Unnamed authorities are investigating the Ethereum Foundation, according to reports. CoinDesk report. In fact, the Swiss non-profit that supports Ethereum has been the subject of an investigation on the basis of a GitHub commit.
The group said they had “received an inquiry from a state authority that included a requirement for confidentiality.” Until now, there is little to no information about the overall scope or purpose of this investigation.
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Ethereum Foundation Under Investigation
Ethereum has become one of the biggest networks in the digital assets industry. ETH, the second-largest cryptocurrency in terms of market capitalization, has stabilized within the entire market. A report has revealed that the nonprofit ecosystems organization is now the focus of a government investigation.
A new CoinDesk article claims that a State Authority is investigating the Ethereum Foundation. The group, in fact, had reportedly confirmed the investigation through a GitHub commitment on February 26th 2024. They haven’t released any statement about the reports.
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This news comes at a crucial time for Ethereum as a system. The chain has implemented the much-anticipated Dencun upgrade The technical development was integrated in March. In order to reduce transaction costs, the technical developments were integrated into the Layer-2 network platform.
Ethereum is expected to be the next big thing. next A digital asset is used as collateral for an ETF. Bitcoin was approved for investment offers earlier in the year. Its value then skyrocketed, hitting an all-time record of $73,000 in this month. If ETH had a similar experience, it would have a massive impact on the value of ETH and its market.
As the situation continues to evolve, we will provide updates as they become available.
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Source: watcher.guru