👮 An NFT Artist from Latvia is facing 12 years in jail over money laundering charges Ξ Vitalik at EthCC: Ethereum will be able to process 100,000 transactions per second 🔉 Audius gets hacked for $1 million

GM. vEmpions! Let’s recap what happened over the weekend.

👮 An NFT Artist from Latvia is facing 12 years in jail over money laundering charges Ξ Vitalik at EthCC: Ethereum will be able to process 100,000 transactions per second🔉 Audius gets hacked for $1 million

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An NFT Artist from Latvia is facing 12 years in jail over money laundering charges

Ilya Borisov, a Latvian developer and artist, is in hot water with authorities after they claimed that his earnings from non-fungible tokens (NFTs) totaling €8.7 million are proceeds of money laundering and crime on a large scale.

If convicted, Borisov could face up to 12 years in prison, which would be a real shame considering all the groundbreaking NFT work he's done.

If you're thinking of working with crypto in Europe, make sure you do your homework first. Borisov learned this the hard way, after being advised by the tax agency to register as a self-employed person and pay taxes on the money he withdrew from his bank account. Needless to say, that didn't work in the end.

He is just the latest in a long line of people who have found themselves on the wrong side of the law when it comes to crypto. So if you're thinking of getting involved in the space, make sure you know the rules and regulations in your country before you start trading.

Vitalik at EthCC: Ethereum will be able to process 100,000 transactions per second

Vitalik Buterin, the co-founder of Ethereum, has said that ETH 2.0 network will eventually be able to process 100,000 transactions per second. However, he has also said that the development team is still working on the four-stage post-merge roadmap, so it may be some time before we see this level of scalability.

Buterin made these comments during the Ethereum Community Conference (EthCC) in Paris, France. He said that the final Ethereum 2.0 version, powered by a proof of stake consensus mechanism, will be far more scalable than the current proof-of-work network.

The first stage of ETH 2.0 is expected to be launched in 2020. This will be followed by three more stages that will gradually roll out over the next few years. Each stage will add new features and functionality to the network.

After the merge, Ethereum will be more robust and decentralized. However, daily emissions will be slashed by 90 percent, from 15k ETH to 1.5k ETH. This reduction in supply coupled with unchanged demand is likely to result in higher ETH prices.

In Paris, Vitalik told of four more development phases that will be implemented by the devs over the next few years. These phases, dubbed the “surge, verge, purge, and splurge”, are designed to improve Ethereum’s resilience and scalability for the future adoption by dApp developers.

So, while we may not see ETH 2.0 reach its full potential for a while, it is clear that the team is making progress and that the future looks bright for Ethereum.

Audius gets hacked for $1 million

The Audius platform (a web3 audio streaming service) recently experienced a major security lapse when a hacker was able to pass a malicious proposal that resulted in the transfer of $5.9 million worth of tokens. The hacker made off with $1 million of those tokens, leaving the Audius community reeling from the loss.

The theft took place on July 24, when the attacker created a malicious proposal requesting the transfer of the tokens. The proposal was approved by community voting, allowing the attacker to call initialize() and set himself as the owner of the governance contract.

This incident highlights the dangers of decentralization and community-based decision-making. When anyone can submit a proposal and anyone can vote on it, there is always the risk that malicious actors will take advantage of the system. In this case, the hacker was able to use this exploit in order to steal a large sum of money.

While proposals can be a great way for communities to make decisions, this incident serves as a reminder that we need to be careful about who we trust and what we vote for. In the future, hopefully the Audius community will be able to recover from this loss and tighten up their security to prevent something like this from happening again.