A significant hack of the Ethereum network has resulted in the theft and subsequent laundering of approximately $3.05 million USDC (USD Coin). A yet-unidentified attacker exploited a vulnerability in the Ethereum network, stealing the funds and converting them to Ethereum before depositing them into Tornado Cash, as reported by ZachXBT. This incident is just the latest in a string of high-profile hacks on the Ethereum network, highlighting ongoing security risks for the platform’s stability and raising concerns about market stability within the cryptocurrency ecosystem. Experts point to significant on-chain losses exceeding $1.5 billion recorded in 2025 as a further indication of existing vulnerabilities. The lack of immediate response from prominent figures in the crypto space underscores the need for enhanced community awareness and communication around such events.