK, aimed at reducing tariffs and boosting financial cooperation, provided a fresh tailwind to already-rising markets. Trump also hinted at upcoming deals with the EU and other major economies.
Equities, commodities, and risk assets, including crypto, saw a broad-based uptick as investors digested the news. The easing macroeconomic landscape, combined with the expectation of the Fed easing monetary policy in the coming months, has reignited risk-on sentiment among investors.
Capital inflows into Bitcoin exchange-traded products have continued to accelerate. Data from ETF issuers shows that several spot Bitcoin funds in the US collectively attracted over $1.4 billion in new assets last week alone.
Institutional portfolios, including pension funds and endowments, have been increasing exposure amid shifting inflation expectations and softening Federal Reserve rhetoric.
Shares of companies tied to the digital asset space also climbed on the news. Coinbase gained over 5.6% in early trading, while Strategy was up more than 7% as of press time.
Cautious optimism
Bitcoin’s new milestone follows a period of sideways consolidation that saw wild swings in price levels after reaching an all-time high of $110,000.
While momentum had stalled amid concerns over US regulatory uncertainty, recent comments from lawmakers signaling support for clearer market structure have reignited optimism across the sector.
Despite the enthusiasm, investors remain cautious that Bitcoin’s six-figure threshold is as much a psychological marker as a technical one. BTC would have to sustain itself above $102,000, which is currently a key resistance level.
Still, the milestone caps a remarkable run for Bitcoin, which was trading below $20,000 as recently as late 2022. The current rally is another showcase of how quickly sentiment can shift in digital asset markets and how deeply embedded crypto has become in the global financial system.
Bitcoin Market Data
At the time of press 5:40 pm UTC on May. 8, 2025, Bitcoin is ranked #1 by market cap and the price is up 4.63% over the past 24 hours. Bitcoin has a market capitalization of $2.01 trillion with a 24-hour trading volume of $61.92 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 5:40 pm UTC on May. 8, 2025, the total crypto market is valued at at $3.15 trillion with a 24-hour volume of $137.14 billion. Bitcoin dominance is currently at 63.78%. Learn more about the crypto market ›
Ethereum’s strength lies in its decentralization — not just technically, but socially and structurally. This blog articulates the EF’s vision, its role, and priorities as one of the ecosystem’s stewards. We use this moment as an opportunity to restate our vision, principles and values which we continue to uphold as we welcome the new management team. These priorities are not a rigid plan and are reflected in the strategies described by EF’s Co-EDs. By defining our approach and focus, we also aim to clarify where we direct our efforts — and where we intentionally step back — so that the ecosystem can continue to thrive with everyone’s participation.
Vision
To steward the Infinite Garden — the ecosystem of projects, communities, and infrastructure built around Ethereum — to remain resilient amid changing environments. We uphold Ethereum as humanity’s shared world computer, an open and permissionless platform that is already bringing stability, freedom and technologically-empowered collaboration to millions of people worldwide. We honor the fact that Ethereum is already in use, creating real value for communities across the globe.
In that spirit, we embrace the metaphor of the Infinite Garden to describe the Ethereum ecosystem: a living, evolving space where builders, dreamers, and stewards from around the world can plant ideas and support each other as we build the tools that will redefine finance, identity and other roots in the soil of our civilization for decades to come.
Our Role
Ethereum’s greatest advantage is its unparalleled ecosystem. There are many teams and organizations outside of EF that contribute to Ethereum by pushing its boundaries forward, through technical innovations, educational events, and by funding public goods. The Ethereum Foundation exists to strengthen this advantage and to uphold Ethereum’s core values. We identify gaps, correct imbalances, and support critical initiatives — always ensuring that no single actor (including EF) can dominate Ethereum’s evolution. We step in strategically and step out intentionally, continuously adjusting our focus as Ethereum matures and the environment evolves.
By practicing purposeful subtraction, we’ve empowered others in the ecosystem to take on the majority of responsibilities. Today, we see our role as twofold:
We do what no one else can do today.
We help others do tomorrow what only we can do today.
This means focusing on high-leverage areas where EF’s unique position allows us to support the ecosystem in ways few others can — while also building capacity and infrastructure so others can eventually take the lead. Below are examples of how this shows up in practice:
Where we step in to do what no one else can today:
Funding and maintaining critical Ethereum infrastructure like client diversity.
Coordinating on core protocol upgrades (e.g. The Merge, Dencun), where neutral stewardship is essential – both on critical initiatives that will complete within the next 12 months, and on longer-term efforts that will define Ethereum’s role for the next decade.
Supporting zero-knowledge research and open-source tooling that pushes the frontier of privacy-preserving tech.
Hosting ecosystem-wide gatherings (like Devcon) that bring together diverse global contributors.
