ZKSync Hacked for $5 Million: Token Price Plunges, Former L2 Darling Now in Shambles

By: blockbeats|2025/04/15 16:15:01
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4 月 15 日,「以太坊四大 layer2」之一的 ZKsync 链上 ZK 代币价格突然跳水。截至撰稿,ZK 代币价格暂报 0.0444 美元,24 小时内跌幅超过 14%,事件迅速引发社区关注。

ZKSync Hacked for  Million: Token Price Plunges, Former L2 Darling Now in Shambles

事件始末

ZKsync 官方迅速回应了这场风波。4 月 15 日晚 9 点 49 分,团队发布声明称,他们的安全团队发现一个被盗的管理员账户是此次事件的核心。这个账户控制了价值约 500 万美元的 ZK 代币,而这些代币并非凭空出现,而是来源于此前 ZKsync 空投活动中尚未被领取的剩余代币。

官方强调,异常增发和抛售的背后,是被盗密钥导致的孤立事件,仅限于空投合约本身。目前,ZKsync 正在采取必要的安全措施,并明确表示:所有用户资金安全无虞,从未面临风险;ZKsync 协议和 ZK 代币合约未受影响,没有更多代币存在被盗风险。

尽管官方试图安抚市场情绪,但 ZK 代币价格的剧烈波动已是不争的事实,而且更重要的是,社区似乎对官方这套说辞十分不买账。

不少社区成员指出,这次操作是早有预谋,而不是官方口中偶发的被盗事件。ZKsync 是先在链上增发 1.1 亿枚$ZK,之后不断砸盘抛售 6600 万枚代币,上演了一出「监守自盗」的戏码。

@yuyue_chris 表示,ZKsync 事件是近期「中心化操盘套路」的又一例证。异常增发被视为「不讲武德」的直接作恶,摧毁了投资者对 VC 项目的信任底线,官方回应「完全是敷衍」。

近年来,Layer 2 竞争愈发激烈。此前,ZKsync 因熊市影响而终止流动性计划,已让部分投资者感到失望,如今再爆安全丑闻,无疑是雪上加霜。

L2 的昔日明星,如今一地鸡毛

ZKsync 是以太坊的 Layer 2 扩容解决方案,通过将交易处理从以太坊主链转移到侧链,大幅降低交易费用并提升速度。ZKsync 采用的是 ZK Rollup 技术,这种技术一度被认为是 Layer 2 的未来方向,因其兼顾了高效性和安全性。

在 Layer 2 赛道中,ZKsync 曾与 Arbitrum、Optimism(OP Rollup 阵营)以及 Starknet(同属 ZK Rollup)并称为「四大头部玩家」,风头一时无两。

但时至今日,ZKsync 的表现并不尽如人意。去年 6 月空投后,生态活跃度大幅下滑。数据显示,ZKsync 的活跃地址数量下降了 83.5%,日均交易量更是暴跌 86%。去年 6 月的空投计划中,36 亿枚 ZK 代币分配给 695,232 个钱包,但 Nansen 数据显示,超 40% 的接收者直接清仓,41.4% 部分卖出,仅 17.9% 选择持有。这表明,空投并未有效激励长期参与,反而加剧了抛售压力。

而且,ZKsync 似乎早有「Rug 链」标签。2023 年 4 月,SyncDex Finance 疑似 Rug Pull,质押超 100 ETH 和 98,444.8 USDC 的资金蒸发,官方渠道关闭;不到一个月,SHIBERA 项目抽干流动性池后跑路;同年 7 月,Kannagi Finance 的 TVL 从 213 万美元暴跌至 24 美元,官方账号注销;去年 5 月的项目 xBank Finance 也疑似归零,官方账号被冻结。

相关阅读:《ZKsync 发币,生态项目方却先跑为敬?

