• Base implements Flashblocks on testnet.

• Base introduces Smart Wallet Sub Accounts.

• SEC dismises lawsuit against Conensys.

• Holesky validators agree on slashing plan.

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Base implemented Flashblocks on the Base Sepolia testnet, which cuts block times to 200 milliseconds, a significant enhancement from its current 2-second block time. Flashblocks is part of Flashbot's Rollup Boost software that provides sub-blocks that are streamed to nodes at 200-millisecond intervals. It provides fast confirmation times and includes native revert protection. The upgrade will position Base as the fastest EVM-compatible chain, surpassing Solana's speed. Developers can start experimenting with Flashblocks by integrating them via the Base Sepolia Flashblocks RPC endpoint. Uniswap is also adopting Flashblocks to achieve 250-millisecond block times on Unichain. Base plans to implement Flashblocks on Base mainnet in Q2 2025.

Base also introduced Smart Wallet Sub Accounts as part of recent updates aimed at optimizing performance and usability. The feature, incorporated into the Coinbase Smart Wallet, is designed to minimize the complexity of handling multiple accounts and approvals by providing unified account management. Sub accounts simplify the user experience by reducing the number of wallet pop-ups. They feature hierarchical account ownership and customizable spending permissions across applications. Sub accounts are currently live for testing on the Base Sepolia testnet.

Consensys founder Joseph Lubin announced that the SEC has agreed to end its lawsuit against Consensys. The lawsuit, initiated by the SEC in June 2024, accused Consensys of unregistered securities violations, specifically concerning MetaMask Swaps and MetaMask Staking services. The SEC plans to file a formal stipulation to dismiss the case in the coming weeks. Previously, Consensys had sued the SEC for overstepping its authority following subpoenas that demanded extensive details about Consensys's role in the Ethereum Merge. The SEC subsequently withdrew its investigation into Ethereum in 2024. Today’s dismissal follows a trend of the SEC ending enforcement actions against crypto platforms, including Coinbase, OpenSea, and Uniswap.

Holesky testnet validators agreed on a coordinated plan to temporarily disable slashing protection on February 28 at 15:00 UTC. The action aims to quickly finalize an epoch and establish a clean synchronization checkpoint. Validators are advised to continue syncing to the correct chain and maintain their slashing protection until slot 3737760. The Pectra fork on Sepolia will proceed as planned on March 5th at 7:29 UTC. Validators on Sepolia using Geth, Besu, Nethermind, or Lodestar clients must update their software before the scheduled upgrade.

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• 161.4k ETH laundered via ThorChain

• Growthepie application level metrics

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• Safe.global was compromised.

• EF donates $1.25m Pertsev’s defense.

• Holešky fork rescue efforts continue.

• Clave releases ZK Email Recovery.

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Preliminary investigations into the $1.5 billion ByBit hack revealed that the breach originated from a compromised Safe.Global front end, likely due to a leaked AWS S3 or CloudFront account key. The Safe team later confirmed that an employee’s device had been compromised, granting the attacker server access to the Safe front end. Forensic analysis revealed that malware, injected through JavaScript from app.safe.global, altered transaction data to divert funds to the hackers. The malicious code specifically targeted ByBit's addresses, one of the largest accounts on Safe. Currently, the Safe front end is available in a limited capacity. Safe founder Martin Koeppelmann recommended not to interact with Safe at this time.

The Ethereum Foundation donated $1.25 million to support the legal defense of Alexey Pertsev, a developer who helped write open-source code for Tornado Cash. Pertsev was arrested in August 2022 on allegations of money laundering linked to Tornado Cash. In April 2024, he was sentenced to 64 months in prison. He is now preparing to appeal the conviction. The donation by the Ethereum Foundation comes about a month after Paradigm donated $1.25 million for the legal defense of Roman Storm, another Tornado Cash developer facing similar charges in the U.S. who will begin trial in April 2025. Last month, the Texas Court of Appeals overturned sanctions on Tornado Cash smart contracts.

Holešky validators and full nodes are urged to come back online and attempt to sync as part of ongoing efforts to stabilize the testnet after a chain split. The testnet is showing signs of recovery, with validators now producing between 4 to 10 blocks per epoch. The primary focus is on reducing the rate of missed slots to below 25%, which will enable developers to begin coordinated slashing. Even for validators that previously attested to the wrong block, their slashing protections are still in place, allowing them to continue block production. Despite the incident, there is a consensus among developers to move forward with the scheduled activation of the Pectra upgrade on the Sepolia testnet, set for March 5, 2025, at 7:29 UTC.

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• Clave releases ZK Email Recovery

• GHO hits 200m market cap

• ByBit Hack FBI alert

• Astria introduces Bridging Protocol

• How to use multisigs safely

• How to manually create Safe tx

See disclosures

• Holesky testnet suffers a chain split.

• SEC ends its investigation into Uniswap.

• Aya steps down as EF Executive Director.

• ByBit hackers launder 89.5k ETH.

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The Pectra upgrade activated on the Holesky testnet on February 24th at 21:55 UTC, but the testnet failed to finalize due to a configuration bug in majority Execution Layer clients Nethermind, Geth, and Besu. The clients did not configure the correct staking deposit contract address for Holesky, resulting in the production of an invalid block that propagated across the network. Minority clients Erigon and Reth continued to produce valid blocks. The situation led to a chain split, in which the majority clients justified an invalid chain. Node operators intervened by shutting down enough validators on the invalid chain to prevent it from finalizing. The affected Execution Layer clients have issued updated versions with a fix. Node operators are urged to update their clients. Ethereum developers are now focused on stabilizing the Holesky testnet by building on and finalizing the minority chain. The network will slash the clients that verified the incorrect chain. A debrief is scheduled for 26th February at 14:00 UTC to discuss the incident and its impact on the Pectra upgrade timeline.

Uniswap Labs announced that the SEC has ended its investigation into Uniswap, with the agency deciding not to take any enforcement action or impose any penalties on the DeFi protocol. In April 2024, the SEC issued a Wells Notice to Uniswap Labs, which signaled intentions to prusue enforcement action over allegations of operating as an unregistered exchange and broker. The dismissal comes a few days after the SEC also terminated its legal action against Coinbase. Uniswap Labs' COO, Mary-Catherine Lader, coined the outcome as a significant victory for the broader DeFi ecosystem. Uniswap Labs expressed its appreciation towards the recent change in leadership at the SEC.

Aya Miyaguchi announced her resignation as the Executive Director of the Ethereum Foundation after seven years. She will transition into her new role as President at the EF where she will support the foundation's institutional relationships. Miyaguchi noted that the Ethereum Foundation's mission is to support, not control, Ethereum's development. Vitalik Buterin said that further details about the new leadership structure at the Ethereum Foundation would be announced soon. The announcement follows calls from the Ethereum community in recent months for changes in leadership, including the resignation of Aya Miyaguchi and the appointment of Danny Ryan as the executive director.

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See disclosures.