Operating ethereum.org as a neutral public knowledge hub for new users and builders.
Where we’ve helped others grow into roles we once held:
Seeding early-stage public goods projects through grants until they become self-sustaining or community-funded
Open-sourcing educational content, developer tooling, and research to be built upon by others.
Helping new coordination mechanisms emerge and guiding them toward independent stewardship (e.g. MACI pilots, Protocol Guild, retroactive public goods funding).
Supporting geographic decentralization and local leadership through:
Next Billion Fellowship – Empowering local builders in underserved regions.
Grants to grassroots communities – Strengthening local Ethereum ecosystems.
Road to Devcon – Engaging and growing regional communities ahead of Devcon.
Devcon Scholars – Providing access and support for participants from underrepresented communities.
Our Approach
Adaptive Evolution
We evolve alongside the ecosystem, continuously reassessing our role and impact. Our structure and initiatives adapt to serve Ethereum’s changing needs while maintaining our core principles.
Thoughtful Complexity
We embrace the necessary complexity of decentralized systems while striving for elegant solutions. Our goal is not simplification for its own sake but rather achieving balance through careful design.
We support and amplify community-led initiatives, helping create conditions where independent teams can succeed without ongoing dependency on the Foundation.
Core Principles:
Long‑term Thinking
We optimize for Ethereum’s long‑term success over short‑term gains, evaluating every decision for its sustainable, multi‑generational impact and recognizing that lasting resilience requires continuous learning, adaptation, and evolution.
Stewardship of Values
We protect and nurture Ethereum’s core values — censorship resistance, open source, privacy, and security — while empowering the ecosystem to grow and evolve independently. We preserve these essential qualities as the foundation for lasting innovation and progress.
Purposeful Subtraction
Rather than accumulate power, we design for resilience by:
Maintaining a plurality of approaches, solutions, and teams
Enabling diverse participation
Facilitating collaboration
Reducing centralization
Building resilience isn’t about doing less. It often requires adding new mechanisms or complexity — but always with the goal of creating an anti‑fragile ecosystem that distributes power and ownership broadly.
Goals Ahead
As we move through a pivotal time and into the years ahead, our direction is shaped by a clear vision. Teams are deeply engaged, and active projects are already in motion to support Ethereum’s continued evolution. The work ahead isn’t about hitting benchmarks — it’s about focusing our energy where it matters most. To help guide our collective focus, we’ve outlined a few impact areas — tangible outcomes that anyone in the Ethereum ecosystem can contribute toward.
These goals are not static; they will continue to evolve alongside the ecosystem and the needs of the world around us.
The Ethereum Foundation’s role is to identify high-leverage gaps — the places where it is uniquely positioned to contribute — and direct its efforts toward the greatest possible impact.
Goal: Maximize the number of people who (directly or indirectly) use Ethereum, in such a way that they benefit from Ethereum’s underlying values.
What meaningful usage can look like:
Internet-native financial access: People using tokenized assets on Ethereum or DeFi for payments, savings and wealth building – particularly where fiat infrastructure is limited, unreliable or charges extortionate fees, or where the infrastructure is reliable today but can easily become unreliable tomorrow.
Internet-native organizations: People participating in DAOs with programmable incentive structures that enable new forms of coordination, decision-making, and capital formation that transcend the limitations of traditional approaches
Decentralized social media: People using an Ethereum-based social media platform where content is stored in a decentralized network, allowing users to switch clients without giving up their social graph
Decentralized AI: People building on Ethereum to collectively train and provide AI models with verifiable security guarantees, and also using Ethereum to create economic frameworks where AI agents can coordinate with each other and human beings (examples: micro prediction markets)
Enterprise benefits: People using an institutional application that uses Ethereum on the backend. If built correctly, this can provide benefits such as auditability, privacy, interoperability and “escape hatch” mechanisms even if users normally interact with the app through servers without a wallet (examples: on-chain-enforced limits to monetary issuance; ability to exit assets to L1 and interact with L1 DeFi; ability to zk-prove credentials to arbitrary third-party apps)
What it’s not:
Custodial wallets that only allow ETH or token transfers to other approved custodial wallets.
Institutions that post hashes onchain to represent events, without actually giving users security properties that they wouldn’t otherwise have.
Goal: Maximize the resilience of Ethereum’s technical and social infrastructure.
