24x7 Flash News

Ethereum Foundation Announces 40% Budget Cut and Strategic Restructuring

The Ethereum Foundation (EF) will implement a significant budget reduction of approximately 40% for 2026, as announced by Vitalik Buterin. This move is part of a broader strategy to decrease the foundation's annual spending ratio from around 15% to 5% by 2030, transitioning towards a long-term endowment fund model. Key changes include the dissolution of the Privacy and Scaling Explorations (PSE) team, with a refocus on developing high-priority technologies. Additionally, the foundation will shift its multi-client model from redundancy-based security to a specialized division of labor, incorporating AI-assisted formal verification. The scale of Devcon will be gradually reduced, and EF's involvement in large-scale projects outside Ethereum will diminish, with such initiatives to be funded personally by Vitalik Buterin. Once the Ethereum "Strawmap" is completed, EF will prioritize security fixes and small, high-value modifications, adopting a more minimalist approach akin to Bitcoin.

Phemex Crypto Market Daily: Crypto Market Slides as BTC, ETH Lead Broad Decline on Macro Headwinds (Jun 23)

Hong Kong Police Uncover HK$230 Million Crypto Money Laundering Scheme

Hong Kong police have dismantled a cross-border money laundering operation involving HK$230 million, utilizing cryptocurrency transactions. The syndicate processed funds from 34 fraud cases through 43 Hong Kong bank accounts between June and September 2024, totaling HK$18 million. A 34-year-old Mainland Chinese woman was implicated for opening multiple nominee bank accounts and purchasing cryptocurrencies to obscure the illicit funds' origins. She has been sentenced to 47.5 months in prison. Authorities emphasize the severe penalties for money laundering, which include up to 14 years' imprisonment and fines of HK$5 million. The case highlights the ongoing challenges in combating financial crimes facilitated by digital currencies.