Funds Recovered in ZKsync Heist, Yet Coin's Value Drops within Safe Harbor Timeframe
Hey there! Let's dive into the aftermath of the ZKsync hacking incident.
Last week, the perpetrator agreed to a bounty and returned a substantial portion of the pilfered funds, worth around $5.7 million. Despite this recovery, the network's powering token, ZK, remains bearish.
It all started on April 15 when the Ethereum-based Layer-2 scalability solution, ZKsync, was compromised. The hacker controlled $5 million worth of ZK tokens, causing a 16% price drop, as BeInCrypto reported.
Some community members raised concerns about the situation, drawing comparisons to Mantra (OM) and accusing ZKsync of selling off their assets at an accelerated pace. Yet, in a recent development, the ZKsync Association revealed that the hacker returned 90% of the funds, abiding by the safe harbor deadline.
The ZKsync Security Council offered the hacker a 10% bounty if they returned the stolen funds, giving a 72-hour window. The bad actor complied, transferring the funds across three transactions on April 23.
As speculated, this event won't be the last of its kind. In another recent development, Bybit launched a bounty program offering rewards for returning stolen assets. Similarly, Cardano's Charles Hoskinson offered a $1 million bounty for hacking the new Lace Paper Wallet.
However, not all hacking incidents are resolved amicably. As the crypto world continues to evolve, so does the need for better security measures and clearer regulatory guidelines to ensure the stability and growth of the ecosystem.
Remember, before making any decisions based on this information, always consult a professional and verify facts independently.
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- The ZKsync hacking incident, which involved the exploitation of an Ethereum-based Layer-2 scalability solution, resulted in a loss of $5 million in ZK tokens, causing a 16% price drop.
- Despite the hacker returning a substantial portion of the stolen funds, the network's powering token, ZK, remains bearish.
- Comparisons to other incidents, such as the Mantra (OM) situation, were drawn by some community members, who accused ZKsync of selling off their assets too quickly.
- The ZKsync Association announced that the hacker returned 90% of the funds, abiding by the safe harbor deadline, and a 10% bounty was offered to the hacker by the ZKsync Security Council.
- This event has sparked interest in bounty programs, with platforms like Bybit and Cardano's Charles Hoskinson offering rewards for returning stolen assets.
- However, not all hacking incidents end favourably, highlighting the need for better security measures and clearer regulatory guidelines within the crypto industry.
- As the crypto world evolves, it becomes increasingly important to have robust cybersecurity measures in place to ensure the ecosystem's stability and growth.
- Before making any decisions or investments based on this information, it's advised to consult a professional and independently verify facts.
- Join Uphold today to discover and trade new assets, exchange between supported assets easily, and trade crypto, stocks, and precious metals in one place.
