Category: News

Shiba Inu’s Shibarium development team has opened an internal investigation into previous rug pulls allegedly orchestrated by bad actors within its ecosystem.

The probe follows growing unease over how certain projects are exploiting the Shibarium network while undermining its credibility.

Shibarium Investigates Internal Rug Pulls

On May 31, Davinci.Shib, a core contributor to Shibarium, disclosed the initiative on the social media platform X.

According to him, certain entities within the network have been profiting off the system while simultaneously discrediting it. He added that these groups operate under a veil of criticism while extracting value from the infrastructure they undermine.

We are investigating past rugs connected to certain groups within Shibarium.

Mocking Shibarium, yet still feeding off it — parasites linger.

— Davinci.Shib | Shibarium (@DavinciShib) May 31, 2025

According to Davinci, the development team intends to publish any verified findings. However, if evidence remains inconclusive, they will refrain from further action. The goal, he emphasized, is to maintain transparency without fueling baseless speculation.

These developments follow growing warnings from within the Shiba Inu community about malicious actors.

Shiba Inu’s marketing lead, Lucie, recently cautioned users about the rising number of scam attempts. She stressed that attackers can hijack social media accounts to spread misinformation or promote fraudulent projects.

Be careful — scammers are everywhere, and misinformation spreads quickly, even in the media.
X accounts can be hacked or stolen — you never truly know who’s behind them, even if they have a yellow badge.

Always verify your sources through the official site…

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) May 21, 2025

Shiba Inu Welcomes DAO

While developers tackle internal threats, Shiba Inu has taken a significant step toward decentralization.

On May 29, the ecosystem officially launched ShibDAO, a community-driven governance framework that empowers users to vote on critical upgrades and proposals.

ShibDAO introduces a tiered governance model that distributes responsibilities across four key DAOs.

SHIB DAO will oversee community initiatives, BONE DAO will guide protocol development, LEASH DAO will mediate internal disputes, and TREAT DAO will fund dApp innovation and ecosystem growth.

The DAO also enables the formation of smaller sub-DAOs, allowing community members to claim a Shib Name (SNS) and establish self-governing groups. These can focus on niche areas such as art, DeFi, or public goods.

Meanwhile, this launch coincided with Bury 2.0, a revamped staking system that enables users to lock SHIB, BONE, LEASH, and TREAT tokens to earn voting power. The longer and larger the stake, the more influence a holder gains within the ecosystem.

“Stake SHIB, BONE, LEASH, or TREAT to gain influence. The more & longer you stake, the more voting power you earn,” Shibarium update stated.

The combined launch of ShibDAO and Bury 2.0 signals Shiba Inu’s evolving ambition—shifting from a meme token to a structured, utility-rich Web3 platform, governed by its community and built for long-term sustainability.

The post Shiba Inu Launches DAO as Developers Investigate Past Rug Pulls appeared first on BeInCrypto.

Ethereum’s recently introduced smart wallet feature, EIP-7702, is under scrutiny after blockchain security researchers uncovered cybercriminals’ misuse of it. Following the Pectra upgrade, several wallet providers have begun integrating EIP-7702 features.

Analysts at Wintermute, a crypto trading firm, noted that attackers used 97% of EIP-7702 wallet delegations to deploy contracts designed to drain funds from unsuspecting users.

Hackers Use Ethereum’s EIP-7702 to Automate Mass Wallet Drainings

EIP-7702 temporarily allows externally owned accounts (EOAs) to operate as smart contract wallets. The upgrade enables features like transaction batching, spending limits, passkey integration, and wallet recovery—all without changing wallet addresses.

While these upgrades aim to enhance usability, malicious actors are leveraging the standard to speed up fund extractions.

Instead of moving ETH manually from each compromised wallet, attackers now authorize contracts that automatically forward any received ETH to their own addresses.

“No doubt attackers are one of the early adopters of new capabilities. 7702 was never meant to be a silver bullet and it does have great use cases,” Rahul Rumalla, Chief Product Officer at Safe, said.

Wintermute’s analysis shows that most of these wallet delegations point to identical codebases designed to “sweep” ETH from compromised wallets.

These sweepers automatically transfer any incoming funds to attacker-controlled addresses. Out of nearly 190,000 delegated contracts examined, more than 105,000 were linked to illicit activity.

Koffi, a senior data analyst at Base Network, explained that over a million wallets interacted with suspicious contracts last weekend.

He clarified that attackers didn’t use EIP-7702 to hack the wallets but to streamline theft from wallets with already exposed private keys

In case it wasn’t clear:

These wallets were not hacked using 7702. The hacker obtained the private keys without doing anything related to 7702.