What resilience looks like:
Ecosystem autonomy: thriving independently of the EF or any other single organization
Value alignment: staying focused on its values, even in the face of strong interests pulling in other directions
Team diversity: strength and plurality of independent development teams
Network robustness: maintaining liveness, censorship resistance, safety even in the face of highly adverse events toward large parts of technical infrastructure (including “low levels of the stack” e.g. OS, hardware, internet)
Decentralization: eliminating single points of control or failure
Proactive risk management: The ecosystem’s ability to proactively identify and mitigate central points of failure that may arise over time
What it’s not:
100 strong teams in education, client development, or organizing events, yet all dependent on EF for funding
High-resilience in some sectors, but very low-resilience in others, which then become critical bottlenecks (e.g. wallets, proprietary ZK provers, social single points of failure)
Performative diversity that masks underlying common vulnerability (e.g. 20 clients that actually use most of the same code base, events in 100 countries that are run by the same centralized organization)
As we work toward these impact areas, we also remain grounded in a long-term perspective — one that sees Ethereum not just as a technology, but as a living ecosystem with the potential to serve humanity for generations to come.
We envision a future where Ethereum serves as a resilient, neutral platform for global coordination. That means that decentralization must remain preserved in both development and governance, innovation will flourish at every layer of the stack, and communities around the world can craft and sustain their own adaptive solutions. We believe the network’s technical and social resilience will only continue to grow stronger, and EF will do everything within its vision and ability to ensure that we succeed together.
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Algorithmic trading firm Two Primeformally droppedits exposure to Ethereum (ETH), stating that ETH now trades as a memecoin rather than a predictable asset.
According to CEO Alexander Blume, the firm will now exclusively manage and lend against Bitcoin (BTC). He added that the firm believes that Bitcoin is the only digital asset that meets institutional standards for liquidity, predictability, and long-term investment viability.
The decision follows over a year of performance divergence between BTC and ETH, during which Two Prime had issued more than $1.5 billion in loans backed by Bitcoin and Ethereum through its lending division.
Despite that exposure, the firm concluded that Ethereum’s current behavior no longer aligns with risk-adjusted return expectations suitable for institutional portfolios.
Blume wrote:
“ETH’s statistical trading behavior, value proposition, and community culture have failed beyond a point worth engaging.”
De-correlation and elevated tail risk
A quantitative analysis cited by Two Prime shows that Ethereum’s volatility and return structure have decoupled from Bitcoin since the November 2024 US election.
While Bitcoin has shown classic mean-reversion characteristics, suggesting investor confidence and dip-buying activity, ETH has continued to trend lower with limited rebounds.
In scatterplots comparing 30-day returns with 30-day forward returns, ETH shows persistent negative momentum and lacks the symmetry observed in BTC data.
Additionally, ETH’s volatility now resembles that of memecoins like Dogecoin (DOGE). A comparison of 30-day range volatility across BTC, ETH, and DOGE shows that ETH has moved away from its historically moderate volatility profile, displaying sudden multi-standard deviation moves inconsistent with institutional-grade assets.
Weak institutional demand
Two Prime also pointed to a widening gap in institutional demand. Bitcoin ETFs currently manage over $113 billion in assets, consuming 5.76% of the total BTC supply. In contrast, ETH ETFs account for only $4.71 billion in assets, covering 2.22% of the ETH supply.
Despite Ethereum’s high market capitalization, much of its ETF inflows may be offset by short futures in basis trades, further diluting real demand.
The disparity creates a reflexive environment where underperformance in ETH products leads asset managers to dedicate fewer resources to promotion, which in turn reduces visibility and investor allocation.
According to Blume, ETH’s inability to maintain sustained institutional interest undermines its long-term viability as a core digital asset holding.
Erosion of Ethereum’s value proposition
Beyond trading behavior, Two Prime questioned Ethereum’s economic and technical model.
The firm noted that newer alternatives, such as Solana (SOL), are increasingly challenging Ethereum’s attempt to serve as a general-purpose decentralized computing platform.
These new infrastructures offer faster transaction throughput, lower costs, and a better user experience in latency-sensitive applications like gaming and payments.
Blume further argued that Ethereum Layer-2 networks have cannibalized much of the value capture that was previously tied to the mainnet. In his assessment, the asset lacks a clear monetization model that can support its valuation and utility claims.
Governance and cultural headwinds
Two Prime’s decision also factors in what it characterizes as a deterioration in Ethereum’s governance and focus.
Blume described Ethereum’s internal structure as bureaucratic, ideologically rigid, and slow to adapt to competitive market conditions. He argued that Ethereum has prioritized egalitarian ideals over effective product development and market relevance.
While Bitcoin offers a focused, singular use case as a decentralized store of value, the firm now sees ETH as one among many speculative tech platforms with no durable edge.
Blume concluded:
“The issue for ETH and its leadership is that everyone but them seems to know that.”
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FIFA, the international football governing body, is taking a significant step in its Web3 journey by announcing a new blockchain network compatible with the Ethereum Virtual Machine (EVM).
The update, published on April 30 via the FIFA Collect FAQ, outlines plans to migrate the football body’s NFT collection platform, FIFA Collect, from the Algorand network to the upcoming proprietary blockchain.
