GizmoLab Report: Cutting-Edge Developments in Web3 📈

A Quick TL;DR:

- Buterin Dumps Meme Coins, Earns $2.24 Million

- Arbitrum DAO Proposes $120M Fund Recall Over Missed Deadlines

- Ex-FTX Exec Ryan Salame Begins Prison Sentence, Faces Campaign Finance Scrutiny

- Critical Bitcoin Core Bug CVE-2018-17144 Allowed Duplicate Bitcoin Spending

- Ithaca Raises $20M to Boost Decentralized Tech with Open-Source Tools

- UNI and TON Whales Back CYBRO, Predicting 8,000% Growth by 2025

Vitalik Buterin Cashes Out on Meme Coins Like Popcat and Others, Earning Over $2.24 Million in Ethereum from His Latest Sales

Ethereum co-founder Vitalik Buterin has recently sold several meme coins he received for free, netting him 908.77 Ethereum (ETH), worth around $2.24 million. On-chain analysis by Lookonchain shows that Buterin’s largest sale involved 10 billion MOODENG tokens, bringing in 395.96 ETH ($976,000). Other notable sales included MSTR, EBULL, and Popcat, among others. While Buterin has expressed appreciation for meme coins that contribute to charitable causes, he prefers projects to donate directly to charity.

He recently announced that a donation of 10 billion MOODENG tokens will support anti-airborne disease technology. Despite his sales, Buterin has long supported using cryptocurrency for social good, and meme coins continue to lead a market resurgence driven by retail traders. As meme coins surge, fueled by events like "Uptober," they remain highly volatile, with political tokens such as MAGA experiencing significant price swings, highlighting the speculative nature of this market.

Arbitrum DAO Faces Proposal to Recall $120 Million from Gaming Fund Due to Missed Deadlines and Lack of Transparency Amid Governance Concerns

A new proposal from Arbitrum DAO member Joseph Schiarizzi suggests recalling nearly $120 million worth of ARB tokens from the Gaming Catalyst Program (GCP) after missing several key deadlines. The GCP, launched in June 2024 to boost Arbitrum’s gaming ecosystem, had allocated 225 million ARB tokens over three years. However, Schiarizzi points out that the program has failed to meet various milestones, including the creation of a website, issuing requests for proposals (RFPs), and providing biweekly updates.

He argues that it's "unconscionable" to allow such a large amount of funds to remain in the program's control without meeting transparency and oversight obligations. In response, Offchain Labs CEO Steven Goldfeder noted that delays are expected due to the complexity of setting up the program and defended the program's biweekly calls and progress. Schiarizzi’s proposal aims to raise awareness and push for more transparency rather than cancel the fund entirely. Despite the missed deadlines, he hopes the program can get back on track with clearer communication and public updates.

Republican Donor and Former FTX Executive Ryan Salame Sentenced to 7.5 Years in Prison Amid Campaign Finance Charges Involving His Partner

Ryan Salame, former FTX executive and prominent Republican donor, has been sentenced to 7.5 years in prison for his role in the collapse of the cryptocurrency exchange. Unlike other former FTX colleagues like Caroline Ellison and Nishad Singh, who cooperated with authorities, Salame invoked his Fifth Amendment right, resulting in a harsher sentence. Salame’s partner, Michelle Bond, a crypto lobbyist, has also been charged with campaign finance violations, facing up to 15 years in prison. Prosecutors allege that Bond used $400,000 from a "sham consulting" agreement to fund a failed congressional campaign.

Salame has remained defiant, posting on social media about his bleak situation, even making light of his upcoming imprisonment. His public criticism extended to his lawyers, former FTX employees, and his own legal culpability for operating an unlicensed money transmitting business. Despite Salame’s guilty plea, his case underscores the broader investigations into illegal political donations linked to FTX. While Bond's case is ongoing, Salame reported to prison Friday, continuing to post humorous updates on social media until his final day of freedom.

Bitcoin Core Vulnerability CVE-2018-17144 Could Have Allowed Attackers to Spend the Same Bitcoin Twice, But Was Quickly Patched

CVE-2018-17144 was a critical bug in Bitcoin Core that could have enabled attackers to spend the same bitcoins multiple times, posing a significant risk to the network. The vulnerability stemmed from an optimization introduced in Bitcoin Core 0.14.0 that skipped a redundancy check, allowing blocks with duplicated inputs to be partly processed. This flaw could be exploited for a denial-of-service (DoS) attack, initially causing nodes to crash. A subsequent change in Bitcoin Core 0.15.0 unintentionally removed the crash safeguard, allowing the duplicated inputs to proceed, potentially enabling double spending. Developer Awemany discovered the bug on 17 September 2018, and Bitcoin Core developers responded swiftly, providing patches within hours and a full binary release within 36 hours.

Initially, only the DoS aspect was disclosed, but after developers reverse-engineered the patch and identified the inflation risk, full disclosure followed on 20 September. Fortunately, the bug was never exploited on Bitcoin's mainnet, and most full nodes quickly updated to safe versions. However, testnet nodes running outdated versions experienced crashes and accepted double-spent transactions, requiring manual intervention to resolve the issue. The incident highlighted the importance of quick patching and robust security measures in blockchain networks.

Cyberpunk Battle Royale Game "Off The Grid" Tops Epic Games Store Rankings, With Planned Crypto Features Set to Revolutionize In-Game Economy

Off The Grid, a cyberpunk-themed battle royale game, recently claimed the #1 spot on the Epic Games Store's list of popular free-to-play games, surpassing major titles like Fortnite and Genshin Impact. Co-created by filmmaker Neil Blomkamp (District 9, Elysium), the game has gained significant traction through a Twitch partnership with streamer Tyler "Ninja" Blevins, featuring a cosmetic skin in his likeness. Though it has now dropped to #11, Off The Grid continues to rank well, also available on PlayStation and Xbox consoles.

Notably, the game plans to integrate crypto features via the GUNZ token, part of an Avalanche Subnet designed by developer Gunzilla to manage its in-game economy. While these blockchain-based features, including NFTs for item ownership, have yet to launch, they promise to allow players to trade and purchase items using the GUNZ token, currently only serving as in-game currency. Gunzilla also plans to open the GUNZ platform to other game developers, offering an SDK and marketplace to expand its ecosystem. Emin Gün Sirer, CEO of Ava Labs, praised the innovative use of Avalanche's network for the game, calling it a high-quality product with real-world applications.

Uniswap and Toncoin Whales Bet Big on CYBRO, AI-Powered DeFi Altcoin, Eyeing an 8,000% Surge by 2025

Major Uniswap and Toncoin whales are making bold moves, shifting their attention to CYBRO, a next-generation DeFi altcoin projected for massive growth. Currently priced at just $0.035, CYBRO is expected to skyrocket by 8,000% by the first quarter of 2025, drawing significant attention from crypto investors. The AI-powered DeFi platform has already raised over $3 million in its presale, bolstering confidence in its future success.

Key features of CYBRO include staking rewards, airdrops, and a lucrative referral program, which are appealing to early adopters. With these promising developments, major crypto whales are placing big bets on CYBRO's potential. The platform aims to revolutionize decentralized finance by leveraging AI technology, creating new opportunities for both traditional and crypto investors alike. As excitement grows around CYBRO, investors are eager to capitalize on its projected explosive returns in the coming years.

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