A U.S. Law Firm Seeks to Halt Transfer of Frozen ETH in Kelp Attack, Claiming Over $870 Million in Damages
On May 4, U.S. law firm Gerstein Harrow LLP filed a motion for a restraining order in court, seeking to block the Arbitrum DAO from transferring frozen Ethereum assets tied to the Kelp attack. The firm stated its client has secured default judgments totaling roughly $877 million (including punitive damages and interest) in three cases against North Korea, claiming a right to the related assets.
Previously, on April 18, the Kelp DAO was hacked, resulting in losses of approximately $292 million—losses linked to the North Korean hacker group Lazarus Group. The Arbitrum Security Council subsequently froze around 30,766 Ether (valued at roughly $73 million at the time).
The incident has sparked controversy. Some community members argue enforcing the restraining order would delay fund returns to affected users and shift North Korea-related liabilities to secondary victims. Earlier, Aave Labs proposed unfreezing the assets and directing them into a compensation fund to recover damaged a
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Hyperliquid HIP-4 Event Contract Launched with 6.05 Million Trades on the First Day, Capturing Approximately 0.7% of the Prediction Market
On May 4th, decentralized exchange (DEX) platform Hyperliquid officially launched its HIP-4 Event Contract. On day one, the product’s nominal trading volume hit 6.05 million contracts—roughly 0.7% of total daily prediction market volume.
For context, top prediction market platforms still hold a massive lead in daily trading volume: Kalshi (~546M contracts), Polymarket (~190M), Limitless (~68.26M), Crypto.com (~28.2M), Opinion (~25.72M), Predict.fun (~11.8M).
Data indicates Hyperliquid has achieved a meaningful cold start in the event contract space despite its small initial scale, officially marking its entry into the competitive prediction market landscape. In the near term, top platforms retain an absolute liquidity edge—future growth will hinge on product design and user acquisition/migration capabilities.
8 minutes ago
Ethereum Completes Glamsterdam Upgrade, Gas Limit Increased to 200 Million to Boost On-Chain Scalability
On May 4th, Ethereum announced it successfully completed the **Glamsterdam Upgrade** on May 1st—marking the largest capacity expansion in its history by raising the block gas limit from 60 million to 200 million.
This adjustment significantly boosts on-chain throughput, lowers costs for complex smart contract interactions, and aims to strengthen the high-performance public chain’s competitiveness.
To tackle state bloat and operational strain on nodes from the expansion, the upgrade introduces **Verkle Trees** and a **State Expunging mechanism**: nodes can prune historical data older than one year and offload it to decentralized storage/archive nodes, keeping validator hardware requirements manageable. A **base fee smoothing mechanism** is also rolled out to mitigate gas fee volatility risks.
The expansion has major Layer 2 ecosystem implications: thanks to reduced mainnet data settlement costs, Rollup costs are projected to drop by roughly 70%, spurring fee competition among l
8 minutes ago
Kraken's parent company completes acquisition of Bitnomial, officially entering the US crypto derivatives market
On May 4, Payward — Kraken’s parent company — announced it has completed its acquisition of Bitnomial, marking official approval to offer cryptocurrency derivatives services in the U.S.
Post-transaction, Payward now holds a full suite of licenses from the U.S. Commodity Futures Trading Commission (CFTC) — including Futures Commission Merchant (FCM), Designated Contract Market (DCM), and Derivatives Clearing Organization (DCO) statuses — enabling it to offer spot margin, perpetual futures, and options trading to eligible U.S. customers.
Payward Co-CEO Arjun Sethi said the firm will first launch spot margin products on Kraken, then roll out perpetual futures and options gradually.
Headquartered in Chicago, Bitnomial is among the few U.S. platforms with a full set of crypto derivatives licenses. Post-acquisition, it will retain its original licenses and business structure, acting as the core of Payward’s U.S. derivatives strategy.
Additionally, Payward noted the deal will also
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Viewpoint: The Bitcoin community is beginning to reach a preliminary consensus on the quantum threat and is pushing forward a post-quantum upgrade roadmap
On May 4, Galaxy Digital Research Director Alex Thorn noted that as quantum computing hardware advances, the Bitcoin community is shifting from decentralized debate to preliminary consensus on the quantum threat. The core approach is to phase in post-quantum cryptography (PQC) via a soft fork, upgrading the address system and enhancing long-term security.
The report notes Bitcoin’s signature mechanism—based on the Elliptic Curve Digital Signature Algorithm (ECDSA)—is theoretically vulnerable to Shor’s algorithm. Roughly 2 million BTC tied to early p2pkh addresses face a potential “collect now, decrypt later” risk due to exposed public keys. The community is leaning toward a “migration window” mechanism: guiding users to move funds to new quantum-resistant addresses, with unmigrated funds to be frozen or destroyed after a multi-year grace period to avoid market disruptions from extreme scenarios.
Additionally, the consensus calls for boosting “cryptographic agility,” letting the p
8 minutes ago
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