不只是 ZKsync,曾经的以太坊 Layer 2「头部玩家」的日子都不太好过。2024 年 3 月,以太坊完成坎昆升级,将关注重新带回 Layer2 领域。但根据 Artemis 数据显示,ZKsync、 Arbitrum、Optimism、Starknet 的日活地址数量在 2024 年第二季度达到峰值后似乎一蹶不振。其中,ZKsync 在 2024 年 4 月和 6 月曾出现活跃地址高峰,最高接近 140 万,远超其他 Layer 2 项目。但 6 月 17 日空投后,活跃地址数迅速下滑,至 7 月底已跌至低谷,后续虽有小幅反弹,仍长期徘徊在 20 万 以下。

随着 Layer 2 赛道竞争白热化,ZKsync 等 ZK Rollup 项目未能保持早期优势。而 Base 的崛起凭借 Coinbase 智能钱包的低门槛和 400 万笔几乎两倍于 Arbitrum 的日均交易量,吸引了大量用户,市场份额被大量分流。此外,以太坊生态应用,如 meme、DeFi 等被 Solana 等 Layer 1 分流,导致许多 L2 逐渐沦为「没人用的鬼链」。

相关阅读:《Layer2 年中回顾:Base 超越 Optimism 成第二大 Layer2;zkSync 和 Satrknet 面临生态困境

虽然 ZKsync 本次事件到底是真的被盗,还是又一起「妖庄」操盘还没有盖棺定论。但要想重拾社区信任,重返 Layer 2 头部阵营,ZKsync 必须拿出更多实际行动证明自己。而对于整个 Layer 2 赛道而言,如何在竞争白热化和分流的压力下,从「流量泡沫」走向真正的价值创造,或许是比技术更重要的命题。

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Never Underestimate the Significance of the US Stablecoin 'Infrastructure Bill'

Original Title: "Never Underestimate the Significance of the US Stablecoin 'Genius Act'"Original Author: 0xTodd, Partner at Nothing Research


If the US stablecoin bill, the "GENIUS Act," passes smoothly this time, its significance will be tremendous. I even think it's significant enough to enter the top five in Crypto history.



Although abbreviated as the GENIUS Act, which translates directly to the Genius Act, it is actually the Guiding and Establishing National Innovation for U.S. Stablecoins, which translates to "Guiding and Establishing National Innovation for US Dollar Stablecoins."


The proposal is lengthy, with several key points summarized for everyone:


· Mandatory 1:1 Full Asset Backing: Assets include cash, demand deposits, and short-term US Treasuries. At the same time, misappropriation and rehypothecation are strictly prohibited.


· High-Frequency Disclosure: Reserve reports must be published at least monthly, introducing external audits.


· Licensing Requirement: Once the circulating market cap of the issuer's stablecoin exceeds $100 billion, it must transition into the federal regulatory system within a specified timeframe, adopting banking-grade regulation.


· Introduction of Custody: The custodian of the stablecoin and its reserve assets must be a regulated qualified financial institution.


· Clear Definition as a Payment Medium: The bill explicitly defines stablecoin as a new type of payment medium, primarily regulated by the banking regulatory system, rather than restricted by the securities or commodities regulatory system.


· Embracing Existing Stablecoins: A maximum 18-month grace period after the bill's enactment, aimed at encouraging existing stablecoin issuers (such as USDT, USDC, etc.) to promptly obtain licenses or become compliant.


After finishing the main content, let's talk about the significance of this matter with an excited heart.


Over the years, when others asked, "After working in the Crypto industry for 16 years, what application have you created?"


In the future, you can confidently tell others—Stablecoins.


First, Clearing Concerns is a Prerequisite


Some people have held opposing views. In the past, people's impression of stablecoins was that they were an opaque black box. Every few months, there would be FUD — whether Tether's assets were frozen or Circle had a significant black hole deficit.


In fact, if you think about it, Tether easily rakes in billions of dollars a year just from the interest on those underlying government bonds. Circle, slightly less, also made a $1.7 billion profit last year.