And, since they have the keys, they could transfer money out of these wallets by making regular transactions from each one.…

— Kofi (@0xKofi) May 31, 2025

The analyst furthered that one standout implementation includes a receive function that triggers ETH transfers the moment funds land in the wallet, eliminating the need for manual withdrawal.

Yu Xian, founder of blockchain security firm SlowMist, confirmed that the perpetrators are organized theft groups, not typical phishing operators. He noted that EIP-7702’s automation capabilities make it particularly attractive for large-scale exploits.

“The new mechanism EIP-7702 is used most by coin stealing groups (not phishing groups) to automatically transfer funds from wallet addresses with leaked private keys/mnemonics,” he stated.

Despite the scale of the operation, there are no confirmed profits so far.

A researcher at Wintermute noted that attackers have spent about 2.88 ETH authorizing over 79,000 addresses. One address alone executed nearly 52,000 authorizations, yet the target address has not received any funds.

The post Ethereum Pectra Upgrade is Largely Benefitting Crypto Theft Gangs appeared first on BeInCrypto.

Pi Network’s native token, PI, has witnessed a 22% price plunge over the past week, extending its downtrend to trade at a seven-day low of $ 0.61 at press time. 

The double-digit decline reflects growing bearish sentiment around the token and coincides with a broader contraction in the crypto market.

PI’s Outlook Worsens as Bearish Trend Deepens

The global cryptocurrency market capitalization has dropped by over 5% in the past seven days, shedding over $170 billion. The widespread pullback has shaken investor confidence, triggering fresh PI selloffs over the past few days.

The strengthening sell-side pressure is evident in PI’s BBTrend indicator, which has continued to print red histogram bars, a clear signal of mounting bearish momentum. As of this writing, the indicator sits at -4.52. 

The BBTrend measures the strength and direction of a trend based on the expansion and contraction of Bollinger Bands. When BBTrend values are positive, it typically signals a strong uptrend, while negative values indicate increasing bearish momentum. 

PI’s persistent negative BBTrend suggests that its price consistently closes near the lower Bollinger Band. This trend indicates sustained selling activity and hints at the potential for a sustained price decline. 

Further, PI’s Smart Money Index (SMI) has fallen over the past few days, signaling an exit of “smart money” or institutional-grade investors. This is often considered a leading indicator of deeper price declines, as it suggests reduced confidence from these key investors.

An asset’s SMI tracks the activity of institutional investors by analyzing market behavior during the first and last hours of trading. When it rises, these investors are increasing their buying activity, indicating the likelihood of an extended rally. 

Conversely, as with PI, when it falls, it indicates that institutional demand for the asset is weakening, signalling potential for further downside.

PI Teeters Near Key Support—Will Bulls Hold the Line at $0.55?

PI’s climbing selling activity suggests that the token could be vulnerable to further losses in the short term. If selloffs continue, the altcoin risks breaking below the critical support formed at $0.55.

If the bulls fail to defend this support floor, PI could revisit its all-time low of $0.40. 

However, a spike in new demand for the token could prevent this from happening. If the PI Network token buying pressure spikes, it could push its price to $0.86. 

The post Pi Network Sell-Off Continues as PI Hits 7-Day Low appeared first on BeInCrypto.

Following Bitcoin’s surge to a new all-time high in May, leading altcoin Ethereum experienced a renewed uptick in trading activity, briefly trading at a multi-month peak of $2,789 on May 29.

However, as the broader market has cooled over the past two weeks, ETH’s price action has tightened, consolidating within a narrow range. Despite this, market analysts remain broadly bullish on ETH’s prospects for June.

Ethereum Outlook Turns Bullish as Institutional ETF Inflows Surge

In an exclusive interview with BeInCrypto, Temujin Louie, CEO of Wanchain, said ETH’s outlook for the month is “increasingly bullish,” driven by consistent inflows in Ethereum exchange-traded funds (ETFs) and renewed network stability.

“Continued investment in Ethereum ETFs indicates that institutional interest remains strong, reinforcing ETH’s credibility as a long-term asset. Ethereum’s recent Pectra upgrade was also a significant success, and the internal disputes within the Ethereum Foundation have quieted; investor confidence in both Ethereum as a network and ETH as an asset is restoring,” Louie noted.

Further, Dominick John, an analyst at Kronos Research, confirms this optimism, emphasizing the impact of surging ETF inflows on the coin’s price action. According to John:

“ETH ETFs have significantly shaped recent price action, signaling surging institutional interest that’s boosting market liquidity while tempering volatility. This wave of demand, paired with strong fundamentals like stablecoin strength and solid on-chain signals, are tightening supply and supporting sustained interest.”

