ZKsync’s security team identified an unclaimed ZK balance of $5M, which was intercepted by the compromised administrative account.
In the wake of this incident, ZK’s exchange rate has dropped by 17 percent, though the market quickly recovered some of that loss.
All user funds have been kept safe. “The ZKsync Protocol and ZK Token Smart Contract remain secure and continue security of ZK does not concern us,” wrote the representatives for the project.
A bit later, the researchers found out that the account in question (0x842822c797049269A3c29464221995C56da5587D) controlled the three contracts responsible for the distribution of airdrop.
Their calculations show that the transaction increased tokens in circulation 0.45%. Experts stressed that “only contracts for airdrop distribution were affected; tokens have been already issued”. The vulnerability cannot be exploited again;
At this address, the attacker is still holding the majority of funds.
The project also reported that it collaborated with Security Alliance experts and encouraged the assailant to contact them to get the money back to avoid any legal consequences.
ZKsync gave away 3.6 billion ZK tokens during airdrop
Next week, the ZKsync Association will distribute 3.6 billion ZK to early adopters. Matter Labs CEO Alex Gluchowski spoke to The Block.
Airdrop coins represent 17.5% of total 21 billion emitted.
The users could request tokens up until the 3rd of January 2025. Starting June 24, users could claim their tokens.
The coins were distributed to ZKsync users. 11 % will go to developers, community members and others who contributed in the ecosystem.
The list of wallets to be airdropped included 695,232 total. This snapshot was taken in March 2024, one year after the ZKsync Era network launched.
Rest of ZK Tokens to be Distributed Over Time Through ZKsync Foundation Ecosystem Initiatives and ZK Nation Governance Model. Investors will get 17.2%, and Matter Labs will be getting 16.1%. The tokens are locked for one year and will then be unfrozen gradually over three years, from June 2025 until June 2028.
The Airdrop used a point system. They were given to users for interacting in ZKsync Era with smart contracts, trading ERC-20 Tokens and ZKsync Lite, as well as contributing liquidity in DeFi protocols.
There was no lock-in period for the tokens and they will be “fully liquid” from Day 1.
A maximum of 100,000 ZK could be sent to one address. The team explains this by focusing on community and not individual whales.
Airdrop has been filtered to remove as many bots as possible.
Matter Labs has reduced its ZKsync developer count by 16 percent
Alex Gluchowski announced a reduction of 16% in the staff at Matter Labs. This is the company that created the ZKsync Protocol.
The CEO stated that his company had taken several steps in order to “adapt” itself to the new technology and support needed for the L2 Project.
We did extensive planning. “It became apparent that our current talent pool and job roles were not aligned to what we needed,” Gluchowski stated.
LinkedIn says that the company has 200 or more employees. Around 30 employees will be laid off.
ZKsync will raise $450 Million in investment between 2021-2022.
