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Ethereum (ETH) has fallen below the critical $4,000 level amid renewed market uncertainty following comments from Federal Reserve Chair Jerome Powell. Powell’s indication that the latest 25-basis-point rate cut may be the last of 2025 has fueled caution across both traditional and crypto markets. As a result, the Ethereum price is at slightly above $3,900, marking a 2.2% daily decline, with Bitcoin and other major altcoins also in the red. The broader pullback saw Ethereum ETFs record $81.44 million in outflows, led by Fidelity’s FETH at $69.49 million. Only BlackRock’s ETHA fund showed resilience, posting $21.36 million in inflows. This shift follows two consecutive days of positive ETF activity, indicating profit-taking and reduced risk appetite among traders. Institutional Demand Grows Even as the Ethereum Price Weakens While the Ethereum price slipped, institutional accumulation has intensified. Data shows that institutions now hold 4.1% of Ethereum’s total supply, surpassing Bitcoin’s 3.6% for the first time. Analysts attribute this shift to the GENIUS Act, which provides a clear framework for stablecoin and on-chain finance regulation. This policy clarity has boosted institutional trust in Ethereum as the backbone of DeFi and tokenized RWAs. Despite the current weakness, many funds continue to add exposure, anticipating Ethereum’s Web3 Dominance. Technically, the Ethereum price shows mixed signals. RSI sits at 44, and the MACD line remains below the signal line, both pointing to fading bullish momentum. Analysts caution that if ETH fails to reclaim $4,000, it could revisit support zones around $3,850–$3,750. A decisive close above $4,100, however, may renew bullish sentiment toward $4,400–$4,500. On-Chain Activity Reaches Record Highs Amid Low Fees Interestingly, Ethereum’s network fundamentals remain robust even as price momentum cools. On-chain activity has surged to record highs, with daily transactions and unique active addresses breaking all-time records. Similarly, gas fees remain near historic lows, signaling improved scalability driven by Layer-2 networks such as Arbitrum, Optimism, and Base. This efficiency milestone showcases Ethereum’s technological evolution, from its proof-of-stake transition to the upcoming EIP-4844 (proto-danksharding) upgrade. Analysts believe this combination of strong institutional demand and record network usage, despite short-term price pressure, positions the Ethereum price for a sustained recovery once macroeconomic headwinds ease. Cover image from ChatGPT, ETHUSD chart from Tradingview

Garden Finance suffered an exploit exceeding $10.8 million across multiple blockchain networks, with on-chain sleuth ZachXBT revealing that over 25% of the platform’s historical activity involved funds stolen from the platform.The breach adds scrutiny to a Bitcoin bridge already facing allegations of facilitating North Korean money laundering operations.An address linked to Garden’s team sent an on-chain message to the alleged exploiter offering a 10% white-hat bounty, though the company has not issued a public statement. All freezeable assets were quickly converted by the attacker through addresses 0x98***D12 on EVM chains and WZy4***JCH on Solana.Source: Telegram/ZachXBTPattern of Stolen Funds Predates Security BreachDays before the exploit, ZachXBT publicly criticized Garden Finance for ignoring victims seeking fee refunds after the platform processed funds from major hacks, including the Bybit exploit and Swissborg incident. The investigator estimated that more than one-quarter of Garden’s total volume came from illicit sources, with the platform earning six-figure profits from these flows between April and July 2025 alone.The criticism targeted Garden co-founder Jaz Gulati, who had recently celebrated the platform’s growth since its launch two years ago as an evolution of Ren Protocol. ZachXBT stated, “I sincerely hope a government puts your team in prison with Diddy next cycle for ignoring victims like Bybit after >25% funds bridged are stolen funds.“When questioned about his stance on permissionless protocols, ZachXBT distinguished Garden from Tornado Cash, noting that only Tornado Cash had passed his decentralization test, as the technology continued to operate after sanctions and arrests. Tornado is the only one of these three that passes my test of being decentralized so the devs have my support (tech continued operating just fine after sanctions / their arrests) Thorchain has a larger organic userbase than Garden.Garden raised the swap limit to 10 BTC…— ZachXBT (@zachxbt) October 28, 2025 He criticized Garden for raising its swap limit to 10 BTC earlier this year, which enabled large-scale abuse by illicit entities, while the team remained silent on returning profits from these transactions.Money Laundering Infrastructure Spans Eight YearsAccording to a detailed investigation on X, Garden Finance operates as the successor to Ren Protocol, founded in 2017 as Republic Protocol in Australia by Taiyang Zhang, Loong Wang, and Jaz Gulati. The original venture raised $67 million through a $33 million ICO and $34 million from venture capital, later rebranding as Ren Protocol and launching RenVM in 2020. This platform facilitated over $13 billion in Bitcoin transactions through bridges during the DeFi boom.Alameda Research acquired Ren in 2021 for $700,000 per quarter, integrating the protocol into Solana’s ecosystem. However, FTX’s collapse in late 2022 forced Ren’s shutdown, leaving $12 million in user Bitcoin stranded. Ren Protocol and Garden Finance are linked to over $540M launderedZachXBT calls both “money washing machines”The reality is even worse:2017: the beginning•founded in Australia as Republic Protocol by Taiyang Zhang, Loong Wang, and Jaz Gulati•promised “private… pic.twitter.com/2PhIdqhj3L— StarPlatinum (@StarPlatinumSOL) October 28, 2025 Former Ren