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zkLend shuts down, conceding defeat after February’s crippling $9.5M hack
Share link:In this post: zkLend announced it is winding down after a serious exploit led to eventual token delistings on major CEXs. The February hack drained about $9.5 million via smart-contract vulnerabilities, with the hacker allegedly losing $5.4 million of the loot to a phishing scam. The team will allocate the remaining $200,000 in its treasury to the recovery fund; the codebase is to be open-sourced.
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Flash
- 18:02Trader qwatio partially liquidated on BTC and ETH short positions, with an unrealized loss of $8.32 millionForesight News reports, according to Ember monitoring, @qwatio’s Bitcoin and Ethereum short positions have been partially liquidated, with current unrealized losses of $8.32 million. The current positions are: 1,131 BTC short with 40x leverage, valued at $122 million, entry price $104,724, liquidation price $108,311; 28,000 ETH short with 25x leverage, valued at $68.3 million, entry price $2,425, liquidation price $2,459.
- 18:02zkLend ceases project operations, remaining funds to be used for user compensationForesight News reports that zkLend has announced on the X platform that the team will gradually wind down the project’s operations. The team stated that a recent security vulnerability has severely impacted user confidence, and the delisting of the ZEND token from major exchanges has further restricted liquidity and usability. As a result, the team has decided to allocate the remaining $200,000 to a compensation fund for affected users and will continue to track the stolen funds. Additionally, zkLend will open source its audited code for those interested in further development.
- 18:01A Trader Faces Three Liquidations in Two Days, Suffering Total Losses Exceeding $8.2 MillionForesight News reports that, according to Lookonchain monitoring, trader 0x916E has once again experienced partial liquidation. In just two days, this address has faced three liquidations, with total losses exceeding $8.2 million. The new liquidation prices are: BTC: $108,473.8, ETH: $2,457.2.