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ZKLEND, a decentralized rental protocol built on Starknet, officially closed operations after exploitation of $ 9.5 million. The team announced that it will use the remaining cash register of $ 200,000 to support affected users through the recovery fund.
The decision comes after the definition of the native token of the Zend platform from the main exchanges.
As $ 9.5 million uses and eliminates the shutdown of the zkend
In a message For his community, he said that the choice of stinging the operation was difficult but necessary. The platform was affected by a significant exploitation that endanger users’ trust and the integrity of the platform.
The situation has recently deteriorated when the Zend token was eliminated from the best crypto exchange including Bybita and Kucoin. This has reduced the availability of token and market liquidity, which makes the team difficult to carry out future initiatives.
“This development significantly limits our ability to effectively allocate to any new initiatives,” said Zkand in his official announcement.
Rather than continuing to develop under limited conditions, the team decided to turn off and redirect the remaining resources to those that are impact on violations.
In particular, this platform committed itself to assign its remaining treasury of $ 200,000 to the user’s recovery fund. This decision was made to prioritize community support over the start or expansion of the protocol.
Meanwhile, key services, including the portals of defico Spring, Recovery and Kstrk, will remain live. According to the announcement, he further encouraged his users to visit these platforms so that they do not build assets or claim any remaining balances.
Zlkend to open-source codebase as part of a transparent effort to end and recovery
In an effort to contribute back to the Defi ecosystem, ZKLEND announced plans for an open source audited and renewed code base in the coming weeks. This will allow other developers to study, respond or build on the platform infrastructure.
While the operation stopped, Zkend confirmed its obligation to remain online and available during the fund’s recovery process.
“We will continue to remain online and determined to restore stolen funds through the necessary funds,” the team wrote in his farewell report.
The team also notes that the project is working with Zeroshadow, by Blockchain, to monitor and restore stolen funds, and noted that the assets obtained through this effort will be added to the renewal fund for distribution to affected users.
In particular He launched his regenerative portal for users affected by $ 12.6 million. According to their plan, users will be fully returned in intact funds, while disabled users get partial compensation and positions.
Cyvers said that the stolen funds were bridged to the Ethereum and went through the Railgun, which returned them to the original address of the hacker due to internal guarantees.
Meanwhile, he offered a 10% reward for a white hat for 3,300 ETH, but the hacker did not answer. Unfortunately, Hacker claimed to have lost 2,930 ETH (worth $ 5.4 million) after mistakenly sent stolen funds to a phishing website representing cash.
In the report 31. In March, the attacker admitted the fake front-end in the chain and said they were “destroyed” and “terribly sorry” for the damage caused.
The hacker asked for a different to redirect efforts to recover on phishing operator and say, “I don’t have a coin.”
Krypto hacks and fraud hit $ 364 million in April, powered by a phishing robbery of $ 331 million as an overvoltage of social engineering.#Cryptohacks #Blockchainsescurity https://t.co/4xoe5qnpr
– Cryptonews.com (@cryptonews) 1st May 2025
In particular, the turn off increases the growing list of decentralized financial platforms and exchanges that face serious challenges from the use of the protocol. Certik announced stolen $ 364 million only in Aprilup to 1,163% since March.
Contribution Slot is closed after $ 9.5 million – launched a $ 200,000 recovery fund He appeared for the first time Cryptonews.