They basically made money while standing there. From a motivational standpoint, they have no malicious intentions. In fact, they are the most eager for compliance.


Now, this opaque black box will become a transparent white box.


In the past, the only complaint was that Tether's funds might have been frozen by the United States. Now, they will be directly placed into U.S. compliant custodial institutions, with high-frequency disclosures, so you can rest assured.


【No need to worry about a rug pull】 is such a huge advantage—I think especially all Crypto people understand this.


Second, Mastering the Standard is Very Important


Stablecoins were once almost on the verge of being overtaken by CBDCs. In any country, if a central bank digital currency really exists, it is highly likely not built on a blockchain, at most it is built on some internal central bank consortium chain, which to be honest, is meaningless.


When CBDCs were at their peak, that was the most dangerous time for stablecoins.


If CBDCs had become a reality back then, stablecoins today would have been relentlessly suppressed into a dark corner, and blockchain would only be able to play a minimal role.


The remaining half-dead stablecoins would even have to learn the standards of central bank digital currencies, completely relinquishing their standard-setting power.


And now, stablecoins have won (or are about to).


Instead, everyone should learn the 【Blockchain + Token】 standard.


Nowadays, many blockchains actually have no meaningful applications on top, only stablecoin transfers. For example, with Aptos, the only scenario I use Aptos for is transfers between Binance and OKX.


And now, stablecoins will be legislated, what does that mean?


That's right, blockchain will become the only standard.


In the future, every stablecoin user will be the first to learn how to use a wallet.


As an aside, I actually think Ethereum's concerted push for EIP-7702 is quite forward-thinking. While other chains are all about memes, thank you Ethereum for sticking to account abstraction.



EIP-7702 is about Account Abstraction, which can support, for example:


· Social Account Registration Wallet

· Paying GAS with Native Coin

· And more


This paves the way for future new users to heavily use stablecoins, solving the last-mile problem.


Third, Deposit Enters a New Era


Furthermore, once stablecoins receive legislative support, deposits and withdrawals will become even easier.


Let's imagine a scenario: previously, hindered by the gray nature of stablecoins, but after the bill passes, many traditional brokerages can support stablecoins themselves. The money from a US stock investor can be converted into stablecoins in minutes and instantly deposited into Coinbase. Believe it or not.



Let's imagine another scenario: if the brilliant bill smoothly passes through the House of Representatives, next, you will see:


Due to the extremely lucrative nature of this trading, existing stablecoin leaders and newly entering traditional giants will crazily start promoting their stablecoin products.


And an outsider, due to these promotions, will start using stablecoins. And then one day, after finding out that the wallet account has been created, will explore Bitcoin inside. Is mining Bitcoin difficult?


Stablecoins are a huge Trojan horse. The moment you start using stablecoins, you unwittingly step half a foot into the Crypto world.


Fourth, Conclusion


As a large reservoir for digesting US debt, although stablecoins cannot directly absorb debt, they at least provide ammunition for the US debt secondary market. These functions are quite important, and slowly, stablecoins are becoming a part of the US debt market's body. Therefore, once the US legislation is passed and experiences the benefits, there is no turning back.


And, we are also confident that stablecoins are indeed one of the great innovations in our industry. People who have used stablecoins will find it hard to return to the traditional cash-banking system.


Once the bill is passed, users can't go back. In the future, concerns are about to be resolved, standards will be mastered, and the era of large deposits seems to be on the horizon.


Original Article Link

$COIN Joins S&P 500, but Coinbase Isn't Celebrating

On May 13, S&P Dow Jones Indices announced that Coinbase would officially replace Discover Financial Services in the S&P 500 on May 19. While other companies like Block and MicroStrategy, closely tied to Bitcoin, were already part of the S&P 500, Coinbase became the first cryptocurrency exchange whose primary business is in the index. This also signifies that cryptocurrency is gradually moving from the fringes to the mainstream in the U.S.



