ZachXBT's report reveals a $46 million theft targeting Coinbase users, highlighting serious security risks.
$34.9 million was stolen through a Bitcoin scam, then transferred to Ethereum and exchanged for DAI.
Coinbase has not effectively controlled addresses related to theft, increasing risks for users.
To timely address the issue, Vitalik Buterin proposed an Ethereum Layer 2 upgrade to enhance transaction security performance, reduce costs, and improve interoperability. Key improvements include:
Increased data capacity (Pectra & Fusaka) → Faster transaction processing.
Hybrid proof system (Optimistic, ZK, Trusted Hardware) → Safer & quicker transaction confirmations.
Merging the ZK Proof system → Reducing verification costs, increasing performance.
These upgrades help Ethereum operate cohesively, attract institutional investment, and lessen competitive pressure in the blockchain industry.
*** now the ETH blockchain is about to merge into an ecosystem ***
"Using Ethereum should feel like using a single ecosystem, not 34 different blockchains." — Vitalik Buterin, Co-founder, Ethereum
--> This affects the diversity of solutions from Ethereum Layer 2 (Optimism, Arbitrum, zkSync, Starknet...) as larger funds and aggressive investors show less interest, impacting later layer 2 solutions (making it harder to pump high like the network deemed the best). It could even affect capital withdrawal for $ARB and $OP .
