Velocore Launches zkSync Airdrop, Compensation of Users Affected by Hacking

Bittime - Velocore, a platform in the zkSync ecosystem, announced that 100% of the protocol's airdrop, plus 100,000 airdrops from developer wallets, will be used to compensate users impacted by previous security incidents. 

Velocore Security Incident

Previously, Velocore experienced an attack on the zkSync and Linea chains which resulted in the exhaustion of all Liquidity Providers (LP). This incident caused significant losses for users who had entrusted their funds to the platform. 

Velocore, which is based on zkSync Era's veDEX and Linea's veDEX, immediately took steps to mitigate these losses and ensure that users were properly compensated.

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zkSync Airdrop Launch

Velocore has launched a ZK airdrop for zkSync users, which can now be claimed via the official Velocore website. In an effort to provide adequate compensation, Velocore added 100% of the protocol airdrops received, as well as an allocation of 100,000 airdrops from developer wallets, into the initial compensation pool. 

However, Velocore recognizes that these funds may not be sufficient so they are committed to continuing to add funds to the compensation pool as additional funds become available.

zkSync Airdrop Criteria

The criteria for the airdrop is based on a snapshot before exploitation, with the following breakdown.

1. 80% to LPs based on their dollar value at the time of exploitation.
2. 10% for users associated with VCs and veVCs (including simple holders, voters and veVC-VC LPs) who are also indirect victims of the loss of primary liquidity.
3. 10% to the lootbox module holder as the rightful recipient if exploitation does not occur.

For distribution in the third category, the module is divided into the following allocations from the total 10% $ZK allocation.

• Bronze: 20%
• Silver: 20%
• Gold: 30%
• Platinum: 30%

Velocore also reminds users to be careful of fraud that is rife on Twitter and Discord. The only valid page for airdrop claims is the one listed on the official Velocore website. Users are advised to remain vigilant and avoid phishing scams that could harm them further.

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Community Response to zkSync Airdrop

The launch of this airdrop is a proactive step from Velocore in dealing with security incidents that occur. Responses from the crypto community have been quite mixed, with some users expressing appreciation for the compensation efforts made, while others remain skeptical about whether or not the compensation funds are sufficient.

Users involved in the Velocore and zkSync ecosystems now have the opportunity to claim their compensation and continue participation in the platform with the confidence that risk mitigation efforts and security improvements are ongoing by the Velocore team.

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Also Read:

Alleged Velocore Hack on 2 Blockchains, zkSync and Linea

Velocore Hack Update: Prepare Compensation for Users!

Velocore Identify the Cause of the Hack and Disable Specific Features

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.