FIFA stated:
“After the migration, Pera, Defly, and other Algorand-based wallets will no longer be supported. You’ll instead be able to connect to FIFA Collect using MetaMask or any EVM wallet that supports WalletConnect.”
FIFA has yet to confirm a fixed launch date but assured users that further details will be released soon. However, the migration is tentatively scheduled for no earlier than May 20.
FIFA Collect allows football fans to engage with the sport through digital items tied to tournaments and exclusive real-world experiences. The platform also functions as a marketplace, and recent updates introduced new collectible bundles that offer tangible perks, including VIP access to select football events.
FIFA’s EVM-compatible blockchain
FIFA’s decision to adopt an EVM-compatible chain reflects a broader strategy to embrace decentralized technology and increase cross-network flexibility.
According to FIFA, the initiative is a step toward enabling wallet interoperability and creating space for future innovation in digital fan engagement.
It continued that the upcoming platform will benefit from greater compatibility with major blockchain ecosystems and improved user functionality.
In addition, the new blockchain will offer faster performance, support for future feature rollouts, and a more scalable foundation for ongoing development.
FIFA also stated that the overall user experience of its upcoming blockchain platform will remain familiar, and users can expect gradual enhancements as new tools and options are introduced.
Meanwhile, FIFA said it would share more technical details about the impending blockchain network soon.
Latest Alpha Market Report
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The recent appointments of the two Co-Executive Directors and President are part of a broader effort to strengthen the Ethereum Foundation, and this structure is designed to ensure our vision, strategic and balanced execution, technical direction, and ecosystem development. This blog is intended to clarify the structure of the management team and the board.
New Management (Strategic & Operational Execution)
EF’s Co-EDs will lead and execute together with other management members. You can expect to hear from members of EF management regularly on their plans, decisions, and other new changes.
The EF board is like a security council to protect the heart and soul of EF, and to ensure compliance as a Swiss foundation. The board sets the vision, oversees that the high-level strategies and decisions by management are aligned with the Foundation’s values. The Board is also responsible for selecting Executive Director(s), and if necessary terminating the employment of executives. The current board of directors includes:
Vitalik Buterin, Founder – continues to provide technical and intellectual guidance to the broader Ethereum ecosystem
Aya Miyaguchi, President – sets the Ethereum Foundation’s vision with other board members. Manages some key external relationships
Patrick Storchenegger, Swiss counsel – serves as the Swiss representative for legal and compliance matters
Hsiao-Wei Wang, Co-Executive Director – serves as the bridge between the board, executives, and management
The board has shared the vision, guiding principles and goals for the next few years with the management team. We anticipate further strengthening the board to better serve its mission over time.
Tomasz and Hsiao-Wei Wang’s appointments as Co-EDs are an unconventional decision, but one that allows them to complement one another at a busy time for the Ethereum ecosystem and EF alike.
Tomasz will be enabled to help EF drive strong and comprehensive changes based on his grasp of community and technological needs while he stays involved in other companies (Nethermind and venture affiliations). The board and Tomasz have agreed to the expected two year term for his Co-ED role at EF to leverage his proven strategic execution-expertise and experience, especially as the next couple of years bring significant opportunities for Ethereum.
Hsiao-Wei’s dual board and ED roles, in addition to her research experience, will help her to serve as a bridge between the board and management, with an eye for the needs of the organization that come with a deep understanding of its history and place.
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The following is a guest post and analysis from Shane Neagle, Editor In Chief fromThe Tokenist.
Since the fertile but somewhat fraudulent initial coin offering (ICO) frenzy in 2017, Ethereum (ETH) remains second only to Bitcoin, now at 9x lesser market cap. Over the last five years, Ethereum had an average annualized return at nearly60%, which is neck and neck with Bitcoin.
However, over the last year, there has been a noticeable shift in Ethereum’s valuation, especially against rival blockchains like Solana (SOL). Compared to Bitcoin, which returned 33.73% over a one-year period, Ethereum yielded nearly 50% loss. At the present price, ETH reverted to October 2023 price level.
BTC vs ETH vs SOL over one year performance. Image credit: CryptoSlate via TradingView
What is immediately noticeable is that alternative proof-of-stake Solana has large and frequent spurts of inflows, while Ethereum tends to go down without such rallies. Representing decentralized finance (DeFi), Ethereum now holds barely 52% market share, the lowest since May 2022.
Market shares of DeFi blockchains since August 2020. Image credit: DeFiLlama
In the meantime, Solana more than doubled its market share since May 2022, from 3% to nearly 8%. Considering there is no shortage of Layer 1 blockchains similar to Solana, is this a sign that
Ethereum will continue its slide, getting cannibalized by pure L1 chains that don’t rely on L2 solutions?
