Lykke Exchange breach: $22 million in digital assets missing
Ethereum’s scalability challenges have long been discussed in the blockchain community. Developers have been working hard on Layer-2 solutions to address this issue, and one such solution is now ready for airdrop. It promises to bring significant improvements to the Ethereum network.
In an effort to make its protocol more widely available to constituencies, the Ethereum layer-2 network ZkSync has introduced the ZK Nation initiative. Under this initiative, community members, security experts, and technical experts will work together to manage and develop the ZK sync ecosystem.
The news comes as the team is scheduled to share more information about “ZkSync’s protocol token allocation” later this week, according to the blog post. For now, the privacy-focused network says its ZK Man will oversee three main divisions, which will be responsible for all network-related activities.
The ZkSync Token Assembly will be a community-driven project whose main objective is to participate in the protocol’s chain governance. This includes making proposals, voting on proposals, casting votes, and so on.
“The ZKsync protocol token is designed, through ZK Nation’s on-chain governance framework, to empower token holders to commit resources, propose protocol upgrades, bid, and vote.”
Conclusion: The $22 million security breach at the Lykke Exchange is a stark reminder of the vulnerabilities in the cryptocurrency industry.