ZK

The attack was carried out by exploiting a function called “sweepUnclaimed()” in the smart contracts that manage #Zksync ’s airdrop processes. This feature is normally designed to withdraw unclaimed $ZK tokens. However, the attacker exploited this function for a total of 111 million ZK token options from three different airdrop contracts. This amount corresponds to approximately 0.45 percent of the total token supply.

Following the incident, the zkSync development team launched a rescue operation together with its security partner SEAL. The team stated that the attack was limited to the administrative budget only and that user funds were directly affected. It was also emphasized that the “sweepUnclaimed()” function was disabled and the system did not contain any other vulnerabilities.
This incident once again demonstrated how critical security is not only in zkSync but also in Layer-2 solutions in general. How administrator-level access is structured, how airdrop results are controlled, and the distribution of smart contract usage possibilities are being re-evaluated across the industry.
On February 21, 2025, cryptocurrency exchange Bybit was subject to one of the largest crypto attacks to date. North Korea-related Lazarus Group hackers exploited vulnerabilities in Bybit's Ethereum cold vaults to withdraw approximately 401,000 ETH (approximately $1.5 billion). Bybit stated in its transactions that user funds were recovered and that losses would be covered by company reserves.
#WCTonBinance #MetaplanetBTCPurchase #BTCRebound #ZK

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Latest Blockchain Developments: What You Need to Know

In the fast-paced world of digital finance, key updates from the past 24 hours are reshaping the landscape. From regulatory moves to security breaches, here’s a detailed look at the most impactful headlines in the crypto space.

$ZK Network Breached, $5M in Tokens Illegitimately Minted
ZK’s ecosystem faced a major security crisis as its administrative wallet was compromised, resulting in the unauthorized creation of approximately $5 million worth of tokens. The incident has shaken investor confidence and raised urgent concerns about the network's governance and security infrastructure.

Solana ETFs Debut in Canada, Marking Institutional Milestone$ZK
In a move that underscores growing mainstream acceptance of crypto assets, Canadian regulators are preparing to greenlight the country’s first spot Solana ETFs. This development is a significant step forward for $SOL’s institutional credibility and long-term market positioning.

AWS Downtime Disrupts Key Crypto Exchanges
An unexpected outage at Amazon Web Services caused ripple effects across the crypto sector, temporarily hampering transaction processing and access on major platforms including Binance, KuCoin, and MEXC. $ZK The disruption highlights the ongoing dependency of digital finan

The ZK token has crashed 17% within a short timeframe amid a hack event that saw the exploiter gain control of millions in unclaimed ZKSync airdrop tokens.

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The ZKSync ecosystem has again found itself in the midst of controversy, this time following a serious security breach that led to a sharp plunge in the price of its native token, ZK. 
ZKSync Suffers Exploit
On-chain activity on April 15 confirmed that an entity successfully minted 110 million ZK tokens earlier today. Of this staggering amount, the individual has already sold 66 million tokens, triggering massive volatility and panic across crypto exchanges.

Notably, the ZKSync security team quickly released a statement on X regarding the development. They acknowledged that an admin account suffered a compromise, granting the attacker access to nearly $5 million worth of unclaimed tokens from the project’s airdrop allocation. 

The team emphasized that the exploit only impacted the airdrop contract and did not affect the broader ZKSync protocol, the ZK token smart contract, or user wallets. According to them, security teams have already initiated emergency protocols, and a thorough investigation is underway to determine the full scope of the breach.
While the core infrastructure remains intact, the market reaction was immediate. Within a mere 30-minute window, ZK token’s price plummeted from $0.0478 to $0.0396 — a brutal 17% drop that rattled holders and traders alike. 
Although the asset made a partial recovery, rebounding to $0.0441, the market sentiment remains overwhelmingly bearish. In addition, the Relative Volatility Index (RVI), a metric for tracking price turbulence, surged from a low 18.68 to a hyperactive 72.81 within just an hour.

Community Reactions
The recent exploit has only amplified growing discontent among zkSync’s community members, many of whom have been vocal about their frustrations since the controversial airdrop. 
Pseudonymous commentator Hanky Pym criticized the team, likening zkSync’s path to that of Mantra’s OM token, which suffered a catastrophic 98% collapse. He claimed the team misused its substantial funding of around $400 million and slammed them for what he perceives as deceitful behavior. 
Another member of the community highlighted a perceived contradiction in zkSync’s narrative. The user questioned the legitimacy of the hack, suggesting it might be part of a larger trend where projects exploit the “we were hacked” narrative to cover questionable actions.
Meanwhile, Zener, founder of the Web3 infrastructure project Modularity, also weighed in, declaring that zkSync had effectively severed its bond with the community. He argued that the project’s credibility has collapsed.

ZKSync’s Earlier Controversies 
This incident compounds existing concerns surrounding ZKSync, which has been under scrutiny since its controversial airdrop rollout in June 2024. 
Designed to reward early adopters and ecosystem participants, the airdrop allocated 3.675 billion ZK tokens, 17.5% of the total 21 billion supply, to 695,232 wallet addresses. This selection represented only about 10% of all active wallets on the network.
Notably, the distribution process faced intense criticism. One of the major points was the uneven allocation of tokens. While eligible wallets received anywhere between 450 and 100,000 ZK tokens, more than half of the entire airdrop ended up in the hands of less than 1% of participants. 
The situation was further exacerbated by apparent vulnerabilities in Sybil attack prevention. Several users manipulated the eligibility system using multiple wallets, effectively gaming the airdrop. Notably, one individual reportedly secured over 3 million ZK tokens through 85 separate wallets.
DisClamier:
This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect LACHAKARI Crypto opinion. Readers are encouraged to do thorough research before making any investment decisions. LACHAKARI Crypto is not responsible for any financial losses.
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