The Bitcoin Development Mailing List, a key communication platform for developers of the original blockchain, was briefly offline on Wednesday after an apparent bot attack.

Google flagged the publicly viewable group as containing “spam, malware, or other malicious content.” Users accessing the group received a “permanently removed” message while the issue was being sorted out.

The active group is used to discuss Bitcoin proposals, relay development messages, and flag and solve any issues across the Bitcoin ecosystem. It moved to Google in February 2024. Its previous hosts were the Linux Foundation, Oregon State University Open Source Lab’s infrastructure and SourceForge.net.

“Apparently we’re «permanently removed». Our transgression? We’re «unwanted content,” developer Ruben Somsen posted on X. “Really Google? Open source development is «unwanted»?”

Google’s Workspace Support resolved the issue early Thursday, according to an X post. It did not provide a clear reason for the removal.

Reports suggested the takedown could have been due to a bot attack, where a malicious actor performs an extremely high number of tasks (such as clicks or visits) to disable a service and create havoc within a specific environment.

The intrusion comes as the bitcoin (BTC) price grapples with high volatility amid a shaky macroeconomic environment, stemming from a slew of U.S. tariffs announced Wednesday.

Bitcoin blockchain’s hashrate is surging, revealing a growing dislocation between the network activity and prices for its native token bitcoin (BTC).

On a 14-day moving average, the hashrate, representing the computational power required to mine a block on the proof-of-work Bitcoin blockchain, recently reached an all-time high of 838 exahashes per second (EH/s), and on a 24-hour time frame, it spiked to 974 EH/s, the second highest level ever, according to Glassnode data.

Measuring over a 24-hour window can be misleading due to block time variability, so longer timeframes give more reliable insights. In two days, Bitcoin’s difficulty adjustment — which recalibrates every 2016 blocks to maintain a 10-minute block interval — is expected to increase by over 3%, reaching a new peak.

This divergence between hash rate and price is notable. While bitcoin remains about 25% below its all-time high, mining costs continue to rise. For miners to stay profitable and cover operational expenses and capital expenditures, a strong bitcoin price, full blocks and high transaction fees are essential.

Currently, miners earn revenue through two channels: block rewards (3.125 BTC per block in the current epoch) and transaction fees. However, transaction fees are extremely low — averaging around 4 BTC per day, or roughly $377,634. As bitcoin’s block subsidy continues to halve every four years, sustained or increasing transaction activity will be critical to maintaining mining incentives.

Near empty blocks

Developer Mononaut, from Mempool, recently noted that Foundry USA Pool mined the emptiest «non-empty» block in over two years, containing just seven transactions — a rarity only surpassed by a block with four transactions back in January 2023.

In other words, while the rising hashrate paints a picture of a booming network, the near-empty blocks make it the case of a powerful train speeding down the tracks but without passengers.

That’s a cause for concern for Nicolas Gregory, creator of the Mercury Layer and a former Nasdaq Board Director.

“Half-empty bitcoin blocks tell a tale — hawking the store-of-value line could scupper its future,» Gregory said on X.

«I hope bitcoiners realize this space is more than just podcasts, spaces, and the ‘number go up’ digital gold narrative. If we don’t get people using bitcoin for real commerce, it’s game over,» Gregory added.

HONG KONG—It was a battle of stablecoin issuers Thursday afternoon in Hong Kong, with Justin Sun, the founder of the Tron blockchain, and First Digital Trust (FDT), a Hong Kong-based fiduciary, holding press conferences over allegations of fund misappropriation involving Techteryx’s TrueUSD reserves.

Sun doubled down on claims that TrueUSD’s reserves were «misappropriated by a few bad actors,» leading to him needing to quietly bail out the stablecoin.

Sun pointed a finger at the Hong Kong regulatory framework surrounding trusts, arguing at the press conference that loopholes and loose rules allowed the alleged misappropriation to occur.

«This situation highlights a serious challenge to the integrity of the financial system that must be addressed,» he said. «I found it hard to believe the scale of fraud orchestrated by a long list of licensed intermediaries.»

Sun even said that for the time being, Hong Kong trust companies should be avoided entirely, and urged regulators to take decisive action to safeguard the city’s global financial reputation.

For that case, Sun might have an ally in the shape of Hong Kong lawmaker Johnny Ng — called the city’s Web3 politician. He released a statement saying that he’s aware of multiple reports this year of alleged fraud exploiting trust companies, and acknowledged that local regulation needs to be improved.

First Digital Trust denies all allegations

After Sun’s press conference, First Digital Trust held its own event on X, with CEO Vincent Chok saying Sun had yet to produce «one solid piece of evidence» to back up his claims.

FDT followed its fiduciary duties, acted in clients’ best interests, complied with instructions from Sun and his nominees, which were signed off by Techteryx directors, and noted that the company is subject to third-party audits, Chok said.

Chok, however, acknowledged he was previously unaware of the familial connection between Aria CFF and Aria DMCC — the funds where TUSD’s reserves are held up.

In a complaint to the Department of Justice, Techteryx noted that Aria CFF, the fund it said is authorized to hold TrueUSD’s reserves is managed by Matthew Brittain. Aria DMCC, which Techteryx said is unauthorized, is controlled by his spouse, Cecilia Brittain.

Chok said FDT is working to recover funds, but know-your-customer (KYC) and anti-money laundering (AML) issues involving the ultimate beneficial owner of Techteryx are apparently holding things up.

He also rejected Sun’s claims in a post on X that First Digital Trust is unable to fulfill redemption obligations of its FDUSD stablecoin. The token is still very much solvent, Chok said.

FDT said it plans to pursue legal action over Sun’s claims.

Earlier, the company posted examples of on-chain data showing redemptions going through.