According to SosoValue, ETH-backed ETFs have witnessed an uptick in weekly inflows since May 16. This week, net inflows into these investment vehicles totaled $286 million, highlighting growing confidence among institutional investors.

If this continues, it could create upward pressure on ETH’s price, triggering a break above its narrow range in June.

In addition, ETH’s consistently positive funding rate further supports this bullish outlook. As of this writing, ETH’s funding rate sits at 0.0068%, reflecting ongoing confidence from leveraged traders willing to pay a premium to maintain their long positions.

The funding rate is used in perpetual futures contracts to ensure that contract prices align with the underlying asset’s spot price. When an asset’s funding rate is positive, traders holding long positions are paying those holding short positions. This indicates market sentiment is bullish, as more market participants are betting on price increases. 

ETH’s sustained positive funding rate aligns with the significant institutional inflows into ETH-backed ETFs. It adds another layer of confirmation that market participants are positioning for further upside in June.

There Is A Catch

Despite the bullish outlook for ETH in June, these analysts caution that broader macroeconomic conditions could still pose risks to the asset’s short-term performance.

Louie emphasized that while ETH’s fundamentals remain strong, the leading altcoin “remains vulnerable to macroeconomic conditions.”

“Despite current bullish momentum, the crypto market as a whole remains speculative, reacting sharply to inflation data, interest rate expectations, Federal Reserve policy shifts, and other external factors. While Ethereum’s fundamentals remain strong, short-term price trends can be quickly reversed by adverse macroeconomic trends,” he stated.

John also added that the Federal Reserve’s upcoming June 17 FOMC meeting is one to look out for. 

“Broader macro trends, particularly inflation data and the Fed’s rate policy, remain pivotal to price action. A dovish pivot could reinforce ETH’s breakout, especially with sustained ETF inflows. However, a hawkish stance may inject fresh volatility, even as stablecoin dominance, staking yields, and Layer-2 growth continue to signal underlying strength in the ecosystem,” he explained.

As ETH enters June with growing optimism, investors should watch macroeconomic signals closely, as they will likely shape the trajectory of ETH’s price in the coming weeks.

The post What To Expect From Ethereum in June  appeared first on BeInCrypto.

In the last week of May, the cryptocurrency market experienced a slowdown in trading activity as participants took profits following recent rallies. 

Despite this brief lull, several altcoins have caught the attention of large investors, commonly known as whales, who are accumulating positions in anticipation of potential price gains in June.

Dogecoin (DOGE)

The leading meme coin, DOGE, is among the assets crypto whales are accumulating for potential gains in June. This trend is reflected in the recent surge in DOGE accumulation among whale wallets holding between 1 million and 10 million tokens.

According to Santiment, this group of DOGE whales added 30 million tokens to their wallets over the past week.

Such buying activity by whales often serves as a strong signal to retail traders. Seeing large investors confidently increase their positions can encourage retail participation. This could drive up DOGE’s value as buying momentum builds across the market.

If buying pressure subsists, the token could resume its rally and climb to $0.206.

However, if whale accumulation stalls and selloffs strengthen, DOGE’s value could fall to $0.175. 

Avalanche (AVAX)

Layer-1 (L1) coin AVAX is another asset crypto whales are holding for gains in June. This is reflected by the 474% uptick in the coin’s large holders’ netflow in the past seven days. 

Large holders are whale addresses that hold more than 0.1% of an asset’s circulating supply. Their netflow tracks the difference between the coins they buy and the amount they sell over a specific period.

When an asset’s large holders’ netflow increases, more of its tokens are flowing into the wallets of these major investors than are flowing out. This trend indicates that AVAX whales are accumulating the asset, signaling confidence in its future value. 

AVAX could witness a rebound and surge to $24.28 if whale accumulation continues.

On the other hand, the altcoin’s price could extend its decline to $14.66 if the whales begin to sell for profit. 

Quant (QNT)

QNT has defied this week’s broader market downturn, posting 7% gains. The token’s near-10% rally appears to be fueled by renewed investor interest following the launch of Overledger Fusion, a Layer 2.5 network designed to bridge institutions, enterprises, and decentralized finance (DeFi) ecosystems.

It has also driven a surge in whale accumulation, indicated by the 1083% rally in the token’s large holders’ netflow over the past week. This uptick signals growing confidence in QNT’s short-term performance and hints at the likelihood of further rallies as large investors increase their exposure.

If these traders continue to buy QNT, they could drive its price to $115.20. 

However, if selloffs resume, QNT could slip below $101.87 and fall toward $93.52. 

The post What Whales Are Buying For Potential Gains in June  appeared first on BeInCrypto.