On the day of the announcement, Coinbase's stock price surged by 23%, surpassing the $250 mark. However, just 3 days later, Coinbase was hit by two consecutive events: a hack where employees were bribed to steal customer data and a demand for a $20 million ransom, and an investigation by the U.S. Securities and Exchange Commission (SEC) into the authenticity of its claim of having over 100 million "verified users" in its securities filings and marketing materials. These two events acted as mini-bombs, and at the time of writing, Coinbase's stock had already dropped by over 7.3%.


Coincidentally, Discover Financial Services, being replaced by Coinbase, can also be considered the "Coinbase" of the previous payment era. Discover is a U.S.-based digital banking and payment services company headquartered in Illinois, founded in 1960. Its payment network, Discover Network, is the fourth largest payment network apart from Visa, Mastercard, and American Express.


In April, after the approval of the acquisition of Discover by the sixth-largest U.S. bank, Capital One, this well-established digital banking company of over 60 years smoothly handed over its S&P 500 "seat" to this emerging cryptocurrency "bank." This unexpected coincidence also portrayed the handover between the new and old eras in Coinbase's entry into the S&P 500, resembling a relay race scene. However, this relay baton also brought Coinbase's accumulated "external troubles and internal strife" to a tipping point.


Side Effects of ETFs


Over the past decade, cryptocurrency exchanges have been the most stable "profit machines." They play a role in providing liquidity to the entire industry and rely on trading fees to sustain their operations. However, with the comprehensive rollout of ETF products in the U.S. market, this profit model is facing unprecedented challenges. As the leader in the "American stack," with over 80% of its business coming from the U.S., Coinbase is most affected by this.



Starting from the approval of Bitcoin and Ethereum spot ETFs, traditional financial capital has significantly onboarded users and funds that originally belonged to exchanges in a more cost-effective, compliant, and transparent manner. The transaction fee revenue of cryptocurrency exchanges has started to decline, and this trend may further intensify in the coming months.


According to Coinbase's 2024 Q4 financial report, the platform's total trading revenue was $417 million, a 45% year-on-year decrease. The contribution of BTC and ETH's trading revenue dropped from 65% in the same period last year to less than 50%.


This decline is not a result of a decrease in market enthusiasm. In fact, since the approval of the Bitcoin ETF in January 2024, the inflow of BTC into the U.S. market has continued to reach new highs, with asset management giants like BlackRock and Fidelity rapidly expanding their management scale. Data shows that BlackRock's iShares Bitcoin ETF (IBIT) alone has surpassed $17 billion in assets under management. As of mid-May 2025, the cumulative net inflow of 11 major institutional Bitcoin spot ETFs on the market has exceeded $41.5 billion, with a total net asset value of $1214.69 billion, accounting for approximately 5.91% of the total Bitcoin market capitalization.


Chart showing the trend of net outflows for Grayscale among the 11 institutions


Institutional investors and some retail investors are shifting towards ETF products, partly due to compliance and tax considerations. On one hand, ETFs have much lower trading costs compared to cryptocurrency exchanges. While Coinbase's spot trading fee rate varies annually in a tiered manner but averages around 1.49%, for example, the management fee for IBIT ETF is only 0.25%, and the majority of ETF institution fees fluctuate around 0.15% to 0.25%.



In other words, the more rational users are, the more likely they are to move from exchanges to ETF products, especially for investors aiming for long-term holdings.


According to multiple sources, several institutions, including VanEck and Grayscale, have submitted applications to the SEC for a Solana (SOL) ETF, with some institutions also planning to submit an XRP ETF proposal. Once approved, this may trigger a new round of fund migration. According to a report submitted by Coinbase to the SEC, as of April, the platform's trading revenue from XRP and Solana accounted for 18% and 10%, nearly one-third of the platform's fee revenue.



However, the Bitcoin and Ethereum ETFs passed in 2024 also reduced the fees for these two tokens on Coinbase from 30% and 15% to 26% and 10%, respectively. If the SOL and XRP ETFs are approved, it will further undermine the core fee revenue of exchanges like Coinbase.


