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zkLend Requests Return of $8.4 Million in Stolen Funds After Hack
zkLend, a money market and lending protocol, has confirmed a loss exceeding $9 million due to a recent security breach. The protocol has paused all withdrawals to limit further risks and initiated an investigation.
Recovery Efforts
- zkLend has requested the hacker return 90% of the stolen funds, approximately 3,300 ETH worth around $8.4 million.
- No legal action will be taken against the hacker if the funds are returned; the hacker may keep 10% as a reward.
- An on-chain message assures the hacker of liability release upon fund return.
Context of DeFi Hacks
- zkLend is among several DeFi protocols recently targeted by attackers exploiting vulnerabilities in smart contracts.
- In January, Moby Trade was exploited for $2.5 million, and the BNB Chain experienced 10 attacks leading to significant losses.
- DeFi hacks accounted for $474 million in losses in 2024, a 40% decrease from $787 million in 2023.
zkLend is working with authorities to trace the stolen funds and identify the hacker. The industry is increasingly focusing on enhancing security measures amid ongoing threats.
Authors credited by the source: Mayowa Adebajo
Published by Holder based on an external source.
