Zklend has officially launched its recovery portal, allowing users to affect the platform on 12 February. To claim your lost money.
Decentralized borrowed protocol Announced The activity of the portal on the March 5 post on X on the X advises users to verify the communication through official channels before reaching their claims. Exploitation started $ 9.6 million from Zklend’s pool, inspiring the platform to prevent return and investigate violations.
Shortly after hack, blockchain security firm cyvers Informed The stolen funds were designed for the Etharium (ETH) network. The hacker attempted to rob the funds through a secrecy protocol Railgun. However, the internal policies of the traingun forced the return of the stolen property at the original address of the hacker.
After the attack, Zklend attempted to interact with the hacker, offering 10% “White Hat” reward in exchange for the remaining 3,300 eth. Despite the deadline of 14 February, the funds were not reclaimed. To track stolen funds, Zklend has listed the help of leading experts of law enforcement and binance security, starkware and starknet foundation.
On 20 February, Zklend expanded its recovery plan. The deposited in the unaffected pool will be completely refunded, while the affected users will receive a claim in partial compensation and zklend’s recovery pool. The return is scheduled to begin two weeks after the audit of the claims.
Experts reviewing the incident suggest that hack was not due to failure in Starkate’s proof system, but a defect in contract logic. Hack highlights the issues prevalent with smart contract security in the DEFI industry.
While the recovery portal provides a route for affected users, the complete management of exploitation of zklend will be closely observed because the platform works for the reconstruction of the trust.