The expansion of ETF products is gradually weakening the financial intermediary status of cryptocurrency exchanges. From their original roles as matchmakers and clearers to now gradually becoming mere "on-ramps and off-ramps" for funds, exchanges are seeing their marginal value squeezed by ETFs.


Robinhood Takes a Stand, Traditional Brokerages Join the Fray


On May 12, 2025, SEC Chairman Paul S. Atkins gave a keynote speech at the Tokenization and Cryptocurrency Working Group roundtable. The theme of his speech revolved around "It is a new day at the SEC," where he indicated that the SEC would not approach enforcement and regulation the same way as before but would instead pave the way for cryptocurrency assets in the U.S. market.



With signs of cryptocurrency compliance such as the SEC's "NEW DAY" declaration, an increasing number of traditional brokerages are attempting to enter the cryptocurrency industry. One of the most representative cases is the well-known U.S. brokerage Robinhood, which began expanding its crypto business in 2018. By the time of its IPO in 2021, Robinhood's crypto business revenue accounted for over 50% of the company, with a significant boost from the Dogecoin "moonshot" promoted by Musk.


In Q1 2025 earnings report, Robinhood showcased strong growth, especially in revenue from cryptocurrency and options trading. Fueled by Trump's Memecoin, cryptocurrency-related revenue reached $250 million, nearly doubling year-over-year. Consequently, Robinhood Gold subscription users reached 3.5 million, a 90% increase from the previous year, with the rapid growth of Robinhood Gold providing the company with a stable source of income.



Meanwhile, RobinHood is actively pursuing acquisitions in the cryptocurrency space. In 2024, it announced a $2 billion acquisition of the long-standing European cryptocurrency exchange Bitstamp. Additionally, Canada's largest cryptocurrency CEX, WonderFi, which recently went public on the Toronto Stock Exchange, also announced its integration with RobinHood Crypto. After obtaining virtual asset licenses in the UK, Canada, Singapore, and other markets, RobinHood has taken a proactive approach in the compliant cryptocurrency trading market.



Furthermore, an increasing number of brokerage firms are exploring the same path. Futu Securities, Tiger Brokers, and others are also dipping their toes into cryptocurrency trading, with some having applied for or obtained the VA license from the Hong Kong SFC. Although their user bases are currently small, traditional brokerages have a natural advantage in user trust, regulatory licenses, and low fee structures. This could pose a threat to native cryptocurrency platforms in the future.



User Data Breach: Is Coinbase Still Secure?


In April 2025, security researchers discovered that some Coinbase user data was leaked on the dark web. While the platform initially responded by attributing it to a "technical misinformation," it still raised concerns among users regarding its security and privacy protection. Just two days before Dow Jones Indexes announced Coinbase's addition to the S&P 500 Index, on May 11, 2025, Coinbase received an email from an unknown threat actor claiming to have obtained customer account information and internal documents, demanding a $20 million ransom to keep the data private. Subsequent investigations confirmed the data breach.


Cybercriminals obtained the data by bribing overseas customer service agents and support staff, mainly in "non-U.S. regions such as India." These agents abused their access to Coinbase's internal customer support system and stole customer data. As early as February this year, blockchain detective ZachXBT revealed on X platform that between December 2024 and January 2025, Coinbase users lost over $65 million to social engineering scams, with the actual amount potentially higher.


Among the victims was a well-known figure, 67-year-old Ed Suman, an established artist in the art world for nearly two decades, having been involved in the creation of artworks such as Jeff Koons' "Balloon Dog" sculpture. Earlier this year, he fell victim to an impersonation scam involving fake Coinbase customer support, resulting in a loss of over $2 million in cryptocurrency. ZachXBT critiqued Coinbase for its inadequate handling of such scams, noting that other major exchanges have not faced similar issues and recommending Coinbase to enhance its security measures.


