Over every week after the Zksync hacking incident, the exploiter agreed to a bounty and returned a good portion of the loot.
Despite recovering stolen funds, the community’s powering token, ZK, continues to exhibit bearish sentiment.
ZKSync Hacker Returns $5.7 Million
On April 15, the Ethereum-based Layer-2 scalability solution, ZKsync, suffered a hack. The compromised account managed $5 million price of ZK tokens. As BeInCrypto reported, the incident had caused a 16% price drop.
The incident was controversial after some group members seen some regarding knowledge. The revelations led to dire allegations, with some likening ZkSync to Mantra (OM). To some, ZKsync responded to the hack by dumping their property at an accelerated tempo.
“The ZkSync team has released 110 million tokens and sold 66 million. The price of ZK is going against the trend as the market is recovering, and it has immediately dropped by 15%. First OM, now ZK, this project seems to be heading in the wrong direction,” one person noted.
This bordered on embezzlement. However, in a current growth, the ZKsync Association revealed that the hacker returned 90% of the funds, successfully honoring the secure harbor deadline.
Through an April 21 put up on X (Twitter), the ZKsync Security Council provided the hacker a ten% bounty in the event that they returned the stolen funds, permitting a 72-hour window.
“To resolve this matter amicably in the spirit of safe harbor, we are offering a 10% bounty for your cooperation if you return 90% of the funds involved in the exploit,” ZK Nation shared on X.
As it occurred, the unhealthy actor heeded, transferring virtually $5.7 million to the ZKsync Security Council throughout three transfers on April 23.
Specifically, they sent two transfers on the ZKsync Era blockchain. The first concerned sending $1.83 million price of Ethereum (ETH) to the ZKsync Security Council’s ZKsync Era deal with, and the second concerned sending $2.47 million price of ZKsync tokens.
In the third transaction, the ZKSync hacker despatched 776 ETH price roughly $1.4 million to the ZkSync Security Council’s Ethereum deal with.
With this, the ZKsync Association dedicated to publishing a closing report revealing extra particulars concerning the safety incident.
Meanwhile, it’s price noting that the hacker adopted directions given by the ZKsync Security Council to the letter. Based on this, the case closes with out additional motion.
It mirrors previous incidents, together with Ronin Bridge hackers returning $10 million price of ETH and incomes a $500,000 bounty.
Despite the flip of occasions, nevertheless, the ZK token continues to show bearish sentiment, down by almost 2% within the final 24 hours. As of this writing, ZKsync’s token was buying and selling for $0.06.
Meanwhile, not all hacking incidents honor secure harbor provides. Recently, Bybit launched a bounty program providing as much as 10% of recovered funds to moral hackers and cybersecurity specialists.
This incentivized efforts to reclaim $1.4 billion in stolen property. While some efforts to reclaim misplaced property yielded outcomes, the partial restoration was because of key trade gamers stepping in, not the exploiter.
Meanwhile, different ecosystems leverage bounty applications to bolster safety. Cardano’s Charles Hoskinson not too long ago provided a $1 million bounty for hacking the new Lace Paper Wallet, testing its safety.
Similarly, Uniswap introduced a record-breaking $15.5 million bug bounty focusing on vital vulnerabilities in its v4 core contracts.
Disclaimer
In adherence to the Trust Project pointers, BeInCrypto is dedicated to unbiased, clear reporting. This information article goals to offer correct, well timed data. However, readers are suggested to confirm details independently and seek the advice of with knowledgeable earlier than making any selections based mostly on this content material. Please observe that our Terms and Conditions, Privacy Policy, and Disclaimers have been up to date.
