Ethereum News: Vitalik Buterin Advocates for Deeper Research into Poseidon Hash to Boost ZK Proof Efficiency

In a recent development, Ethereum co-founder Vitalik Buterin has highlighted the potential of the Poseidon hash function in improving the efficiency of zero-knowledge (ZK) proofs. This move could have significant implications for the future of the Ethereum blockchain and its ability to scale and handle more complex transactions.

Ethereum Considers Poseidon Hash for ZK Proof Efficiency

Ethereum co-founder Vitalik Buterin is advocating for deeper research into the Poseidon hash function to improve zero-knowledge (ZK) proof efficiency. In a Feb. 26 post, Buterin encouraged cryptographers to participate in a security analysis program for Poseidon, extending the funding application deadline to March 15. Poseidon is a cryptographic hash function specifically designed for zero-knowledge applications, optimized for ZK proofs unlike traditional hash functions like SHA-256. Buterin stated that Ethereum is seriously considering migrating to the Poseidon hash to optimize ZK prover friendliness.

MetaMask Expands Crypto Off-Ramp Support to 10 Blockchains via Transak

MetaMask, the leading self-custodial wallet in the Ethereum (ETH) ecosystem, has expanded its fiat off-ramp feature to more than 10 blockchains through its partnership with payments firm Transak. Users can now convert tokens directly into fiat on blockchains such as BNB Chain, Arbitrum, Avalanche, Base, and Optimism. Previously, users had to swap tokens for ETH before converting them into fiat, which was neither cost-effective nor efficient. Lorenzo Santos, senior product manager at Consensys, stated that by expanding off-ramping capabilities with Transak, MetaMask is removing barriers between crypto and traditional currency.

Bybit $1.4 Billion Breach Linked to Safe Wallet Vulnerability

Cryptocurrency exchange Bybit experienced a security breach resulting in the unauthorized transfer of over $1.4 billion in liquid-staked Ether (ETH) and MegaETH (mETH). The exchange reported unauthorized access to one of its Ethereum cold wallets on February 21, 2025. The incident took place during a multisignature transaction facilitated through SAFE Wallet. A threat actor intercepted the process, altered the transaction, and gained control of the wallet. The attacker then transferred the funds to a separate wallet under their control. Following the discovery, Bybit engaged cybersecurity firm Sygnia to conduct a forensic investigation to determine the source of the compromise, assess the extent of the attack, and implement measures to prevent future incidents.

Bybit $1.4b Theft Originated from Compromised Safe UI

An independent audit confirmed that North Korea’s Lazarus Group infiltrated Safe’s infrastructure to compromise Bybit’s Ethereum wallet. A forensic analysis by Sygnia Labs and Verichain found Bybit’s security integrity remained intact despite the attack. The Dubai-based crypto exchange reported the theft of over 400,000 ethereum, worth approximately $1.4 billion, from its Safe-provided multi-signature wallet. Initial speculation suggested a signer compromise, but the audit traced the root cause to a Safe developer machine. Lazarus hot swapped the Gnosis SAFE UI with JS code targeting Bybit’s cold wallet.