Financial institutions are actively exploring blockchain technology for settlement but face a critical privacy barrier that could determine widespread adoption. According to ZKsync developers, system-level privacy represents the essential missing piece for institutional blockchain implementation. This institutional focus on privacy solutions emerges as privacy-focused tokens demonstrated remarkable resilience during recent market volatility, though most public discussion has centered on consumer applications rather than enterprise needs.
about Institutions Need System-Level Privacy for Blockchain AdoptionAlex Gluchowski
0 posts last weekZKsync Proposes Governance Token Overhaul for Economic Utility
ZKsync co-creator Alex Gluchowski has proposed a significant transformation of the project’s governance token to prioritize economic value capture. The Ethereum-scaling solution’s founder argues the token must evolve beyond basic governance functions as the network matures. This overhaul aims to better align token utility with network growth and ecosystem adoption, marking a pivotal moment in ZKsync’s development from experimental protocol to established infrastructure layer.
about ZKsync Proposes Governance Token Overhaul for Economic UtilityZKsync Airdrop Hack: $5M Stolen, Funds Safe
On April 15, ZKsync’s security team discovered a compromised admin account that minted 111 million unclaimed ZK tokens (~$5M) from the airdrop contract, inflating supply by 0.45%. The attacker still holds $2.1M in ZK tokens and $3.4M in ETH. ZKsync assured users that the protocol and token contracts were unaffected, calling it an isolated incident. CEO Alex Gluchowski warned of criminal liability for the hacker. ZK token prices briefly plunged 13% to an all-time low but mostly recovered. The platform’s TVL has dropped 80% since February, now at $60M. The team is investigating why unclaimed tokens weren’t returned to the Token Assembly as intended.
about ZKsync Airdrop Hack: $5M Stolen, Funds SafeZKsync Admin Wallet Hacked in $5M Airdrop Exploit
A hacker exploited a compromised admin account tied to ZKsync’s airdrop contracts, minting 111 million ZK tokens (worth ~$5M) from unclaimed allocations. The breach was isolated to distribution contracts, leaving protocol operations and user funds unaffected. The attacker swapped $3.5M of stolen tokens to ETH, while ZKsync collaborates with exchanges and SEAL 911 for recovery. ZK token prices dropped 8.6% post-exploit, compounding its 90% decline since launch. Matter Labs CEO Alex Gluchowski attributed the slump to broader market trends, reaffirming commitment to ZKsync. The team plans a post-mortem after security reviews, though the exploit’s limited scope highlights key management vulnerabilities.
about ZKsync Admin Wallet Hacked in $5M Airdrop ExploitUBS Tests Key4 Gold Program on Ethereum’s zkSync Layer 2 Network
UBS, Switzerland’s largest bank, is piloting its Key4 Gold program on the zkSync Validium testnet, aiming to enhance tokenization of real-world assets on Ethereum-like blockchains. This proof of concept showcases gold token issuance and transaction processing, leveraging zkSync’s privacy and scalability features. UBS continues to explore blockchain’s potential to innovate financial offerings, addressing challenges in scalability, privacy, and interoperability.
about UBS Tests Key4 Gold Program on Ethereum's zkSync Layer 2 NetworkUBS Tests Blockchain Technology for Enhanced Gold Investment Transactions
UBS is testing blockchain technology to enhance its gold investment services, specifically through a proof-of-concept with ZKsync that explores zero-knowledge rollups for improved scalability, privacy, and interoperability. The initiative focuses on UBS Key4 Gold, which allows retail investors to buy fractional shares of physical gold, and aims to integrate stablecoins with Ethereum to reduce costs. While the test was successful, UBS has not yet confirmed plans for a full implementation of layer-2 solutions in its financial products.
about UBS Tests Blockchain Technology for Enhanced Gold Investment TransactionsUBS Explores Blockchain for Digital Gold Investments on ZKsync
UBS is testing blockchain technology to enhance digital gold investments for retail clients, utilizing ZKsync Validium to improve scalability, privacy, and interoperability. The bank’s UBS Key4 Gold product, initially on a permissioned blockchain, aims for global expansion with higher transaction throughput and lower fees. ZKsync plans to achieve over 10,000 transactions per second by 2025, potentially attracting more institutional participants to the blockchain space.
about UBS Explores Blockchain for Digital Gold Investments on ZKsync