💸 ZKswipe

Hey frens. 

All those AI-generated furry logos got weird, fast, not gonna lie.

Today is Wednesday, and we’re talking about tokens. Specifically, what happened to all those ZK tokens?

— Kate Irwin

P.S. Let me know how you’re liking The Drop! Send me an email at [email protected].

$5M in ZK tokens swiped

The Ethereum scaling-focused ZKsync team said one of their admin accounts was accessed and compromised, leading to the theft of over 100 million tokens.

The attacker swiped roughly 111 million ZK, or $5 million worth of the token, the ZKsync team said. This was the amount left unclaimed from the controversial ZK airdrop that took place in June last year.

The team said the incident is “isolated” and added that “all user funds are safe and have never been at risk.” 

ZKsync later identified a wallet address believed to be in the attacker’s possession and explained that the perpetrator had called a function in the airdrop contract that minted the unclaimed tokens. 

“The attacker called the sweepUnclaimed() function that minted approximately 111 million unclaimed ZK tokens from the aidrop [sic] contracts,” ZKsync’s X account said.

That wallet also moved over 1,000 ETH two days ago onto Ethereum’s mainnet. Its first transaction is from three days ago. DeBank data shows that the wallet holds $3.7 million in ZK and ETH tokens on ZKsync’s chain and $1.76 million in ETH on Ethereum’s mainnet as of Wednesday morning, meaning that wallet has a net worth of over $5.5 million.

We don’t know yet how the account was breached, nor do we know the identity of the attacker. 

ZKsync co-inventor Alex Gluchowski wrote Tuesday morning: “We're actively investigating this incident and will publish the full update once the investigation and recovery efforts are complete.”

Gluchowski also emphasized in a post: “no code was compromised — an operator key was compromised.”

Some X users have accused the ZK breach of being an inside job (without showing evidence), while others have alleged that the ZK token is a scam in its entirety. Blockworks has reached out to ZKsync for comment, but did not receive a response by press time.

ZK’s price fell shortly after 6:30 am PT, right before the team’s first post about the breach at 6:49 am PT.

The token hit an all-time low of $0.041 on Tuesday.

By Wednesday morning, ZK’s price was up roughly 5% in the past 24 hours, but remains down 30% in the past month, per CoinGecko data.

Reservoir NFT is shutting down

Crypto infrastructure firm Uneven Labs is saying goodbye to its NFT offering.

“After much consideration, we’ve decided to sunset Reservoir NFT, the API, and associated services on October 15th, 2025. Thank you to all our customers & partners for your trust and support over the years,” the team wrote Tuesday on X.

Reservoir NFT is one of the company’s three Reservoir products. Current customers using the NFT tech can continue to do so until the October shutdown date, but new accounts can no longer be created.

The NFT product let devs build custom NFT marketplaces and import NFT data. Now, because of the upcoming closure, Uneven Labs has made its Reservoir NFT codebase open source so developers can migrate or adapt to a new provider more easily.

Is the shutdown due to a broader tightening in the NFT market, as firms try to refocus to become less reliant on stagnating NFT volumes and interest? It’s likely. 

Other NFT-focused firms have been expanding their scope recently for similar reasons — like OpenSea, which recently added trading for Solana memecoins.

I’ve reached out to Uneven Labs for comment on why its offering’s being shut down, but didn’t get a response by press time.

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