In other words, how should one view Ethereum’s fundamentals? Could it be the case that Ethereum is actually poised to maintain or even increase DeFi market dominance, but that ETH price will still be lackluster?
To attempt to answer that, let’s first revisit the big crypto picture.
What Is Ethereum’s Vision?
Ever since the internet became commercialized, it has been missing one obvious component – native value transfer. After all, if ebooks can replace books, and if emails can replace mail, why can’t there be emoney replacement for fiat currency? More importantly, why can’t contracts be automated to the extent of replacing banking services such as loans?
This has been the underlying push for blockchain technology, starting with Bitcoin. But for the internet’s native money transfer to be adopted at scale, it has to have three critical components:
It has to be trustless, eliminating the vulnerability of arbitrary human intervention. For something to be fully trusted, the spectrum of trust has to be minimized to near-zero.
It has to be user-friendly, implementing intuitive design, seamless interoperability, and frictionless user experience just as smartphones have accomplished to be mass-adopted.
It has to be scalable to handle the transition from legacy finance to blockchain finance.
Within this framework, Ethereum is positioned strongly as a theoretical edifice. Recently, one of top Ethereum developers, Justin Drake, filtered what Ethereum means across different venues of legacy human action.
Vitalik Buterin, the co-founder of Ethereum, endorsed this vision via retweet. Image credit: X
But in practice, what is the likelihood of this happening?
Is Crypto Actually Viable?
At face value, Ethereum is aiming to uproot entrenched power networks. To expect it to go without major friction would be an exercise in folly. This is why we have seen sustained effort to cripple the expansion of DeFi services during the Biden admin.
When President Trump took office, and Elon Musk launched the Department of Government Efficiency (DOGE), it became even more apparent that the entire mediatic and political space runs on social engineering and institutional deception. And the underlying power of such a system is the lack of transparency in money flows.
In particular, what has been established is that:
If a power is threatened, conditions are erected to contain alternative power.
In the context of cryptos, the base of entrenched power is the need for fiat conversion.
DeFi apps may be useful, but are meaningless if one cannot spend money in the real world.
Therefore, for fiat-crypto conversion to be viable, all participants in the (block)chain have to comply with the conditions of entrenched power.
Case in point, what if a person believes climate change to be a systemic hoax, aiming to suppress wealth distribution via net-zero policies? Such policies are funded and enforced via taxation. The exit from the funding for the perceived coercive policy would then require for laws to be broken.
This applies to any public policy perceived to be unjust or deceptive.
But if mass adoption of DeFi blockchains is to be successful and for credit cards to get a proper rival, there would have to be consistent compliance with the laws, no matter what they are at a given moment. That’s because dApp usefulness equals regulatory compliance. In other words, even a trustless system would have to tether itself to the arbitrary trust framework it purportedly aims to exit.
But if that is the case, why wouldn’t the entrenched power network implement its own money layer on the internet? After all, it would enjoy full credibility for mass adoption, while also being more convenient.
In the end, Ethereum’s vision may be staring down a wall too high to scale. But now that we’ve painted the big picture of crypto containment, is Ethereum scaling competitive in the first place?
Ethereum’s Revitalizing Initiatives
Although Ethereum’s transition from proof-of-work to proof-of-stake raised some hackles, it could be argued that the 99% energy reduction was worth it for scaling sake. This way, Ethereum has the potential to become a global smart contract launching pad.
On that road, the adopted approach is reliance on Layer 2 solutions such as Optimism, Polygon, Arbitrum, Base, Starknet, zkSync and others to offload traffic and reduce transaction fees. And the lower the transaction fees, the lower the friction is for the end-user.
The problem is, this approach introduces an entirely new layer of frictions such as juggling multiple chains, bridges and wallets. This not only elevates the barrier to entry, as the average user always seeks simplicity, but it fragments the capital that would’ve otherwise flown into Ethereum itself.
On the scaling front, however, Vitalik Buterin noted that the L2 approach managed to boost the blockchains transaction processing capacity by 17x. The overarching goal is now to make Ethereum into a kind of operating system (OS) for DeFi:
Make L2s interactions “under the hood” by creating chain-specific addresses, common standards for cross-chain bridges, and reduce transaction finality from weeks to minutes.
Double the blobs (temporary data) per block from 3 to 6 with Pectra upgrade. The increased blob throughput should expand L2 layers further while maintaining low fees.
To make ETH an appreciating asset, Buterin is hoping to entrench it as the primary collateral across DeFi apps.
In addition to the burning mechanism as ETH transaction fees are shared, this could make ETH a deflationary asset. At the moment, ETH has an inflation rate of 0.754%, slightly lower than Bitcoin’s 0.829%.
However, Buterin also views privacy concerns as paramount, which is why the Ethereum ecosystem should move toward default one address per app. According to his own words, this would incur “significant convenience sacrifices, but IMO this is a bullet that we should bite”.
