Web3🌗Wednesday Highlights: TON Restarts, Ethereum’s Soneium Innovates, $60M Ponzi Charges, and Starknet’s New Parallel Execution

Welcome to today’s Web3 roundup, where the blockchain world is buzzing with major updates! First up, TON is back online after a 6-hour outage, resuming its vital operations. Ethereum’s new rollup, Soneium, is making waves by redefining the meaning of “GM” in the Web3 space. Meanwhile, the SEC has dropped the hammer on two brothers involved in a staggering $60 million Ponzi scheme. And to top it off, Starknet has rolled out parallel execution in its latest upgrade, promising to revolutionize transaction processing. Dive in for all the details on these pivotal developments!

1. TON Restarts Block Production After 6-Hour Outage

TON's network faced a major hiccup with a nearly six-hour outage due to a surge in transactions from the popular DOGS memecoin airdrop. This disruption raised concerns about network stability, causing delays and potential security risks. Bybit temporarily halted withdrawals and deposits citing instability. The issue mirrors a similar incident with Solana in February. Additionally, Telegram CEO Pavel Durov’s recent arrest in France led to a drop in TON's price, which had been rising despite broader market declines. The network is now working to stabilize and meet the high demand.

TON Resumes Block Production After Near Six Hour Outage

The network has gone to the DOGS as it struggles to catch up with the popularity of a new TON memcoin.

CoinDeskSam Reynolds

2. Ethereum Rollup ‘Soneium’ Aims to Redefine ‘GM’

Sota Watanabe’s “GM” means “Go Mainstream” . Startale Labs & Sony Block Solutions are launching Soneium post-WebX 2024 in Japan 🇯🇵. This new network aims to onboard the next billion users into Web3, using an OP Stack-based optimistic rollup for better performance. Soneium will join the Superchain and support devs through the Spark program. Astar Network evolves with this launch, reflecting a focus on stable, robust tech and collaboration with Sony.

Ethereum rollup ‘Soneium’ attempts to redefine ‘GM’

Sony Block Solutions Labs is launching the Soneium Ethereum rollup in a joint venture with Watanabe’s company.

BlockworksMacauley Peterson

3. SEC Hits Two Brothers with $60M Crypto Ponzi Charges

The SEC has charged brothers Jonathan and Tanner Adam in a $60 million crypto Ponzi scheme, alleging they defrauded over 80 investors. The SEC froze their assets and businesses, GCZ Global LLC and Triten Financial Group LLC. Between January 2023 and June 2024, the Adams promised 13.5% monthly returns from a cryptocurrency trading “bot” and a fake lending pool. They misappropriated over $53 million, using funds to finance lavish lifestyles, including luxury cars and a $30 million condo. The SEC seeks permanent injunctions, profit recovery, and civil penalties.

SEC Charges Two Brothers Over Alleged $60 Million Crypto Ponzi Scheme - Decrypt

The SEC accuses the Adam brothers of defrauding investors by claiming their funds would be placed in a lending pool to fund “flash loans.”

DecryptVismaya V

4. Starknet Introduces Parallel Execution in New Update

Starknet has launched version 0.13.2, introducing parallel execution for the first time on an Ethereum layer-2 network. This upgrade allows simultaneous processing of transactions, addressing bottlenecks from sequential processing and improving efficiency. Parallel execution, live since August 28, aims to handle high demand better, while block packing reduces confirmation times from 10-80 seconds to just 2 seconds by optimizing transaction placement in blocks. This update is expected to become a standard practice in the industry. The upgrade follows the closure of the ZKX Protocol, a Starknet-based platform, due to low user engagement.

Starknet rolls out parallel execution in latest update

Starknet’s v0.13.2 upgrade introduces parallel execution, enhancing transaction speed and efficiency on Ethereum Layer 2.

CointelegraphJosh O’Sullivan

As the Web3 landscape continues to evolve, these updates mark significant strides in technology and regulation. From TON's recovery to Soneium’s ambitious goals, the SEC’s crackdown, and Starknet’s innovative upgrade, it's clear that the blockchain space is brimming with dynamic changes. Staying informed about these developments is crucial as they shape the future of the industry. Keep an eye on these trends and how they might impact your crypto journey. Until next time, stay curious and engaged with the ever-changing world of Web3!

WEB3 AI ML