zkLend Launches Recovery Portal for Exploit Victims
zkLend has unveiled its Recovery Portal,enabling users affected by teh February 12 exploit to reclaim their lost funds. The decentralized lending platform announced this on March 5 via X, urging users to verify communications through official channels.
The exploit drained $9.6 million from zkLendās pools, leading to a halt in withdrawals and an investigation. blockchain security firm cyvers reported that the stolen funds were moved to the Ethereum network. The hacker tried to launder the funds through Railgun, but internal policies forced the return of the assets.
zkLend offered a 10% bounty to the hacker for returning the remaining 3,300 ETH,but the funds were not recovered by the February 14 deadline.The platform has sought help from law enforcement and experts from Binance security,StarkWare,and the Starknet Foundation.
On February 20, zkLend outlined its recovery plan. Users with deposits in unaffected pools will get full refunds, while those in affected pools will receive partial compensation and a claim position in the recovery pool. Withdrawals will start two weeks after an audit of the claims portal.
Experts believe the hack was due to a flaw in the contract logic, not Starknetās proof system. This incident underscores the need for better smart contract security in DeFi.
The Recovery Portal offers hope for affected users, but zkLendās handling of the exploit will be closely monitored as it effectively works to restore trust.