At a time when Ethereum’s ecosystem convenience level is dubious against pure L1s like Solana, it is yet to be seen if the “bullet” will backfire. Judging by the Deloitte survey in late 2024, 85% of consumers are “taking at least one step to address their privacy and security concerns”, but this sentiment typically suffers erosion when colliding with convenience.
Ultimately, Ethereum will have to reach a stage in which users engage with dApps without knowing they’re using crypto. In such a scenario, adoption rate should offset potential crypto containment.
The problem is, Solana already ranks 1st in terms of real-time transactions per second (TPS) at 1,049 while Ethereum ranks 17th at 14.07 TPS (over one week) – a reminder that even differences measured in a single tick can have major implications at scale.. Against Solana’s theoretical 60,000 TPS, Ethereum’s roadmap is set for 100,000 TPS as the blockchain is sharded in “the Surge” phase of development.
The progress bar on Ethereum’s “The Surge” suggests less than half completion. Image credit: Ethroadmap
Accounting for all roadmap phases, users should not expect Ethereum’s mass adoption potential to materialize until 2030. That gives plenty of roadway for rival blockchains, including centralized ones from established financial institutions like J.P.Morgan.
The Bottom Line
Blockchain apps are currently in the clumsy era of flip phones with physical keyboards. To approach ubiquity, dApps must evolve into the era of smartphones — intuitive, seamless, and invisible to the user.
But such ubiquity may paradoxically rely on the very institutional support that the blockchain ecosystem set out to displace. Alongside technical hurdles, the memecoin mania has clearly demonstrated that much of the public’s entry into crypto remains ill-informed and speculative.
As more people accrue negative experiences through token-based gambling, this misallocation of capital risks alienating broader adoption. It also creates a dynamic in which blockchain ecosystems become ripe for centralization, offering assurances and the perceived legitimacy of credentialed institutions.
This is the lens through which Ethereum and its rival chains must be viewed: as exciting, innovative platforms for decentralized finance, yet still navigating a precarious path between idealism and reality.
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With just five months to go, we are entering the hot phase before Devcon! The Supporter Program, Impact Forum, and Devcon Scholars have already launched, bringing us closer to the Devcon ticket launch.
Today we are sharing the details on how to get your Devcon tickets. Additionally, we are releasing the programming tracks for Devcon SEA!
TL;DR:
We have two major updates for you today!
Programming tracks are live
Ticketing types and timelines are live
Programming Timeline & Tracks
Speaker applications will open on July 9. You can check out the different programming tracks now.
Devcon covers topics and themes that are crucial in the Ethereum ecosystem right now, addressing challenges, ongoing developments, and core Ethereum values. The tracks will feature talks, workshops, panels, and more from beginner to expert level.
Core protocol: Researchers and developers, for over 10 years, have worked on building and improving Ethereum to be as decentralized, resilient, and secure of a protocol as possible. What are the latest research findings, EIPs slated for implementation, and suggestions for the roadmap?
Layer 2: Ethereum is scaling into a fast-paced rollup-centric ecosystem ready to onboard billions. Since blobs arrived in March of this year, what is left to do to scale Ethereum to the billions?
Developer Experience: Developing on Ethereum is easier than ever; what are the latest tools and best practices for developers? How do we make it even better?
Coordination: How can we use Ethereum to improve how we coordinate on the Internet?
Cypherpunk & Privacy: What are the values that make Ethereum special, why are they important for society, and how are we making it Cypherpunk again?
Applied Cryptography: Cryptography is the backbone of crypto, and primitives such as ZKP, MPC, FHE, and more are advancing rapidly — how can we apply these primitives to achieve real-world use cases that were previously not possible?
Security: Our ecosystem has become much better at preventing hacks and attacks, but there is room to improve. What are the latest security best practices, recommendations, and tools to make Ethereum applications even more secure?
Real World Ethereum: Ethereum reached a level of maturity that allows us to build concrete applications that can achieve long-term positive impact — what types of applications can we build using Ethereum and what are tips on building them?
Usability: Mass adoption will not happen without good UX. How are we improving the UX of Ethereum, L2s and applications?
Cryptoeconomics: Cryptoeconomics is a nascent field that allows us to build robust decentralized networks with strong incentives for participants, in complex environments. What are the latest research findings and best practices in this field?
Check out our website for more information on programming at Devcon 7 in SEA.
Ticket Timeline & Types
This year, we’re working to make Devcon more accessible than ever before.
Tickets to Devcon 7 will be available through three distinct ways:
Raffle-Auction Ticket Wave (June 18 – July 9)
$299
Discounts – Self-claimed & Application-based (Open July 9)
Price varies
General Admission Sale Waves (Beginning July 16)
$599
For more information on each of the above, read below.
