Zilliqa price fell about 6% as the team asked all exchanges to freeze transfers following a theft from an unnamed partner’s cold wallet.
The team behind Zilliqa, a Layer-1 blockchain, asked all crypto exchanges to temporarily stop deposits and withdrawals of ZIL, its native token, after coins were stolen from a cold wallet belonging to one of its exchange partners, according to a Monday post on X.
Amid the post, ZIL price dropped by around 6% to $0.00258, per data from CoinGecko. The team wrote:
“We have been made aware of a security incident involving one of our exchange partners, in which ZIL was stolen from a cold wallet.”
Zilliqa said “all exchanges have been notified and asked to temporarily pause ZIL deposits and withdrawals” while it works to establish the “root cause and full scope.”
The incident comes less than a week after ZachXBT, a pseudonymous on-chain sleuth, called all cold crypto wallets “complete garbage.”
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Most Details Are Still Missing
The team didn’t name the affected exchange, say how much ZIL was stolen or publish the wallet address involved. It also didn’t explain when the theft happened, how the wallet was accessed or whether any customers lost money.
Crypto exchange KuCoin suspended ZIL deposits and withdrawals on Sunday, July 19, a day before Zilliqa’s disclosure, citing “essential maintenance.” However, neither KuCoin nor Zilliqa has linked that pause to the theft.
This is a developing story and will be updated as more details become available.
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The post Zilliqa Price Drops 6% as Devs Ask All Exchanges to Freeze Transfers appeared first on Bitcoin Foundation.