The ZIL saga these past few days is enough to make even seasoned crypto veterans laugh.
First, Upbit posted a delisting notice. Someone counted: Upbit has issued 25 delisting notices this year, compared with just 12 for all of last year. And last Monday, it announced three at once: Blast, Sophon, and Zilliqa.
Then what? On October 23, several V3 pools on PlunderSwap were drained overnight. Kalijo put it plainly: the problem was how Zilliqa’s node software handled ZRC2 transfer submissions. The attacker used “ghost tokens” that vanished out of thin air at final confirmation, while real assets were swapped out. The SEED/kUSD pool lost around 157,000 SEED and 1,820 kUSD. The price across the remaining SEED pools plunged from 3.378 ZIL to 0.263, a drop of roughly 92%. And this is the second time they’ve been hit because of an old issue deep in the chain’s infrastructure.
To be clear, this wasn’t some poorly written shitcoin DEX contract. It was a bug in the chain itself. Yet the small ecosystem projects are the ones taking the hit. PlunderSwap plastered warnings everywhere, telling people not to trade or add liquidity. They traced 12.3 million ZIL to the hot wallet of a centralized exchange and asked the exchange to freeze it. And the official team? At least I haven’t seen any meaningful public explanation. The comments are full of “So any answers??”
The wildest part is that, during the same week, people were hyping ZIL as taking off on Upbit. Someone recapped the coins Upbit pumped this week, and ZIL was on the list too. Korean trading volume always seems to spike first, then the price gets pumped.
Delisting notice + chain-level exploit + no official explanation. Rushing in now isn’t buying the dip; it’s providing liquidity for people trying to get out. No matter how hard a delisting-bound coin pumps, the destination is already spelled out in the notice.
#ZIL #Upbit