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The world of cryptocurrency has witnessed another significant hack targeting the lending protocol zkLend, based on Starknet. The protocol announced that it had suffered a substantial attack resulting in the theft of over $9 million worth of Ethereum (ETH) 
$2,538. Following the incident, zkLend offered a 10% reward to the hacker for the return of the stolen funds, specifically requesting the return of 3,300 ETH, which amounts to approximately $8.4 million. In response to the hack, zkLend has suspended all withdrawal transactions and has begun investigating the details of the attack.
zkLend Attempts to Negotiate Fund Recovery
In the aftermath of the breach, zkLend reached out to the hacker via on-chain messaging, stating that it would not initiate legal proceedings if the 3,300 ETH were returned. The announcement indicated that the hacker would be exempt from liability if they accepted this agreement.
To prevent further losses, zkLend has also suspended all withdrawal transactions on the protocol. The team is collaborating with other blockchain security experts to investigate how the attack was executed and is actively using tracking tools to trace the stolen funds and identify the hacker.
These types of attacks typically exploit vulnerabilities in the smart contracts of the protocol. The zkLend team aims to enhance security measures to prevent similar incidents from occurring in the future.
Investigations Continue While Funds Are Tracked
While the details surrounding the hacker and the circumstances of the breach remain unclear, zkLend continues to track the stolen funds. The protocol is attempting to identify the hacker by monitoring the transfer activities on the blockchain. The team has promised to provide the community with more information as their investigations progress.
In 2022, zkLend gained attention in the DeFi space by securing $5 million in funding from notable backers such as Delphi Digital, Three Arrows Capital, and StarkWare. However, this incident has once again highlighted the critical importance of security in decentralized finance projects.
According to DeFiLlama data, zkLend currently holds a total value locked of approximately $1.2 million on the Starknet Layer 2.
