Ethereum Security Concerns Rise as Pepe Meme NFT Projects Lose $1 Million in Contract Hijacking

In a startling development for the NFT space, projects associated with Pepe meme creator Matt Furie and ChainSaw studio were exploited for $1 million last week. On-chain investigator ZachXBT uncovered that an attacker took control of the 'Replicandy' contract on June 18, transferring ownership to an external address and siphoning off mint proceeds, which subsequently crashed the floor price. The same address later compromised three additional ChainSaw contracts—Peplicator, Hedz, and Zogz—highlighting vulnerabilities in smart contract security. This incident underscores the importance of robust security measures in Ethereum-based NFT projects, especially as the ecosystem continues to grow. Despite this setback, the broader cryptocurrency market remains bullish, with Ethereum leading innovation in decentralized applications and digital ownership. Investors are advised to stay vigilant while recognizing the long-term potential of blockchain technology.

Pepe Meme NFT Projects Lose $1 Million in Contract Hijacking

NFT projects linked to Pepe meme creator Matt Furie and the ChainSaw studio suffered a $1 million exploit last week. On-chain investigator ZachXBT revealed that an attacker seized control of the 'Replicandy' contract on June 18, transferring ownership to an external address before draining mint proceeds and crashing the floor price.

The same address later hijacked three additional ChainSaw contracts—Peplicator, Hedz, and Zogz—repeating the mint-and-dump scheme. Stolen funds were traced to exchange deposits, including a 2.05 ETH conversion to USDT on MEXC. GitHub accounts tied to the theft showed signs of North Korean involvement, with Korean system settings and Astral VPN connections.

FATF Warns of Stablecoin Misuse as Crypto Regulation Lags Globally

The Financial Action Task Force has raised alarms about accelerating illicit use of stablecoins in 2025, despite improved but incomplete global regulatory efforts. While 73% of jurisdictions have implemented the Travel Rule for crypto transfers, enforcement remains weak—nearly 60% of 85 compliant countries haven't issued compliance directives.

North Korean hackers stole a record $1.46 billion from Bybit this year, employing sophisticated laundering networks across 125,000 ethereum wallets. Only 3.8% of funds were recovered, underscoring persistent challenges in tracking crypto-related crime proceeds.

Stablecoins now dominate illicit on-chain activity due to low costs, fast settlement, and DEEP liquidity. Private estimates show over $30 trillion in stablecoin volume annually, coinciding with the rise of AI-powered 'pig butchering' scams and professional fraud networks.

Ether Stalls Below $2,500 as Resistance Thwarts Rally Despite Institutional Interest

Ethereum's price remains trapped below the $2,500 resistance level, struggling to sustain momentum despite outperforming Bitcoin earlier this quarter. Traders are monitoring key technical levels for signs of a breakout, but current indicators suggest continued consolidation.

The Market Value to Realized Value (MVRV) ratio hovering at 1.16 reveals investors remain cautiously profitable, yet unwilling to drive prices significantly higher. This tepid sentiment reflects broader market uncertainty rather than Ethereum-specific weakness.

A persistent descending trendline compounds the technical challenges, creating a clear demarcation between current trading ranges and potential bullish territory. Market participants await either a decisive break above resistance or confirmation of further downside.

Ethereum ETF Inflows Surpass $1B Amid Diverging Trader Sentiment

Institutional demand for Ethereum remains robust as spot ETF inflows cross the $1 billion threshold in June, yet futures market activity tells a different story. The second quarter's rally, which saw ETH double from $1,400 to $2,800, appears to be losing steam despite sustained capital inflows into regulated investment vehicles.

U.S.-approved ETH ETFs absorbed $232 million in the past week alone, building on May's $564 million influx. This institutional momentum contrasts sharply with a $10 billion decline in futures open interest since May's peak. The divergence suggests speculative traders are growing wary of current price levels even as long-term capital piles in.

Ethereum Breakout Nears as Price Eyes $3K to $4K Rally

Ethereum stands on the precipice of a significant breakout, with the $2,500 resistance level serving as the final barrier before a potential surge into the $3,000–$4,000 range. The cryptocurrency's daily chart reveals a broadening wedge pattern—often a harbinger of high-volatility moves—nearing completion.

Technical indicators underscore the pivotal moment. A cluster of key moving averages converges around $2,500, creating a make-or-break zone for ETH. While the asset currently trades at $2,452.75 with modest weekly losses, traders watch for decisive momentum that could trigger the next leg up.

Ethereum Sees Explosive Momentum As Whales Inject $4.82 Million

Ethereum whales are aggressively accumulating ETH, with SharpLink Gaming leading the charge. The firm recently purchased an additional 1,989 ETH for $4.82 million, adding to its existing holdings of 188,478 ETH worth $473.6 million. This institutional buying spree underscores growing confidence in Ethereum's long-term value.

Network activity reinforces the bullish sentiment. Ethereum recorded 1.75 million daily transactions, marking its third-highest usage day ever. The surge stems from robust DeFi engagement and LAYER 2 scaling solutions gaining traction across exchanges.

While positive funding rates on Binance indicate Leveraged long positions, they also warn of potential volatility. The market appears poised for movement—whether upward continuation or corrective pullbacks—as large players continue positioning.