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ZKsync Crashes Following $5 Million Token Heist

The ZKsync security team has identified a compromise of the administrative account through which ~$5M worth of ZK tokens were intercepted — these were unclaimed balances after airdrop. Against the backdrop of the incident, the ZK exchange rate sagged by 17% at the moment, but the price soon partially recovered the fall. ”All user funds are safe and have never been compromised. The ZKsync protocol and the ZK token smart contract remain secure, and the continued security of ZK is not a concern,” the project representatives wrote. A bit later, the researchers found out that the account in question (0x842822c797049269A3c29464221995C56da5587D) controlled the three contracts responsible for the distribution of airdrop. According to their calculations, the transaction increased the number of tokens in circulation by ~0.45%. The experts emphasized that the incident affected ”exclusively contracts for airdrop distribution; all tokens to be issued have already been issued.” Thus, re-exploitation of the vulnerability is impossible; The attacker still holds the bulk of the funds at this address . Lastly, the project reported collaborating with experts from the Security Alliance and encouraged the attacker to reach out to return the funds to avoid legal repercussions. ZKsync gave away 3.6 billion ZK tokens during airdrop The ZKsync Association hold a one-off distribution of 3.6 billion ZK tokens among early adopters of the network next week. Matter Labs founder and CEO Alex Gluchowski told The Block . The number of coins allocated for airdrop represents 17.5% of the total issuance of 21 billion. Users were able to request their tokens until January 3, 2025. Claim were available starting June 24. 89% of the coins went to users who made transactions through ZKsync. 11% will be distributed among developers and other community members who have contributed to the ecosystem; A total of 695,232 wallets were shortlisted to receive airdrop. The snapshot was taken on March 24, 2024 to mark the one-year anniversary of the launch of the ZKsync Era core network. The rest of the ZK tokens will be distributed over time through the ZKsync Foundation`s ecosystem initiatives and through the ZK Nation governance model. Specifically, investors will receive 17.2% and the Matter Labs development team will receive 16.1%. Their tokens will be locked for a year, and then they will be gradually unfrozen over three years - from June 2025 to June 2028. Airdrop was based on a points system. Users received them for interacting with smart contracts in ZKsync Era, contributing liquidity to DeFi protocols, trading ERC-20 tokens, and being active in ZKsync Lite. The distributed tokens hadn`t any lock-in periods and will become ”fully liquid from day one”. One address was able to receive a maximum of 100,000 ZK tokens. This was explained by the fact that ”the team is focused on the community as a whole, not on the creation of individual whales”; The developers have also tried to filter out bot addresses from airdrop as much as possible. Matter Labs reduced the number of ZKsync developers by 16% Alex Gluchowski, CEO of Matter Labs, the company behind the ZKsync protocol, announced a 16% reduction in staff. The CEO said the company has taken a number of steps to adapt ”to other types of technology and support” that the L2 project now requires. ”We did extensive organizational planning. It became clear that the talent and roles we have today were not fully aligned with our needs,” Gluchowski said. According to the company`s LinkedIn profile, it has up to 200 employees. Thus, about 30 people will fall under layoffs. Between 2021 and 2022, ZKsync raised $450 million in investments. Decrypt

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Michael Saylor’s Strategy Acquires 3,459 Bitcoin As Value of Firm’s BTC Stash Swells to $45,296,068,800

Strategy, formerly known as MicroStrategy, is back at it again with another Bitcoin ( BTC ) buying spree. According to former CEO and founder Michael Saylor, the world’s largest corporate holder of BTC is buying up even more of the flagship crypto. “MSTR has acquired 3,459 BTC for ~$285.8 million at ~$82,618 per Bitcoin and has achieved BTC Yield of 11.4% YTD 2025. As of 4/13/2025, Strategy holds 531,644 BTC acquired for ~$35.92 billion at ~$67,556 per Bitcoin.” This is not the first time that Strategy has increased its BTC holdings in 2025. In early January, MicroStrategy announced it was looking to accumulate more of the top crypto asset by market cap in 2025 to strengthen its position in the market. At the time, the firm said its planned capital raise slated for the first three months of the year may or may not go ahead, depending on market conditions. “The purpose of the offering is to allow MicroStrategy to continue to strengthen its balance sheet and acquire more Bitcoin. The offering is expected to occur, if at all, in the first quarter of 2025. However, the decision whether to proceed with and consummate the Offering is in MicroStrategy’s sole discretion and is subject to market and other conditions. MicroStrategy may choose not to proceed with or consummate the offering at all.” In early February, the firm announced a massive stock offering to raise funds for accumulating more Bitcoin. Just last month, Saylor said Strategy sold $21 billion in preferred STRK stock to snatch up more coins. Follow us on X , Facebook and Telegram Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: DALLE3 The post Michael Saylor’s Strategy Acquires 3,459 Bitcoin As Value of Firm’s BTC Stash Swells to $45,296,068,800 appeared first on The Daily Hodl . Decrypt