setback – Earlybirds Invest https://earlybirdsinvest.com Latest Crypto News Thu, 21 Aug 2025 05:27:04 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.7 https://i0.wp.com/earlybirdsinvest.com/wp-content/uploads/2024/12/cropped-New-Project-2024-12-17T235703.455.png?fit=32%2C32&ssl=1 setback – Earlybirds Invest https://earlybirdsinvest.com 32 32 240146708 WazirX Creditors Back New Plan After $234 Million Hack Setback https://earlybirdsinvest.com/wazirx-creditors-back-new-plan-after-234-million-hack-setback/ https://earlybirdsinvest.com/wazirx-creditors-back-new-plan-after-234-million-hack-setback/#respond Thu, 21 Aug 2025 05:27:03 +0000 https://earlybirdsinvest.com/wazirx-creditors-back-new-plan-after-234-million-hack-setback/

WazirX is moving forward with a new repayment plan that has received strong backing from its creditors, more than a year after a $234 million hack froze withdrawals on the exchange.

Nearly 95% of those who voted supported the proposal, even though an earlier version had been turned down by the Singapore High Court.

Between July 30 and August 6, close to 150,000 creditors cast their votes. Together, they represented more than $206 million in claims. This approval gives WazirX the chance to resubmit its plan to the court, which will decide if repayments and normal operations can restart.

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Founder Nischal Shetty stated in an August 18 blog post that, if the court approves, the exchange will reopen and begin compensating users within ten days of the scheme taking effect.

His statement offered a faster timeline than what creditors were told at a July town hall, where restructuring adviser George Gwee of Kroll estimated payouts would take two to three months after approval.

The updated plan also shifts responsibility for handling repayments. While profits from WazirX will still fund the repurchase of recovery tokens, the actual distribution will be carried out through Zanmai India, which reports under India’s Financial Intelligence Unit.

WazirX has warned that, without a creditor-backed deal, the alternative would be liquidation. That process could take years, with payouts potentially delayed until 2030.

On August 13, GMX, a decentralized exchange (DEX), began compensating users who lost funds in a July security breach. How? Read the full story.


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Ethereum grapples with unexpected Holesky setback in Pectra upgrade testing https://earlybirdsinvest.com/ethereum-grapples-with-unexpected-holesky-setback-in-pectra-upgrade-testing/ https://earlybirdsinvest.com/ethereum-grapples-with-unexpected-holesky-setback-in-pectra-upgrade-testing/#respond Fri, 28 Feb 2025 16:36:43 +0000 https://earlybirdsinvest.com/ethereum-grapples-with-unexpected-holesky-setback-in-pectra-upgrade-testing/

Ethereum’s upcoming Pectra upgrade faced an unexpected challenge on Feb. 24 that impacted its testing on the Holesky testnet.

On Feb. 27, Tim Beiko, Ethereum Foundation Protocol Support Lead, explained that the failure resulted from execution clients—Geth, Nethermind, and Besu—using incorrect deposit contract addresses.

This misconfiguration triggered an execution layer (EL) bug, leading to chain splits. As a result, a minority chain remained valid, degrading the network’s overall health.

The issue has sparked discussions about the resilience of Ethereum’s upgrade process, mainly since Pectra will introduce significant changes to the blockchain network. The upgrade has been described as Ethereum’s most ambitious hard fork and was split into two phases focusing on enhancing developer and user experiences.

Christine Kim of Galaxy Digital pointed out that losing Holesky as a reliable test environment complicates Ethereum’s upgrade process.

She wrote:

“It’s clear the community has lost some major testing capabilities with the loss of holesky. there isn’t a testnet comparable to holesky now that dapp develops can test pectra on.”

What next?

Ethereum core developers have already begun efforts to patch the issue, and they will initiate a mass validator slashing event on Feb. 28 at 15:00 UTC.

Beiko outlined key steps for validators, which included:

  • Updating and syncing their nodes.
  • Disabling slashing protection shortly before slot 3,737,760.

