ZKsync Admin Wallet Hacked, $5M in Tokens Stolen
ZKsync has confirmed that around $5 million in ZK tokens were siphoned from its ecosystem after an administrative account tied to its airdrop operations was compromised.
The project’s security team revealed the breach on social media, emphasizing that core protocol components and user funds remained untouched.
The attacker reportedly gained access to a private key associated with the wallet controlling unclaimed airdrop tokens, allowing them to transfer and sell a significant amount of ZK.
While the exploit did not impact any user wallets, it did trigger a sharp market reaction, with ZK’s price plunging roughly 20% before partially recovering to a 15% decline.
In response, the ZKsync team stated that all critical systems, including the token contract itself, remain secure. An investigation is underway, with a more detailed breakdown of the incident expected later.
ZKsync, developed by Matter Labs as an Ethereum Layer 2 scaling solution, launched its token in mid-2024 with a total supply of 21 billion. However, its airdrop campaign has faced criticism over perceived inequities and issues with bot-driven farming.
This latest incident adds to growing concerns around the project’s oversight and security posture.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
