The Protocol: Hoodi the New Testnet, Microsoft Warns of Malware Targeting Coinbase and MetaMask Wallets

Ethereum developers launched a new test network, Hoodi, this week that will be used to carry out the blockchain's upcoming “Pectra” upgrade.

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HELLO, HOODI: ETHEREUM DEVS LAUNCH NEW TESTNET AHEAD OF PECTRA UPGRADE: Ethereum developers launched a new test network, Hoodi, this week that will be used to carry out the blockchain's upcoming “Pectra” upgrade. Pectra will go live on Hoodi on March 26, and if all goes well, the long-awaited upgrade will proceed to Ethereum's mainnet roughly 30 days later, according to the network's core developers. Hoodi was created following faulty Pectra tests on Ethereum's other testnets, Holesky and Sepolia, which failed to finalize properly due to problems with how they were configured. Test networks like Holesky, Sepolia, and Hoodi aim to mimic the main Ethereum network — allowing developers the opportunity to test out code changes or major upgrades like Pectra in a low-stakes environment before deploying them to the mainnet. — Margaux Nijkerk Read more.

MICROSOFT ISSUES WARNING OF STILACHIRAT MALWARE TARGETING COINBASE, METAMASK: Tech giant Microsoft shared a new report and issued a warning of a remote access trojan (RAT), dubbed StilachiRAT, that could deploy “sophisticated techniques to evade detection, persist in the target environment, and exfiltrate sensitive data.” The Incident Response researchers at Microsoft also explained that the malware targets 20 of the most popular cryptocurrency wallets used with the Google Chrome extension. StilachiRAT, which was discovered in November 2024, could steal users' wallet information, and any credentials, including usernames and passwords, stored in their Google Chrome browser. It targets 20 crypto wallets including some of the most widely-used ones like MetaMask, Coinbase Wallet, Phantom, OKX Wallet, and BNB Chain Wallet. While the malware has not been distributed widely, Microsoft did share that it has not been able to identify what entity is behind the threat and laid out some mitigation guidelines for current targets including installing antivirus software. — Margaux Nijkerk Read more.

DE MINIMIS:

CLOCK IS TICKING ON HOUSE HEARING FOR STABLECOIN BILL: A House hearing for a bipartisan stablecoin bill appears likely next week, setting the stage for lawmakers to begin considering legislation to regulate the digital assets broadly. A measure introduced by Rep. Maxine Waters (D-Calif.) and Rep. Bill Rumer (R-Idaho) in June seeks to mandate that stablecoins be fully backed by a combination of cash, cash equivalents and liquid securities. It would also require issuers to disclose the composition of their reserves on a daily basis and subject them to regular examinations by federal regulators. The bill would place stablecoins issued by supervised institutions in a preferred regulatory framework, streamlining compliance and facilitating entry into the market. However, stablecoins issued by supervised institutions would still be subject to anti-money laundering, Bank Secrecy Act and cybersecurity requirements.

PLASMA CHAIN DEVS ANNOUNCE NEW TESTNET FOR ETHEREUM UPGRADE: The developers behind Plasma Chain, a scaling solution for the Ethereum blockchain, announced the launch of a new testnet ahead of deploying a major upgrade to the mainnet. The team is planning to release a version of the Plasma Chain client with support for the EvM Chain, which will enable developers to deploy smart contracts written in the Solidity programming language on Plasma Chain.

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