He stated that the goal was simultaneously bringing enough Holesky validators online to finalize a block on the correct chain. Any validator that previously attested to the invalid chain would be slashed. This would enable consensus layer (CL) clients to locate peers and sync with the valid network.

However, despite these efforts, Holesky will experience another period of non-finality for up to three weeks. During this time, slashed validators will exit, reducing their stake below the required 33%. Once this threshold is reached, the remaining validators can finalize the chain properly.

Beiko acknowledged that while this recovery method works for a testnet, it wouldn’t be viable on Ethereum’s mainnet. Developers are already exploring ways to ensure that nodes can be redirected to a minority chain more efficiently in future scenarios.

Will this affect Pectra’s timeline?

Beiko’s update did not answer whether the Holesky setback would impact the Pectra upgrade timeline.

According to him:

“We’ll need to discuss what other testing we were hoping to get out of Holesky and the best way to do that before moving forward with scheduling a mainnet fork date. We’ll discuss this on next week’s ACDC, but it’s unlikely we’ll be setting a mainnet fork date right then.”

Despite this uncertainty, Beiko noted that the developers remain committed to launching Pectra’s next testnet upgrade on Sepolia on March 5.

Unlike Holesky or mainnet, Sepolia operates with a permissioned validator set controlled by client and testing teams. This structure allows for faster coordination and reduces the risk of similar disruptions.

He added:

“Forking Sepolia sooner will give us a longer testing window for Pectra.”

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Elon Musk’s plan to gut federal workforce suffers setback https://earlybirdsinvest.com/elon-musks-plan-to-gut-federal-workforce-suffers-setback/ https://earlybirdsinvest.com/elon-musks-plan-to-gut-federal-workforce-suffers-setback/#respond Fri, 07 Feb 2025 09:37:26 +0000 https://earlybirdsinvest.com/elon-musks-plan-to-gut-federal-workforce-suffers-setback/

The Logoff is a daily newsletter that helps you stay informed about the Trump administration without letting political news take over your life. Subscribe here.

Welcome to The Logoff. Today’s edition is about a court order pushing back Elon Musk’s deadline for federal workers to take him up on his offer for a deferred resignation. That might sound niche, but it’s important for anyone who relies on a functional government. It also offers an insight into how the courts might derail Donald Trump’s broader agenda — if he complies with their orders.

What’s the latest? Midnight was supposed to be the deadline for workers to decide whether they would take Musk’s DOGE up on the offer to resign at the end of September, with (possibly) paid time off until then. But a federal judge suspended that deadline until Monday, setting up a per-deadline hearing to determine whether the “deferred resignation” offer was even legal.

So, is it legal? Well, a Georgetown Law School professor told Vox this: “They’re making a promise that is contrary to federal law — and that has very serious consequences.”

Are people taking the DOGE offer? The White House says about 40,000 federal workers have accepted the offer — the federal government employs about 2.4 million people, though not all of them have been offered the buyout.

What’s the point of the offer? Relatively few workers have taken it so far, but the offer is part of a broader plan — alongside threats of coming mass layoffs — to shrink the federal workforce at breakneck speed. It’s a bet that Trump’s team can rapidly cut the workforce without undermining the government’s ability to perform the essential services we depend on.

What’s the bigger context? Instead of pushing his agenda through Congress, Trump is claiming massive new powers for the executive branch and, specifically, for himself. But for that to work, he needs the courts to go along. If they won’t, Trump will either have to defy the courts — triggering a constitutional crisis even larger than the one we’re in already — or watch as big chunks of his agenda will fall apart.

And with that, it’s time to log off …

Say you, hypothetically, were experiencing anxiety these days? And say, on top of that, you were struggling to focus? I can relate, which is why I found this Vox piece on journaling so helpful. It’s about the “solid scientific proof that the simple act of writing about our feelings is good for our brains,” and it’s a nice reminder to take care of oneself. See you back here tomorrow.

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