Crypto Markets Overview: Technical Developments and Security Challenges

Network Interruptions and Stability

Starknet Restores Full Operation After Four-Hour Outage

The Starknet layer-2 network experienced a significant four-hour outage during which the service was not fully available. Transactions processed between 09:24 and 09:42 UTC may exhibit anomalies in their processing. A detailed analysis with a timeline of events, root cause analysis, and preventive protocols will be made public shortly.

This type of outage highlights the operational risks of layer-2 platforms based on centralized sequencer architectures. When a limited number of operators are responsible for transaction ordering and block production, the system becomes vulnerable to critical failures. In the context of decentralized finance, even short periods of downtime can have significant consequences: blocked transactions, failed swaps, and difficulties in updating open positions.

Security Issues in the Sector

Ledger Faces New Data Breach Incident via Global-e

Ledger, one of the leading hardware wallet manufacturers, is managing the consequences of a security incident involving the third-party payment platform Global-e. Blockchain investigator ZachXBT has made public an email notification from Global-e documenting how personal information—including names and contact details—was compromised due to unauthorized access to the platform’s cloud infrastructure.

Global-e’s communication did not specify the exact number of affected users nor the precise date of the breach. The Global-e team reported that they promptly identified suspicious activity, implemented containment measures, and involved independent forensic experts to conduct thorough investigations. Checks confirmed that sensitive data was indeed accessible without authorization during a certain period.

This marks another chapter in the security issues faced by Ledger in recent years. In 2020, the company suffered a massive leak through the Shopify system, involving 270,000 customers. In 2023, significant losses occurred following an attack affecting several decentralized finance protocols, with damages estimated at nearly $500,000.

Technical and Economic Developments of the Network

Ethereum: Stabilization of the Staking Mechanism and Reconsideration of the Fundamental Vision

Staking dynamics on the Ethereum network have reached a new equilibrium. The staking queues, which previously caused significant delays for those wishing to participate or exit the validation system, have been completely eliminated. This evolution reflects a transition from a phase of intense competition to one of operational stability.

The history of staking positions demonstrates how the network has moved from scarcity to consolidation. New validators can now join or withdraw almost instantly, without long lock-up periods for funds. This change attests to Ethereum’s technical capacity to handle significant capital flows without operational bottlenecks.

Annual staking yields have stabilized around 3%, as the total amount of ETH staked in the protocol has surpassed both new token issuance and revenue from transaction fees. This reduction in incentives reflects not so much a loss of confidence but rather a greater market maturity and increasing certainty about network stability. An increasing number of ETH holders prefer to keep their tokens staked rather than actively trade them.

Meanwhile, Vitalik Buterin used his New Year’s message to reaffirm the fundamental principles guiding Ethereum. While acknowledging substantial technical progress over the past year—in terms of speed, reliability, and scalability—the co-founder warned against pursuing fleeting trends such as tokenized dollars or themed memecoins. According to Buterin, Ethereum’s true mission lies in its role as a “world computer”: a neutral, shared platform where applications can operate independently of any centralized entity. He emphasized the importance of systemic resilience, ensuring users remain protected even if major infrastructure providers cease operations.

Institutional Movements and Market Decisions

Expansion of Institutional Access to Crypto Products

Morgan Stanley has filed documentation with the Securities and Exchange Commission to launch a trust dedicated to Ethereum. This development follows previous requests for investment vehicles on Bitcoin and Solana, highlighting an acceleration in traditional financial institutions’ adoption of digital assets. These products are offered through regulated channels and oversight, representing increasing integration of the crypto market into the conventional financial system.

Revision of Digital Asset Index Policies

MicroStrategy (MSTR) shares appreciated by 6% in after-hours trading following a significant announcement from MSCI. The index provider announced its intention to suspend the exclusion programs for digital asset treasury companies from its benchmark indices. This decision eases immediate regulatory pressure on firms holding substantial Bitcoin reserves. However, analysts warn that regulatory dynamics could still evolve in the future.

Regulatory and Legislative Context

Progress Toward Bipartisan Regulation of the Crypto Sector

The U.S. Senate Banking Committee is moving toward consensus on a bipartisan legislative proposal to regulate cryptocurrency markets. A vote on the measure is scheduled for next week. Republican lawmakers express optimism about finalizing the regulatory text within the expected timeframe, while Democrats have not yet officially communicated on the accelerated schedule.

According to a draft reported by journalistic sources, many initial concerns raised by Democrats have been addressed in the legislative text. However, key points of contention remain, including issues related to taxation, staking yield treatment, regulations applicable to money transmitters, the supervisory role of the Department of the Treasury, and protections for software developers.

Upcoming Events Calendar

• February 10-12, 2026: Consensus, Hong Kong
• February 17-21, 2026: EthDenver, Denver
• March 30-April 2, 2026: EthCC, Cannes
• April 15-16, 2026: Paris Blockchain Week, Paris
• May 5-7, 2026: Consensus, Miami
• November 3-6, 2026: Devcon, Mumbai