zkSync DEX Merlin, a platform launched to provide secure cryptocurrency trading for investors, suffered a security breach that resulted in the loss of over $1.82 million in stolen funds. The incident has raised significant concerns about the security of the zkSync project and its ecosystem, despite a recent audit by security firm Certik. Here are the details…
Cryptocurrency platform lost $1.82 million in coins
zkSync DEX Merlin was the victim of a security breach that resulted in the loss of over $1.82 million in stolen funds. This incident has raised serious concerns about the security and reliability of the zkSync project and its ecosystem. As we reported as Kriptokoin.com, decentralized exchange (DEX) Merlin was recently audited by security firm Certik. Therefore, zkSync DEX Merlin was expected to be safe for investors to trade cryptocurrencies. However, shortly after the audit was completed and the public sale began, the platform was hacked. Then the hackers stole the funds.
Officials said the Core Farming Pools and public sale will only be launched after Audit is completed by Certik in order to reassure investors. Just after Certik completed the audit and Merlin started the public sale, it was stolen. https://t.co/HF5r8bauaphttps://t.co/56kWGoptog
— Wu Blockchain (@WuBlockchain) April 26, 2023
According to reports, the hacker managed to drain the liquidity pool, resulting in a loss of funds for investors. The incident was confirmed by the Merlin team in a Medium post. They stated that the security breach occurred despite the project “making its best efforts to ensure the safety and security of users’ funds.”
The Merlin team assured users that they were investigating the incident and working with security experts to determine the cause of the breach. They also stated that the Core Farming Pools and public sale will be launched after a thorough audit by Certik to reassure investors.
Security concerns exposed
The security breach also raised questions about the quality of the zkSync project. Moreover, some investors expressed their concerns about the security of other platforms built on this technology. This event reminded investors of the necessity of strict security measures to ensure the safety of their funds. He also highlighted the need for regular inspections. As a result, the security breach in zkSync DEX Merlin resulted in over $1.82 million in lost funds. Apart from that, it has raised serious concerns about the security and reliability of the zkSync project.
It is not yet clear how this event will affect the broader cryptocurrency market. But it is a sharp reminder of the importance of security in the crypto space. The Merlin team admitted to the breach and are investigating the cause. As a result, it works to reassure investors that strict security measures will be taken. This event underlined the important need for regular audits and strong security measures to protect investors’ funds in the cryptocurrency market.
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