ZKsync | Crypto

Institutions are exploring blockchain settlement, but they cannot move forward without system-level privacy, says ZKsync developer. Privacy tokens bucked the trend to surge in price and popularity during the recent market slump, but most of the discussion has centered on consumer-facing projects like Zcash. At the same time, banks and financial institutions have been exploring zero-knowledge (ZK) systems that enable private transaction flows on blockchains, a technology known for transparency and immutability. As Alex Gluchowski, CEO of Matter Labs, put it, “There is cypherpunk privacy, which is account-level privacy, and then there is institutional privacy, which is system-level privacy. Institutions need full visibility over their own flows while keeping that data private from everyone else.” Read more

Hackers took control of ZKsync and Matter Labs’ official X accounts leading to a 5% drop in the ZK token price and marked the second major security incident for the platform in less than a month. The post ZKsync and Matter Labs X Accounts Hacked in Phishing Scam, False Claims of US Probe Spread appeared first on Cryptonews.

The X accounts of ZKsync and Matter Labs were hacked, with attackers apparently aiming to crash the ZK token by falsely claiming US authorities were probing the platform. The X account of the Ethereum layer 2 network ZKsync and its developer Matter Labs were compromised early on May 13, with hackers falsely claiming the network was being probed by US authorities, among other scam messages. A ZKsync-related X account posted on May 13, confirming the accounts for ZKsync and Matter Labs were compromised, warning users not to interact after the accounts shared links to a fake airdrop in an apparent phishing scam. The hacked ZKsync and Matter Labs then both posted a fake statement claiming ZKsync was under investigation by the US Securities and Exchange Commission and that the Treasury Department could impose sanctions on the platform. Read more