ZKsync and Matter Labs fell victim to a phishing attack on May 13th, where their X accounts were compromised. The perpetrators shared fake news about an SEC investigation and potential Treasury Department sanctions, followed by a malicious airdrop scheme. This deceptive act triggered a significant drop in ZK token value, despite the platform’s initial success this past month. 2024 saw $2 billion in crypto-related hacks, further emphasizing the importance of security protocols for these projects. 15th April brought another attack on ZKsync – where a hacker exploited a vulnerability in the airdrop distribution contract to mint 111 million unclaimed tokens, causing significant financial losses. A deal was struck to return most of the stolen assets back, but this incident adds to ZKsync’s security concerns. Matter Labs are currently investigating the breach while disassociating the compromised accounts. The attack highlights how these false SEC and Treasury Department alerts impact market sentiment.