zkSync DEX Merlin Hacked: Over $1.82 Million Stolen

zkSync DEX Merlin Hacked: Over $1.82 Million Stolen

Time Stamp: April 25, 2023 11:25 PM
Source Node: 2609733
  1. zkSync DEX Merlin hacked, resulting in more than $1.82 million in stolen funds and drained liquidity pool.
  2. Recent zkSync project reviews have been mixed, raising concerns among users and investors.
  3. The hack underscores the importance of strong security measures in decentralized finance.

Merlin, a decentralized exchange (DEX) built on the zkSync layer-2 scaling solution, fell victim to a security breach that resulted in hackers stealing more than $1.82 million in funds. The incident has left liquidity providers in a precarious position as their assets have been drained.

The zkSync project has recently seen mixed quality, causing concerns among users. As a result, the community is urging participants to carefully review the project and its potential risks. The hack of Merlin highlights the need for constant vigilance within the world of decentralized finance (DeFi) and digital assets.

The exact details of the security breach remain unclear, but the incident underscores the importance of robust security measures and due diligence when interacting with DeFi platforms. The Merlin hack serves as a stark reminder that even cutting-edge projects are not immune to cyber attacks.

It is crucial for users and investors in the DeFi space to remain informed and cautious when engaging with projects, particularly when they are relatively new or have shown inconsistencies in quality. Ensuring proper security measures and staying up-to-date with developments can help mitigate the risks associated with digital assets and DeFi platforms.

Tags:
disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

CryptoNewsLand (CNL) is a one-stop online crypto news website that offers the latest happenings in the crypto world.

Time Stamp:

More from Crypto News Land