Ethereum Security Alert: MIM Hacker Launders $7.5M via Tornado Cash

In a significant development in the cryptocurrency space, the attacker responsible for the March 2025 Magic Internet Money (MIM) exploit has successfully laundered $7.5 million worth of stolen Ethereum through the privacy-focused mixer Tornado Cash. Blockchain security firm CertiK has traced 3,001 ETH from a wallet linked to the breach to the mixer, accounting for over half of the total $13 million looted from Abracadabra Finance's stablecoin protocol. This incident highlights ongoing security challenges in the DeFi ecosystem and raises questions about the use of privacy tools in cryptocurrency transactions. The laundering operation followed a sophisticated four-step path, demonstrating the increasing complexity of crypto-related cybercrime. As Ethereum continues to play a central role in the DeFi landscape, such incidents underscore the need for enhanced security measures and regulatory scrutiny in the space.

MIM Hacker Launders $7.5M in Stolen ETH Through Tornado Cash

The attacker behind the March 2025 Magic Internet Money (MIM) exploit has funneled $7.5 million worth of stolen ethereum through Tornado Cash. Blockchain security firm CertiK traced 3,001 ETH from a wallet linked to the breach to the privacy-focused mixer, marking over half the total $13 million looted from Abracadabra Finance's stablecoin protocol.

On-chain data reveals a four-step laundering path: the hacker initially moved the full 6,261 ETH haul, then split and routed funds through intermediary addresses before reaching Tornado Cash. The exploit targeted vulnerabilities in MIM's gmCauldron smart contracts, specifically their integration with GMX decentralized exchange and Abracadabra's lending mechanisms.

Ethereum Eyes $3,000 After Testing Critical Wyckoff Resistance Zone

Ethereum (ETH) is consolidating between $2,600 and $2,700, signaling mounting pressure for a potential breakout. The Wyckoff accumulation pattern indicates ETH has cleared key Spring and Test phases, now challenging the critical "Creek" resistance zone.

A decisive close above $2,700–$2,800 could propel ETH toward $3,000, while $2,000 support remains crucial for maintaining bullish momentum. The extended consolidation has drawn attention from analysts, with DaanCrypto noting strong absorption of price wicks—a technical signal often preceding explosive moves.

Market participants are watching for resolution of this compression, which typically culminates in significant directional momentum. The second-largest cryptocurrency appears poised for its next major MOVE as institutional interest continues growing alongside network upgrades.

ETH Market Outlook Turns Bullish After $500M Short Liquidation

Ethereum has demonstrated resilience following a volatile week that saw over $500 million in short positions liquidated. The asset held steady above $2,400 despite broader market uncertainty, signaling potential for a trend reversal.

A major short squeeze on June 16 forced aggressive bearish bets to unwind, reducing speculative leverage across derivatives markets. This reset positions ETH for cleaner upside potential as technical indicators gain attention.

Analysts highlight Ethereum's ability to maintain key support levels while derivative markets stabilize. The combination of reduced leverage and sustained price floors creates an optimistic technical setup for bulls.

Ethereum's Strategic Reserves Approach 1% of Circulating Supply as Institutional Holdings Concentrate

Nearly 1% of Ethereum's circulating supply—1.17 million ETH worth $2.96 billion—is now held in strategic reserves by institutional players. The concentration underscores growing confidence in ETH as a cornerstone digital asset among major organizations.

The Ethereum Foundation leads with 259,430 ETH, followed by NASDAQ-listed SharpLink Gaming (176,271 ETH) and PulseChain Sac (166,303 ETH). Coinbase and Golem Foundation round out the top five holders, collectively controlling 72% of all strategically held ETH.

This accumulation milestone reflects deepening institutional engagement with Ethereum's ecosystem, even as ownership remains highly concentrated among 37 identified entities. The reserves now represent a measurable share of network supply, potentially influencing long-term market dynamics.

Ethereum ETF Inflows Climb Amid Price Stagnation as New Challenger Emerges

Institutional confidence in Ethereum remains strong, with spot ETFs recording $11.1 million in daily inflows and BlackRock acquiring $36.7 million worth of ETH. Year-to-date inflows have now surpassed $3 billion, underscoring growing institutional adoption. Yet Ethereum's price continues to lag, currently trading at $2,522.01—a 1.12% monthly decline—as scalability concerns and gas fees weigh on performance.

Market attention is shifting toward Kaanch, a nascent LAYER 1 blockchain touted as the 'Ultimate ETH Killer.' The protocol promises to address Ethereum's persistent bottlenecks through superior transaction speed and cost efficiency. While Ethereum's institutional pipeline strengthens, this new contender highlights the intensifying competition for next-generation blockchain supremacy.

JPMorgan Launches USD Deposit Token on Ethereum's Base Network

JPMorgan Chase is deepening its crypto involvement with JPMD, a new USD deposit token built for institutional clients. The product—while not formally branded as a stablecoin—functions similarly, representing cash-backed deposits held at the bank. This marks the first time the largest U.S. bank has issued a token on a public blockchain, opting for Coinbase's Ethereum layer-2 network, Base.

The move signals a strategic shift for traditional finance giants. JPMorgan's earlier experiments with blockchain, like the 2019 JPM Coin, were confined to private networks. Now, by leveraging Base's low-cost infrastructure, the bank is tacitly endorsing public blockchain efficiency. Institutional adoption of crypto-native rails accelerates as regulatory clarity emerges.