zkLend Hit by a $4.9 Million Hack
Decentralized lending protocol zkLend fell victim to a cyberattack on February 12, resulting in a loss of $4.9 million. The incident was detected by blockchain security firm Cyvers, which reported that the stolen funds were bridged to Ethereum and laundered through the privacy protocol Railgun. However, due to Railgun's internal policies, some of the stolen assets were returned to the original address.
zkLend Offers Hacker a Reward
Following the attack, zkLend extended an offer to the hacker, allowing them to keep 10% of the stolen funds as a white hat bounty, provided they return the remaining 90%. The company stated:
"We understand that you are responsible for today's attack on zkLend. You may keep 10% of the funds as a white hat reward and return the remaining 3,300 ETH."
Additionally, zkLend warned that if the hacker fails to respond by 00:00 UTC on February 14, 2025, they will escalate the matter to law enforcement and security agencies.
2025 Could Be Another Record Year for Crypto Hacks
Despite a 44% year-over-year decline in crypto-related hacks in January 2025, cybercriminals still managed to steal over $73 million in just the first month of the year.
Experts caution that 2025 could see another wave of major crypto exploits. In 2024 alone, hackers stole $2.3 billion across 165 incidents, marking a 40% increase from 2023, when the total losses reached $1.69 billion.
Unexpected Endings: Some Hackers Return Stolen Funds
Interestingly, some cybercriminals have had a change of heart after stealing millions in crypto, returning funds once their actions drew intense scrutiny from blockchain investigators.
In May 2024, an unidentified hacker returned $71 million worth of stolen ETH tokens following a high-profile wallet-draining scam. The hacker had initially tricked a victim into sending wrapped Bitcoin (WBTC) worth $71 million to a lookalike wallet address, a method commonly used in wallet poisoning scams.
However, as major blockchain investigation firms got involved, the attacker surprisingly decided to return the stolen assets to the victim.
New Technologies Aim to Prevent Crypto Exploits
To combat such incidents, blockchain security firms like Cyvers are actively developing new solutions aimed at preventing future hacks.
One promising development is off-chain transaction verification, a mechanism that could potentially prevent 99% of all crypto-related hacks and scams by simulating and verifying blockchain transactions before they are finalized on-chain.
According to Michael Pearl, Vice President of GTM Strategy at Cyvers, this emerging technology could significantly enhance security across the crypto ecosystem and minimize the risks associated with cyberattacks.
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