developers, led by Susruth Nadimpalli and Gulati, launched Garden Finance in 2023, claiming to offer “the next generation of Bitcoin transfers” through atomic swaps, which enable 30-second BTC transactions.Blockchain intelligence firm Elliptic reported that Ren processed over $540 million in illicit funds between 2020 and 2025, with the protocol used by the Conti and Ryuk ransomware groups, as well as North Korea’s Lazarus Group. ZachXBT traced 25 separate hacks that funneled through RenBridge, which served as the preferred path for converting stolen Ethereum into anonymous Bitcoin, ultimately leading Binance to delist REN due to reputational risk.North Korean Operations Dominate Platform ActivityEvidence suggests over 75% of Garden’s total volume originated from stolen funds, with $160 million moving through the platform within 48 hours of the $1.4 billion Bybit hack. Garden earned over $300,000 in fees from these flows while liquidity remained controlled by a single dominant node, contradicting claims of decentralization.The laundering pattern follows a consistent path, where stolen Ethereum is swapped for Bitcoin via Garden on Arbitrum or Base networks, mixed through Coinbase’s cbBTC, and then chain-hopped into Solana for the final exit. ZachXBT documented 16 wallets connected to the Bybit hack, executing synchronized six- and seven-figure swaps within minutes, and accused Garden of covering Lazarus Group activity through what he called “blockchain illiteracy” and “willful blindness.”Crypto investigator Tayvano escalated the accusations by alleging that DPRK-based hackers were actively conducting money laundering through Garden. Chat, it’s DPRK.It’s funds stolen from people, projects, protocols in this industry. Stolen from your friends.Its funds stolen to keep the North Korean regime in power & enable them to live their lives of luxury at the expense of North Korean citizens and the world at large. https://t.co/yVCyxSWN1P— Tay (@tayvano_) October 24, 2025 During a heated exchange with Gulati, she stated that the company was undoubtedly aware of DPRK-related discrepancies, yet it did not take user safety or compliance seriously.North Korean hackers stole over $1.3 billion across 47 incidents in 2024 and $2.2 billion in the first half of 2025 alone, funding the regime’s weapons program through elaborate money laundering networks.The post 25% of Garden Finance Funds Linked to Stolen Assets, ZachXBT Reveals appeared first on Cryptonews.

With the latest Coinbase earnings expected later today, the crypto exchange’s Base token has caught fire. The Ethereum Layer-2 that started as a technical curiosity is now one of crypto’s hypest chains that’s fast, cheap, and impossible to ignore. But there’s a catch: it still doesn’t have a token. Rumors say that’s about to change, and if true, it won’t just redefine Base but rewrite the rules of how major exchanges interact with their own blockchains. DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025 Coinbase Earnings Point to Hype? More Signs For Possible Base Token Launch (Source: COIN) After months of silence, Base’s official X account hinted in September that the network is “exploring a token.” Jesse Pollak, who leads the project, confirmed that discussions are underway, though no final decision has been made. That was enough to ignite a wave of airdrop speculation, reminiscent of Arbitrum’s token debut. “We continue to explore the idea of a Base network token,” Pollak told users. (Source: X) Unlike other Layer-2s that launched with immediate token incentives, Coinbase prioritized stability and regulatory compliance first. Now, with Base processing millions of weekly transactions and hosting major apps like Friend.tech and Aerodrome, the groundwork is clearly set for a broader rollout. DISCOVER: 20+ Next Crypto to Explode in 2025 Wall Street Sees a $34 Billion Catalyst in Coinbase If Coinbase really decides to launch a Base token, it’ll be walking a tightrope. The SEC is watching and one wrong move could drag the company back into regulatory hell. But who knows? Trump is the crypto president, after all. 99Bitcoins analysts think the safest route would be a hybrid token, part utility, part governance, a way to pay gas, stake, and participate in validation without waving a red flag at Washington. (Source: DefiLlama) Speculators are already treating Base like the next big airdrop. They’re minting NFTs, chasing yield, and flooding DeFi apps in a frenzy reminiscent of 2021. Total value locked has blown past $5.2 Bn, per DeFi Llama. Whether it’s conviction or blind hope, the money’s pouring in. In a recent note, J.P. Morgan analysts called a Base token launch a “major performance driver” for Coinbase’s stock. They estimate it could unlock up to $34 Bn in equity value by monetizing Base’s network activity and creating a new on-chain economy tied directly to Coinbase’s brand. “A Base token could help Coinbase capitalize on stablecoin demand and reduce platform risk exposure,” J.P. Morgan’s report stated, raising its 2026 price target on COIN from $342 to $404. The Bottom Line Coinbase has done what few in crypto ever manage and waited. It built the rails first, kept quiet about the token, and let the hype grow on its own. Now that patience looks ready to cash out. Even without an airdrop, the idea of a Base token has become one of the most-watched storylines in the market. If Coinbase pulls it off, it could be the biggest flip in crypto history. EXPLORE: XRP Price Jumps 11% After SEC Crypto Unit Tease XRP ETF Progress Key Takeaways With the latest Coinbase earnings expected later today, the crypto exchange’s Base token has caught fire. The Ethereum Layer-2 is back. In a recent note, J.P. Morgan analysts called a Base token launch a “major performance driver” for Coinbase’s stock. The post Coinbase Earnings Call: Base Chain May Finally Get New Token and Wall Street Is Paying Attention appeared first on 99Bitcoins.