Raffle-Auction Ticket Wave
Like we did for Devcon VI, we’ll again be featuring an on-chain Raffle-Auction as our first wave of tickets. We want to continue demonstrating the power of Ethereum to host provably fair and verifiable Raffles & Auctions, while increasing the methods we use to distribute tickets to the many thousands that want to attend each year.
204 tickets will be offered in the Raffle-Auction this year. The highest 20 bids will win the Auction. Those who enter with the Minimum Bid or do not win in the auction will enter into the raffle and have a chance at winning one of 184 Devcon tickets being distributed. In this sense, we aim for the distribution outcome to be approximately 10% efficient and 90% fair.
A big thanks to the Fairy & Archblock teams for dedicating their time to the success of this year’s iteration.
Participation Rules
Network — Arbitrum
Minimum Bid — 0.08 ETH (equal to the $299 price of a discounted Builder Ticket at the time of publication).
All proceeds from the Auction above the reserve price will be used to help people attend Devcon through funding programs like the EF Next Billion Scholars program and other Devcon initiatives. If you bid above the reserve price but do not win in the auction, you will automatically be funneled into the Raffle for a ticket. If you win the Raffle, you will be able to withdraw all funds above the Reserve price. If you do not win in either the Raffle or Auction, you will be able to withdraw all of your funds. Like last time, one lucky winnerwill receive a free Golden Ticket to Devcon & will be able to withdraw all of their funds.
Sybil-Resistance
This year, we are using Gitcoin Passport to add a secure sybil-resistance mechanism to the Raffle-Auction. You will need to log into your Passport OR create one & validate your stamps in order to participate in this year’s Raffle-Auction ticket wave.
Timeline
Bidding Window — June 18 – July 9 Claiming Window — July 9 – 31
Discounts — Begin July 9
There will be multiple ways to obtain discounted tickets this year:
Self-claimed This will consist of groups like Protocol Guild members, select OSS Contributors, Public Goods Project Owners, and more. More details will be posted when our tickets launch on July 9.
Application-based This will include a Local Discount for SEA Builders, Builder Discounts, Academic Discounts for students and teachers, and Youth tickets for those under 18 who wish to attend.
Devcon Scholarship Program Apply for the Devcon Scholarship Program here now! Scholars will receive free tickets and potentially support for their travel. Applications close on July 7.
Community Ticket Requests These will be available to leaders & organizers of various web2 & web3 communities or meetups to apply for free or discounted tickets for their groups.
Full details will launch on July 9 when the rest of ticketing information will be made available.
General Admission Sale Waves — Begins July 16
Our GA ticket sales will begin on July 16, and each wave will launch at 16:00 UTC.
We will accept payment in Fiat via Stripe, as well as crypto via an open-source Pretix plugin built by the 3cities team.
Stay tuned
Be the first to hear about opportunities to get involved in Devcon, when volunteer and speaker applications open, and ticket sales start via newsletter, on Farcaster, X/Twitter, Lens, Instagram, and Facebook.
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Ethereum, the world’s second-largest crypto by market cap, is at a crossroads. Once celebrated for its visionary approach, relentless focus on long-term research, and bleeding-edge innovation, Ethereum faces mounting competitive pressures and internal woes.
With Bitcoin dominance over 60% and ETH price almost 70% off its all-time-high of three years ago, the Ethereum ship appears to have run aground. Fortunately, its fervent community is rallying to right the course.
In his article, Ethereum’s Strategic Pivot, David Hoffman of Bankless explores the Layer 1’s pivotal challenges and offers insight into turning the “gargantuan ship of Ethereum” around.
How Ethereum veered off course
Ethereum’s decentralized structure combines a multitude of voices and incentives, making achieving consensus a complex task. It has been slow to respond to changing market dynamics and urgency has grown within the community to adapt. However, pinpointing the problems and coordinating solutions is a lengthy task.
Hoffman spoke with Ethereum Foundation researchers Ansgar Dietrichs and Dankrad Feist to outline several core issues facing the flailing blockchain, including underinvestment in the Layer 1. The narrative for Ethereum scaling has long been dominated by Layer 2s. But the plethora of competing rollups growing in isolation causes interoperability challenges that give even the staunchest of ETH maxis a sense of vertigo.
Dietrichs and Feist argue that Ethereum should return its focus to scaling and improving the base layer and following a product-first approach that prioritizes user experience and adapts faster to a fast-paced industry packed with competitive threats.
Ethereum’s leadership vacuum translates into a lack of clear direction and accountability for the mother chain’s missteps, and an “Ivory tower culture” results in insular research practices that stifle open collaboration and lead to operational inefficiencies.
