Tornado Cash Hacker's Bizarre 'Referendum

GM Readers!📪 It's BitDegree Insider, and here's your Web3 smoothie.

⭐️Today's selection:

• 🌪Tornado Cash Update
• 🔐Ledger Wallet Update
• 🧋Wednesday Bubbles
• 👌Selected Meme of The Day
• 📰Bite-Sized News

TORNADO CASH UPDATE

Just a few days ago, we wrote about how Tornado Cash, the crypto mixer, got really REKT by a hacker. 

Well, there have been some developments to the story.

The hacker has gone through... a change of heart.

They decided to hand over control over the protocol. 

And posted a proposal.

If the proposal got approved, the malicious code would be removed from the protocol and control would go back to the token holders.

Some people think that this was done with a precise purpose in mind. To increase the value of the $TORN token so that the stolen assets could be sold for more money.

On May 26, the voting results will be known to everyone, but the community still has no way to influence the outcome.

Will the hacker eventually hand over the control?

You may be asking: what's going on here?

What kind of voting is this, and why is there any kind of anticipation for the results, since the hacker is... the only one to participate in the voting?

It's simple. We'll get to see, whether the hacker, in the name of the community, will really accept the proposal (that they proposed themselves lol), or if it is just a simple trick to increase the tokens' value, sell them, and just peace out, leaving a mess behind them.

Lately, many hackers have been returning stolen funds. But why? And why would they hack such an important mixer protocol, if they're returning the money?

Or perhaps North Korean cyber-groups are behind all of this...

So much remains hidden in the shadows. Pardon our overly dramatic way of putting this, but... It is dramatic.

Well, this whole story will definitely end up being a reason why decentralized organisations (DAOs) will be unrecognisable in a few years. Things gotta change. 

TL;DR: The hacker who targeted Tornado Cash crypto mixer has proposed to return control of the protocol to token holders, potentially increasing the value of the $TORN token. The motive behind the hack and the possibility of North Korean involvement remain unclear, and the community awaits the voting results on May 26 to determine the outcome.

LEDGER UPDATE

There's an update about Ledger Wallet as well.

Reminder:  the crypto wallet producer was under fire for introducing a new service.

Called "Ledger Recover," the service promised to help users recover their private keys, in case they lost them. Even though it was an optional service for a $10/month price tag, the community did not let it slide.

So, following the endless criticism, the launch of this service has been delayed. 

But, the company still believes in the necessity of this feature. However!

The wallet producer decided to open the source code of the scandalous Ledger Recover feature so that customers could see for themselves that it is safe.

Ledger stands confidently that safety is their #1 priority.

But, as for now, the release of this feature has been temporarily postponed.

What's the criticism about, tho?

Not everyone would want to have the added risk that someone from above (authorities or government) could gain access to their data.

The private key, a 24-word phrase, is something that shouldn't be known by anyone else, apart from the keys' owner. At least, that's how the majority of the industry feels like.

Let's see what happens when Ledger becomes open source.

TL;DR: Ledger Wallet's controversial "Ledger Recover" service, which aimed to assist users in recovering lost private keys for a fee, has been delayed due to community criticism, but the company plans to open the source code for customers to verify its safety while temporarily postponing its release.

WEDNESDAY BUBBLES

The birds are singing, the wind is blowing, the DeFi is bubbling. 

Here are the most notable increases/decreases during the last week.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• NFT Marketplace NFTrade Unveils Innovative Cross-Chain Purchase Feature. It will allow collectors to purchase on one network while using a different one for payment.
• Chinese City Nanjing Pioneers in Metaverse Industry with State-Backed Platform. A significant stride toward embracing the Metaverse.
• Prometheum to Operate as Qualified Custodian for Digital Assets Securities. a Promethean move.