ZKsync Official X Account Hacked Twice Amid False SEC Rumors, Triggering ZK Token Volatility
Ethereum layer-2 scaling protocol ZKsync has faced two major security breaches in under a month. On May 13, 2025, the official X (Twitter) accounts of ZKsync and its developer Matter Labs were hacked. Attackers posted false claims about a U.S. SEC investigation and Treasury Department sanctions to manipulate the ZK token price, prompting a swift 2% price drop within an hour. Phishing links offering a fake airdrop were also shared to steal user information. The ZKsync team responded quickly, warning users to avoid interacting with compromised content and promising swift account recovery. This attack followed a previous incident in April 2025, where a wallet breach led to $5 million in ZK stolen and a 19% price drop. Both hacks exploited vulnerabilities in accounts with delegated posting privileges. Community confidence in ZKsync’s security has been shaken, with traders now watching the platform and ZK token price closely. Matter Labs has denied the legitimacy of the SEC rumors and is investigating while working on enhanced security measures. These repeated exploits have increased volatility for ZK and heightened regulatory attention on Ethereum scaling protocols and DeFi projects. Traders should be alert for further price swings until platform security and user trust are restored.
Bearish
The repeated security breaches in ZKsync, along with the spread of false SEC investigation rumors, have undermined community trust and led to measurable declines in the ZK token price. The most recent hack prompted a 2% drop within an hour, while a previous wallet exploit saw a 19% decline. These incidents increase perceived risk, trigger heightened volatility, and have led traders to become more cautious. Until ZKsync restores account security and user confidence, short-term market sentiment is likely to remain bearish for the ZK token, with continued vulnerability to price swings from rumors or further incidents.