Ethereum ETF funds are experiencing the longest outflow period since their launch. Scammers stole $700,000 by hacking McDonald's Instagram to promote the Grimace memecoin project. Meanwhile, BlackRock's iShares Ethereum Trust is rapidly approaching $1 billion in net inflows.
Ethereum ETF Funds Status
US-based spot Ethereum exchange-traded funds have recorded the longest continuous outflow period of five consecutive days since their launch on July 23. The investments made by the recently approved nine spot Ethereum ETFs have been overshadowed by outflows from the Grayscale Ethereum Trust (ETHE), which exceeded $2.5 billion as of August 21.
McDonald's Instagram Hacked
On August 21, scammers hacked the official McDonald's Instagram page and used it to promote and spread a memecoin called Grimace, stealing over $700,000 in Solana. According to screenshots shared on X, McDonald's Instagram page made a series of posts promoting a fake token based on the fast-food chain's purple mascot Grimace, claiming the memecoin was an experiment by McDonald's on the Solana platform. The scammers used the Solana memecoin platform Pump Fun to seize 75% of the total circulating supply of the Grimace token and then distributed it across approximately 100 different wallets. Blockchain data analysis platform Bubblemaps stated that the attackers made an illicit gain of about $700,000 in Solana (SOL).
ETF Sector Overview
BlackRock's iShares Ethereum Trust (ETHA) is rapidly approaching the $1 billion net inflow mark while continuing to dominate the spot cryptocurrency exchange-traded funds market. According to Morningstar, ETHA has accumulated approximately $992 million in net inflows and is on track to surpass $1 billion soon. Bryan Armour, director of passive strategies research at Morningstar, stated that this milestone could be reached by the end of trading on August 21: 'Two things affect net assets: net flows and performance. Weak performance kept net assets much lower than total net flows into the fund.' Despite Ethereum's price struggling to gain momentum since the ETFs were launched, fund issuers say institutional investors have shown significant interest in Ethereum.
Ethereum ETF funds have faced a prolonged period of outflows, while scammers used a hacked McDonald's Instagram account to steal a significant amount in cryptocurrency. Meanwhile, iShares Ethereum Trust continues to gain traction and is on the verge of surpassing the $1 billion milestone.
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