Edgeless Casino lost $5600000 due to Parity hack

Luckily, project saved enough funds earlier to launch the platform in Q3
20 July 2017   8588
Ethereum

Is an open-source blockchain-based distributed computing platform featuring smart contract functionality, which facilitates online contractual agreements

Edgeless project, the Ethereum smart contract-based Casino, shared official announcement regarding Parity hack.

According to it, project lost  26 793 ETH ( 5.6 mill $ ) due to hackers attack. 

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

But team had  diversified their funds right after an ICO and they have amount to run the project. Additionally, they got funds when ETH was 15$ — 50$ per unit and now ETH price is way much higher which covers our hacked loss. It means that platform launch will happen in Q3. However, team was forced to make some changes in dapp structure. From now it will be purely ran on EDG tokens, since a large part of team's ETH was supposed to be our casino’s bankroll.

That means, if players want to gamble on Edgeless casino, they will need to get EDG tokens.

Also, Edgeless, Æternirty and Swarn City formed a group to address this question. It will be announced in a near future.

Also, Aeternity had also shared information about the hack. Learn more about the Parity hack in our article

Ethereum Foundation to Allocate $30M on Key Projects

For example, $3 000 000 will be spend to attract developers
22 May 2019   83

The non-profit organization Ethereum Foundation, which promotes and supports the development of the Ethereum ecosystem, will allocate $ 30 million for the development of key projects. Of these, $ 19 million will go to the “ether of the future”, $ 8 million to support the “ether of the present”, and another $ 3 million to attract developers.

The priority direction of development is Ethereum 2.0, second-level solutions for network scaling like Plasma, as well as other studies related to the transition of the ecosystem to the Proof-Of-Stake consensus algorithm.

We've actually already had all the research breakthroughs we need for a full implementation of eth2. This has been the case for about a year now.
 

Vitalik Buterin

Creator, Ethereum

At the same time, the organization attaches great importance to maintaining the current version of the network, which provides security of assets worth billions of dollars and hundreds of running decentralized applications.

In addition, $ 3 million will be spent on training developers and their further involvement in the work on the protocol, as well as on holding a Devcon conference and supporting regional communities.

The Ethereum Foundation retains about 0.6% of the total Ethereum emissions, but over time it expects organizations like DAO Moloch to partially finance the development of the ecosystem.