All these challenges have caused Ethereum’s to veer off course. As CryptoSlate recently reported, its market dominance has sunk to a five-year low, falling below 8% as alternative blockchains attract users with lower fees and faster transactions. Even as Layer-2 solutions improve efficiency, they also draw activity away from the mainnet, reducing network revenue and threatening Ethereum’s competitive edge.
Strategic realignment – where Ethereum goes from here
Despite the less-than-favorable panorama, Hoffman and his Bankless guests remain optimistic about Ethereum’s future, presenting a series of strategic pivots to revitalize the network.
One major initiative is aggressive Layer 1 scaling, with plans to increase gas limits tenfold over the next two years. Short-term upgrades target a rise from 36 million to 100 million gas by the end of 2024, while the upcoming Glamsterdam hard fork aims to push this further to 300 million.
Integrating zk-based systems (zkVMs) could eventually expand Layer 1 capacity by 100 times without compromising decentralization, turning long-term research ambitions into near-term engineering goals.
Alongside these technical upgrades, the ETH community is shifting from a protocol-first to a product-focused mindset, emphasizing user experience and developer support. Leadership and coordination are also receiving renewed attention, with the Ethereum Foundation appointing new co-executive directors, Tomasz Stańczak and Hsiao-Wei Wang, to provide stronger direction and internal cohesion.
Ethereum is also working to standardize interoperability and incentivize deeper integration between Layer 1 and Layer 2 solutions, positioning itself as a service provider for L2s. Recognizing the need for greater urgency, the network is embracing shorter roadmap cycles as well.
The Pectra upgrade and beyond
The upcoming Pectra upgrade, scheduled for May 7, is a focal point for these changes. Pectra promises to enhance wallet features, ease transaction costs, and improve overall scalability, reviving on-chain activity and restoring confidence in the ecosystem. Industry leaders believe these improvements could be a catalyst for renewed growth, potentially driving Ethereum back toward the $3,000 mark.
Further upgrades, such as PeerDAS and Fusaka, are planned to expand data availability and reduce L2 transaction costs. However, as CryptoSlate reported, Ethereum’s ability to support a flourishing L2 ecosystem depends on continuous technical progress.
Hoffman emphasizes that the Ethereum Foundation’s renewed leadership is only part of the equation. The broader ETH community must also adapt, updating its messaging and aligning its vision with the platform’s evolving strategy.
As he puts it:
“Ethereum is a big tent that holds space for many different voices.”
The challenge ahead is to harness that diversity and steer the ship toward a more scalable, user-friendly, and competitive future—or remain lost at sea, floundering among the waves.
Ethereum Market Data
At the time of press 8:00 pm UTC on Apr. 20, 2025, Ethereum is ranked #2 by market cap and the price is down 2.09% over the past 24 hours. Ethereum has a market capitalization of $190.88 billion with a 24-hour trading volume of $7.71 billion. Learn more about Ethereum ›
Crypto Market Summary
At the time of press 8:00 pm UTC on Apr. 20, 2025, the total crypto market is valued at at $2.67 trillion with a 24-hour volume of $46.99 billion. Bitcoin dominance is currently at 62.87%. Learn more about the crypto market ›
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On 2024-06-23, 00:19 AM UTC, a phishing email was sent out to 35,794 email addresses by updates@blog.ethereum.org with the following content
Users who clicked the link in the email were sent to a malicious website:
This website had a crypto drainer running in the background, and if a user initiated their wallet and signed the transaction requested by their website their wallet would have been drained.
Our internal security team immediately launched an investigation to help determine who launched the attack, what the aim of the attack was, when it happened, who was affected, and how it happened.
Some of the intial actions taken were:
Prevented the threat actor from sending additional emails.
Sent out notifications via twitter and email to not click the link in question.
Closed down the malicious access path the threat actor had used to obtain access into the mailing list provider.
Submitted the malicious link to various blacklists, and it was then blocked by majority of web3 wallet providers and cloudflare.
Our investigation into the attack showed that:
The threat actor imported a large email list of their own into the mailing list platform to be used for the phishing campaign.
The threat actor exported the blog mailing list email addresses, which was a total of 3759 email addresses.
When we compared the emails in the email list that the threat actor had imported, we could see that the blog mailing list contained 81 email addresses that the threat actor did not previously have knowledge of, and the rest were duplicate addresses.
Analyzing on-chain transactions made to the threat actor between the time they sent out the email campaign and the time the malicious domain got blocked, appear to show that no victims lost funds during this specific campaign sent by the threat actor.
As we continue working on this incident, we have taken additional measures such as migrating some mail services to other providers, to further help reduce the risk of this happening again.
We are deeply sorry that this incident occurred, and are working diligently with both our internal security team as well as external security teams to further help address and investigate this incident.
Any questions can be directed to security@ethereum.org.
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Programming Timeline & Tracks
Ticket Timeline & Types
Stay tuned
