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The father of a crypto tycoon was kidnapped in Paris and extorted for 5-7 million euros, but has now been rescued French Interior Minister Bruno Retailleau forwarded a news on X. The news content is that the father of a crypto tycoon was kidnapped and extorted in Paris and has been rescued. It is reported that the crypto tycoon owns a company that manages cryptocurrencies in Malta. His father was kidnapped at around 10:30 am on Thursday and was subsequently asked to pay 5-7 million euros in the form of a transfer. Currently, four people involved in the case have been arrested and detained. The relevant news did not disclose the name of the crypto tycoon. Earlier news, Ledger co-founder David Balland was also kidnapped in France at the beginning of this year. In the incident, David Balland was eventually rescued but one of his fingers was allegedly cut off.

Vitalik Buterin said Ethereum needs to quit pretending it’s fine. On Friday, he published a long proposal calling for Ethereum to cut out its over-complicated guts and move closer to the clean structure of Bitcoin within five years. “Ethereum wants to be the world’s ledger,” Vitalik wrote, pointing to its role as a base layer for crypto, finance, governance, authentication, and records. But to actually get there, he said the chain has to be both scalable and resilient — and right now, it’s too complex to handle that. The Fusaka hard fork is supposed to increase L2 data space by 10x. Ethereum’s 2026 roadmap promises to boost L1 data capacity to match. The network already switched to proof of stake, improved client diversity, and is working on ZK verifiability and quantum resistance. But Vitalik said none of that matters if the core protocol stays bloated. “We need to shine a light on the importance of simplicity,” he wrote. He pointed to Bitcoin’s design — blocks, hashes, proof of work, and nothing more — as the model Ethereum should follow. Vitalik said Ethereum can get there by rewriting its consensus layer. He wants to replace the current beacon chain with something called 3-slot finality, which would remove slots, epochs, committee shuffling, and other moving parts. “You could build this in 200 lines of code,” he wrote . He said it offers strong security and removes a lot of bloat from the system. The smaller validator sets also make the fork choice rule simpler. He said Ethereum should use STARK-based aggregation so anyone can be an aggregator without needing special trust or overpaying for bitfields. The cryptography is complicated, but it’s boxed in and doesn’t screw with the whole system. That opens the door to a simpler peer-to-peer layer. Validator functions — like entry, exit, withdrawal, key changes, and inactivity leaks — should be rebuilt to reduce the line count and make system guarantees easier to read. Vitalik said the best part about consensus is it’s not tightly connected to the execution layer, so it can evolve without breaking contracts. But the real mess, he said, is the Ethereum Virtual Machine. Vitalik said the EVM is stuffed with outdated crap. He called it an over-engineered 256-bit machine optimized for crypto tricks that nobody uses anymore. He admitted most of the complexity came from his own choices. The fight to remove the SELFDESTRUCT opcode was a waste of time. So was the whole EOF debate. His solution: skip the small upgrades and just replace the EVM. He proposed switching to RISC-V or another VM like Cairo — the same ones being used by Ethereum’s zero-knowledge proof systems. “Succinct data shows this could boost efficiency by 100x,” he said. Simpler specs would mean faster execution and fewer bugs. Developers would get more options. Solidity and Vyper would compile to new VMs, and devs using normal programming languages could write Ethereum contracts for the first time. Most precompiles could be scrapped, except maybe for elliptic curve ops. Vitalik admitted that RISC-V won’t be ready tomorrow. While waiting, he wants to pass quick upgrades to the current EVM, such as raising contract size limits and adding new DUP/SWAP opcodes. But the real goal is to replace the entire thing. His plan comes in four steps. First, every new precompile must come with an onchain RISC-V version. Second, developers should be allowed to write contracts in both RISC-V and EVM. Third, Ethereum would do a hard fork to remove precompiles and replace them with RISC-V contracts. Fourth, the EVM would get re-implemented inside RISC-V and run onchain as a contract interpreter. Vitalik said Ethereum also wastes time using different tools for the same job in different places. He pointed to erasure codes, which are needed for data availability, P2P broadcasts, and history storage. All three should use the same code. The same goes for serialization formats — Ethereum should move fully to SSZ, which is already in use in the consensus layer and works inside smart contracts. He said Ethereum’s Merkle tree also sucks. The current hexary structure makes block proving hard. Switching to a binary tree with a better hash would make proving faster and cheaper. That same binary tree should be used for both execution and consensus. Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot

Banxa Secures Pi Network KYB Approval In an X post, Dr. Altcoin revealed that Banxa is now KYB approved for the Pi network. He explained what this means for the Pi community, noting that people in over 100 countries can now instantly buy the Pi coin with cash through the payment platform. The crypto expert added that this is a game-changer for accessibility and global adoption of the altcoin. The payment platform joins top crypto exchanges like MEXC and Bitget, which already secured KYB approval for the Pi Network. Dr. Altcoin stated that exchanges BitMart and HTX will likely receive their approval within the next 10 days, which he claimed is a “clear sign” that the Pi Network is moving in the right direction. As he noted, only KYB-approved companies like Banxa can legally use and trade the Pi coin, which is why this development is significant both for the Pi Network community and the Pi coin price. Meanwhile, only those involved in P2P transactions must be KYC-approved and use non-custodial wallets. The crypto commentator affirmed that the Pi Network has made security and trust its top priorities from day one by ensuring they verify every user and business through the KYC/KYB process. Based on this, he affirmed that Pi is not just another crypto but one that is building the foundation for a trusted, global adoption. $PI

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