ZKsync Stolen $5 Million Worth of Tokens Plummeted, Trust Test Comes Again

In the hustle and bustle of the crypto world, ZKsync, like a rising star, once lit up the future of Ethereum Layer 2 with the technology of zero-knowledge proofs (ZK). However, on April 15, 2025, a sudden attack cast a shadow over this star - the private key of the airdrop contract was leaked, and 111 million ZK tokens were illegally minted. The $5 million sell-off caused the token price to plummet by nearly 20% in a single day. This turmoil not only shook the market, but also made countless supporters re-examine this project carrying the dream of decentralization.

Cracks in Trust: The Ins and Outs of Airdrop Attacks

The story begins with a carefully planned airdrop. In 2024, ZKsync launched a large-scale ZK token airdrop to incentivize the community, attracting numerous users and developers to participate. However, there were some unclaimed tokens in the airdrop contract, quietly lying on the chain, waiting to be ‘awakened.’ No one expected that this inconspicuous corner would become the attacker’s breakthrough.

On April 15th, ZKsync officially issued an emergency statement: the private key of the administrator account of the airdrop contract was leaked. Exploiting this vulnerability, the attacker called the sweepUnclaimed() function in the contract, creating 1.11 billion ZK tokens out of thin air. These tokens quickly flowed into the market, triggering a flood of selling that caused the ZK price to plummet by as much as 20%. On social media, the community erupted, with some angrily questioning the project’s security measures, some worrying about the future of the eco, and others watching coldly as this common ‘black swan’ event unfolded in the crypto world.

The attack itself is not complicated, but the exposed issues are thought-provoking. Why is private key management so fragile? Why do unclaimed tokens retain such high authority? More importantly, why would a project like ZKsync, which is centered around technical innovation, fail in the basic security aspects? Within the community’s voices, there is a mix of disappointment and anticipation: they hope ZKsync can provide a convincing answer.

The official response was swift and decisive. The ZKsync security team froze the attack vector, demanding the attacker to return the funds through official channels and promising to release a detailed report within 24 hours. In the statement, the team emphasized that the protocol itself, token contracts, and user funds were not affected, attempting to soothe market panic. However, the sharp price drop and community doubts indicate that restoring trust is far more complex than fixing the code.

The Ambition of Zero Knowledge: The Origin and Mission of ZKsync

To understand the significance of this turmoil, we need to go back to the origin of ZKsync. In 2019, Alex Gluchowski, the founder of Matter Labs, and his team embarked on a bold experiment: using zero-knowledge proof technology to address the pain points of Ethereum. Ethereum, as the ‘world computer’ of blockchain, hosts countless decentralized applications, but is criticized for its high gas fees and congested network. The mission of ZKsync is to make Ethereum transactions faster and cheaper without sacrificing security and decentralization.

ZKsync’s core technology is ZK-Rollup, a Layer 2 solution based on zero-knowledge proofs. In simple terms, it compresses thousands of transactions into a concise proof, submitted to the Ethereum mainnet, reducing costs while maintaining mainnet security. In 2020, ZKsync 1.0 mainnet launched, supporting simple transfer functions; in 2022, ZKsync Era (formerly ZKsync 2.0) was introduced, supporting general smart contracts, marking the project’s transition to a full-featured Layer 2 network.

The charm of ZKsync lies not only in its technology, but also in its pursuit of user experience. Compared to the gas fees of tens of dollars on the Ethereum mainnet, the transaction cost of ZKsync is as low as a few cents, yet the speed is comparable to centralized platforms.

This quickly attracted developers in the DeFi, NFT, and payment fields, with well-known protocols such as Uniswap and Aave flocking in. Even traditional financial institutions like UBS have started experimenting with blockchain applications on ZKsync. For a while, ZKsync has become one of the most dazzling players in the Layer 2 track, on par with Arbitrum and Optimism.

The 2024 ZK token airdrop has further ignited the community’s enthusiasm. Out of the total supply of 21 billion tokens, a portion is distributed through airdrops to early users, developers, and other contributors. The token is not only used for paying transaction fees but also carries the hope of community governance. The vision of ZKsync is to create a community-driven decentralized eco where every participant can share the dividends brought by blockchain technology.

Three, Current Situation and Challenges: ZKsync in the Storm

However, the journey of the stars is never smooth. In early 2025, the overall downturn in the crypto market sent chills down ZKsync’s spine. In March, the project announced the termination of the Ignite liquidity reward program, citing deteriorating market conditions and financial pressures. This decision led to a 50% plummet in Total Value Locked (TVL) from $270 million, while the price of ZK tokens dropped by 35% during the same period. Within the community, discussions about the ‘airdrop equals sell-off peak’ became heated, with many beginning to question the long-term value of ZKsync.

The attack in April was undoubtedly the last straw. The illegal minting of 111 million tokens, although accounting for only 0.45% of the total supply, dealt a blow to market confidence far beyond the numbers themselves. What is more worrying is that the incident exposed the weaknesses of ZKsync in terms of security and governance. Why is the airdrop contract design so fragile? Why have unclaimed tokens not been destroyed or transferred to a more secure mechanism? These questions point not only to technical details but also to the project’s operational and crisis response capabilities.

From a competitive perspective, the Layer 2 track is becoming crowded. Arbitrum has solidified its market position through decentralized governance and eco incentives; Optimism‘s OP Stack has attracted a large number of new chain adoptions; the emerging StarkNet is also making efforts in ZK technology. Although ZKsync is technically leading, it is facing challenges in eco expansion and community trust. This attack event may make some developers hesitate to continue building on ZKsync, and investors may also turn to other more stable Layer 2 projects.

Four, The Future Starlight: Can ZKsync Reshape Trust?

Despite the continuous turmoil, the story of ZKsync is far from over. Although the attack incident exposed problems, it also provided an opportunity for self-iteration of the project. Technically, ZKsync can introduce mechanisms such as multi-signature, time lock, optimize contract design, and private key management; in terms of governance, the project side needs to communicate with the community more transparently to rebuild trust; in terms of ecology, ZKsync still needs to increase incentives to attract more high-quality projects to settle in.

From a broader perspective, the value of ZKsync lies not only in being a Layer 2 network, but also in representing the promise of blockchain technology for the future. Zero-knowledge proof is not just a technical tool, but also a philosophy - building a trusted decentralized world while protecting privacy. Every plummet of ZKsync is for the purpose of going further.

For the community and investors, this storm is a test. The crypto world is never short of crises, but it is also never short of miraculous recoveries. Can ZKsync learn from this attack and reignite the star of zero knowledge?