Ethereum News: Pectra Upgrade Moves Forward with Successful Sepolia Testnet Deployment

Ethereum’s highly anticipated Pectra upgrade has made significant progress, successfully deploying on the Sepolia testnet. This marks a crucial step towards its eventual mainnet integration, aiming to enhance various aspects of the Ethereum network.

Ethereum’s ‘Pectra’ Upgrade Moves Closer to Mainnet

Ethereum’s long-awaited Pectra upgrade took a major step forward with its successful deployment on the Sepolia test network. The biggest upgrade to Ethereum since 2024, Pectra consists of 11 major features, or ’Ethereum improvement proposals’ (EIPs), aimed at enhancing staking, wallet functionality, and overall network efficiency. Sepolia’s Pectra upgrade followed a failed test on Ethereum’s Holesky testnet last week due to a misconfiguration among validators.

zkLend Launches Recovery Portal for February Exploit Victims

zkLend has officially launched its Recovery Portal, enabling users affected by the platform’s $9.6 million exploit on February 12th to claim their lost funds. The decentralized lending protocol announced the portal’s activation on March 5th, advising users to verify communications through official channels. The exploit prompted zkLend to halt withdrawals and investigate the breach. The stolen funds were bridged to the Ethereum network and attempted to be laundered through Railgun, but the privacy protocol returned the assets to the hacker’s original address due to internal policies.

Ethereum Whale Sells 40,000 ETH as Trading Volume Drops By 14%

An Ethereum whale, who once received the biggest payout during Genesis Trading’s liquidation, has just offloaded 40,000 ETH in a massive $89.2 million sale. This sudden move comes as ETH struggles to hold its ground, with prices up 6.96% at $2,244 but trading volumes dropping 14%. On March 4 and 5, the Ethereum whale moved 30,000 ETH to Galaxy Digital and another 10,000 ETH to FalconX. In return, they received $20 million USDC from Galaxy Digital and $19.49 million USDC from FalconX. This sale has sparked discussions in the crypto community.

China Asset Management Launches Tokenized Fund on Ethereum

China Asset Management Hong Kong (China AMC HK) has launched its Digital Money market Fund on February 28. Built on the Ethereum network, the fund integrates blockchain technology with traditional finance and is the first such fund in the Asia Pacific region. Approved by Hong Kong’s Securities and Futures Commission (SFC), the fund aims to provide access to money markets through blockchain, aligning with Hong Kong’s efforts to become a blockchain innovation hub. China AMC HK is a subsidiary of China Asset Management, one of China’s largest fund management companies with over RMB 2.58 trillion in assets.