Amidst a series of ongoing social engineering incidents, although there has not been any impact on user assets at the technical level so far, it has raised concerns among many retail and institutional investors. Especially institutions holding massive assets on Coinbase. Just considering the U.S. BTC ETF institutions, as of mid-May 2025, they collectively hold nearly 840,000 BTC, and 75% of these are custodied by Coinbase. If we price BTC at $100,000, this amount reaches a staggering $63 billion, which is equivalent to the nominal GDP of two Iceland in the year 2024.


Visualization: ChatGPT, Source: Farside


In addition, Coinbase Custody also serves over 300 institutional clients, including hedge funds, family offices, pension funds, and endowments. As of the Q1 2025 financial report, Coinbase's total assets under management (including institutional and retail clients) reached $404 billion. The specific amount of institutional custodied assets was not explicitly disclosed in the latest report, but it should still be over 50% based on the Q4 2024 report.


Visualization: ChatGPT


Once this security barrier is breached, not only could the rate of user attrition far exceed expectations, but more importantly, institutional trust in it would undermine the foundation of its business. Therefore, after a hacking event, Coinbase's stock price plummeted significantly.


CEXs are All in Self-Rescue Mode


Facing a decline in spot trading fee revenue, Coinbase is also accelerating its transformation, attempting to find growth opportunities in derivatives and emerging assets. Coinbase acquired a stake in the options platform Deribit at the end of 2024 and announced the official launch of perpetual contract products in 2025. This acquisition fills in Coinbase's gap in options trading and its relatively small global market share.



Deribit has a strong presence in non-U.S. markets, especially in Asia and Europe. The acquisition has enabled Coinbase to gain a dominant position in bitcoin and ethereum options trading on Deribit, accounting for approximately 80% of the global options trading volume, with daily trading volume remaining above $2 billion.


Meanwhile, 80-90% of Deribit's customer base consists of institutional investors, with their professionalism and liquidity in the Bitcoin and Ethereum options market highly favored by institutions. Coinbase's compliance advantage, coupled with its already robust institutional ecosystem, makes it even more suitable. By using institutions as an entry point, it can face the squeeze from giants like Binance and OKX in the derivatives market.



Facing a similar dilemma is Kraken, which is attempting to replicate Binance Futures' model in non-U.S. markets. Since the derivatives market relies more on professional users, fee rates are relatively higher and stickiness is stronger, making it a significant source of revenue for exchanges. In the first half of 2025, Kraken completed the acquisition of TradeStation Crypto and a futures exchange, aiming to build a complete derivatives trading ecosystem to hedge the risk of declining spot transaction fee income.


With the surge of Memecoin in 2024, Binance, OKX, and various CEX platforms began massively listing small-market-cap, highly volatile tokens to activate active trading users. Due to the wealth effect and trading activity of Memecoins, Coinbase was also forced to join the battle, successively listing popular tokens from the Solana ecosystem such as BOOK OF MEME and Dogwifhat. Although these coins are controversial, they are frequently traded, with fee rates several times higher than mainstream coins, serving as a "blood-boosting" method for spot trading.


However, due to its status as a publicly traded company, this practice is a riskier endeavor for Coinbase. Even in the current crypto-friendly environment, the SEC is still investigating whether tokens like SOL, ADA, and SAND constitute securities.


In addition to the forced transformation strategies carried out by the aforementioned CEXs, they are also starting to lay out RWAs and the most talked-about stablecoin payment fields, such as the PYUSD launched through a collaboration between Coinbase and Paypal, Coinbase's support for the Euro stablecoin EURC by Circle that complies with EU MiCA regulatory requirements, or the USD1 launched through a collaboration between Binance and WIFL. In the increasingly crowded trading field, many CEXs have shifted their focus from just the trading market to the application field.


The golden age of transaction fees has quietly ended, and the second half of the crypto exchange platform game has silently begun.


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