Chiara Bianchi
ZKsync, the Ethereum Layer 2 protocol developed by Matter Labs, has reported a major security breach involving one of its administrative accounts. The compromised wallet was responsible for managing unclaimed tokens from the ZK token airdrop, resulting in an estimated $5 million theft.
In a statement posted on X (formerly Twitter), the ZKsync security team confirmed the attack, stating that the protocol itself remains secure and that user funds were never exposed to risk.
โThe attacker gained control of an airdrop admin account,โ the team explained. โWeโve taken immediate action and will release a comprehensive incident report soon.โ
Price Plummets Following Token Dump
Shortly after the exploit occurred โ around 13:50 UTC โ the price of ZK tokens dropped by approximately 20%, likely caused by the attacker selling off the stolen tokens. Although the token has slightly recovered, it’s still down 15% at the time of writing, based on PRIMEโs market data.
The hack triggered widespread concern within the crypto community, given that ZKsyncโs airdrop was already under scrutiny for its controversial token allocation process and alleged failure to properly identify Sybil attacks.
Airdrop Admin Key Appears to Be the Entry Point
According to preliminary findings, the exploit stemmed from a compromised private key associated with the admin account responsible for the token airdrop. The attacker was able to claim remaining unallocated tokens, which had not yet been distributed to users.
ZKsync emphasized that neither the ZK token contract nor the underlying protocol were affected by the breach.
Community Response and Next Steps
While the project is working on a full security audit and plans to share a detailed update soon, the crypto community is closely watching how the team handles transparency and compensation, if any.
ZKsyncโs token launched in June 2024 with a total supply of 21 billion tokens. Despite initial excitement, the airdrop has faced criticism due to perceived inequities in token allocation and a lack of robust Sybil protection mechanisms.
