Toncoin (ton) 
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The zkLend exploiter, who stole over 2,930 ETH, fell victim to a phishing scam while attempting to launder the stolen funds through what they believed was Tornado Cash. This misstep resulted in the complete loss of the stolen Ethereum.
Exploiter Falls for Fake Tornado Cash Website
On March 31, De.Fi Antivirus Web3, a Consensys-backed platform, revealed that the attacker mistakenly deposited the stolen funds into a fraudulent Tornado Cash website. The phishing site immediately drained the funds, leaving the exploiter empty-handed. On-chain data shows that following the incident, the hacker sent a remorseful message to zkLend’s deployer address, admitting their mistake.
“I tried to move funds to Tornado, but I used a phishing website, and all the funds have been lost. I am devastated,” the hacker confessed. They apologized for the attack and urged zkLend to focus recovery efforts on tracking down the phishing scam operators.
The zkLend Exploit: A Timeline
The zkLend exploit, which occurred on February 12, resulted in the theft of over $9.6 million in Ethereum (ETH). The Starknet-based decentralized lending protocol made an effort to negotiate with the attacker by offering a 10% bounty in exchange for the return of the remaining funds. The deadline for this offer was February 14, but the hacker ignored it.
As a result, zkLend escalated the matter to law enforcement and partnered with security experts from the Starknet Foundation, StarkWare, and Binance Security to track and recover the stolen assets. However, with the stolen ETH now lost to a phishing scam, the situation has taken an unexpected turn.
Rising Crypto Exploits: A Growing Concern
The zkLend incident is part of an alarming trend of high-profile cryptocurrency exploits. According to a report by Immunefi, Q1 2025 marked the worst quarter for crypto security breaches on record, with hackers stealing an astounding $1.64 billion in just three months. The zkLend hack ranked as the fifth-largest exploit during this period.
Key Stats on DeFi and CeFi Security Breaches
- Decentralized finance (DeFi) protocols suffered 38 incidents, leading to losses of $106.8 million.
- The most targeted networks were Ethereum and Binance Smart Chain (BNB Chain).
- Centralized finance (CeFi) platforms experienced only two incidents, but these resulted in a staggering $1.5 billion in losses.
The growing sophistication of phishing scams and other cyberattacks highlights the importance of enhanced security measures within the cryptocurrency ecosystem. Both beginners and experienced investors must remain vigilant, as even skilled attackers can fall victim to scams in the fast-evolving world of blockchain and DeFi.
Final Thoughts
As exploits and phishing scams continue to challenge the crypto industry, the zkLend incident serves as a stark reminder of the risks involved. Whether you are an investor or a protocol operator, prioritizing security and verifying the legitimacy of platforms is essential to safeguarding your assets.
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