Ethereum News: zkLend Suffers Major Security Breach, Loses $4.9M in ETH

zkLend, a decentralized finance lending protocol on Starknet, has recently been hit by a significant security breach, leading to the loss of approximately 3,700 ETH, worth around $4.9 million. As investigations continue, the platform has temporarily suspended withdrawals.

zkLend Suffers Major Security Breach, Loses $4.9M in ETH

zkLend, a decentralized finance lending protocol on Starknet, has recently suffered a significant security breach, resulting in the loss of approximately 3,700 ETH, equivalent to around $4.9 million. The platform has been forced to pause withdrawals as investigations into the incident continue. zkLend confirmed the security breach through a series of posts on February 11, stating that millions worth of cryptocurrency had been drained from its smart contracts. The team is currently investigating the incident and has advised users to refrain from depositing or repaying funds until the root cause is determined. Additionally, all withdrawals have been halted to prevent further losses. The protocol has also reached out to the hacker, offering a 10% bounty in exchange for the return of the stolen funds.

Record Ethereum Outflow as Over 224,000 ETH Withdrawn in 48 Hours

According to Santiment data, a massive outflow of Ethereum tokens, totaling 224,410 ETH, occurred on February 8 and 9, marking the largest net outflow in almost two years. Analysts and market observers are closely monitoring this significant movement, which has sparked considerable speculation about the future of the world's second-largest cryptocurrency. The withdrawal of billions of dollars' worth of Ethereum from exchanges at current pricing underscores the magnitude of this event.

Ethereum Price Forecast: ETH Eyes $3,000 as Trump and Putin Agree to Negotiations

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Ethereum: 4 reasons why ETH has room for more growth

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