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Today's Top Crypto Headlines:
Mantra CEO Burns $236M OM | ZKsync Admin Exploited | KiloEx Hacker Offered Bounty and more...
King Fatrick Gil Añasco
April 16, 2025
Good Morning Crypto Enthusiasts!
Glad to have you back for another edition of the UseTheBitcoin.com newsletter.
Mantra CEO Burns $236M OM: Mantra CEO John Mullin will burn 300M team tokens to restore trust after OM’s crash from $6.30 to $0.52.
ZKsync Admin Exploited: A hacker exploited ZKsync’s airdrop contract, minting 111M tokens worth $5M. ZKsync says the breach was isolated and user funds are safe.
💡Feature of the Day - KiloEx Hacker Offered Bounty: KiloEx offered a $750K bounty to a hacker who stole $7.5M via a price oracle exploit.
All this and more in today’s headlines!
📰 News Highlights:
Mantra CEO John Mullin plans to burn the team’s 300 million OM tokens—worth $236 million—to regain community trust after OM's drastic price collapse.
I just watched Mantra co-founder JP Mulling's interview with Coinage (@jp_mullin888@coinage_media )
It's important to see the team's commitment at this point and I'll be happy to see the same willingness in the coming months and years
My suggestion: a good decision to ratify
— Cleiton Tortato (@cleitontortato)
1:32 PM • Apr 15, 2025
This supply represents nearly 17% of the total OM tokens, originally set to unlock between 2027 and 2029.
The teams token allocation are actually vesting only starting in 2027, which is 30 months from mainnet launch (Oct. 24).
I’m planning to burn all of my team tokens and when we turn it around the community and investors can decide if I have earned it back. 🫡🕉️
— JP Mullin (🕉, 🏘️) (@jp_mullin888)
1:40 PM • Apr 15, 2025
The token crash, which saw OM drop from $6.30 to $0.52, wiped over $5.5 billion in value.
This would be a mistake. We want teams that are highly incentivized. Burning the incentive may seem like a good gesture but it will hurt the team motivation long term.
My suggestion;
Just keep building.
— Ran Neuner (@cryptomanran)
4:49 PM • Apr 15, 2025
Mullin also committed to transparency, promising a full post-mortem and suggesting a community vote to decide the fate of the team tokens.
1) A quick note to say how much I appreciate all the support the MANTRA team has received in the past 36+ hours. The support and kind words have come from many sources - from partners, investors, friends, and from the wider Web3 community. Thank you.
— JP Mullin (🕉, 🏘️) (@jp_mullin888)
10:23 AM • Apr 15, 2025
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A hacker exploited a ZKsync admin account tied to airdrop contracts on April 15, minting 111 million unclaimed tokens worth $5 million.
ZKsync security team has identified a compromised admin account that took control of ~$5M worth of ZK tokens — the remaining unclaimed tokens from the ZKsync airdrop. Necessary security measures are being taken.
All user funds are safe and have never been at risk. The ZKsync
— ZKsync (∎, ∆) (@zksync)
1:49 PM • Apr 15, 2025
The attacker used a vulnerability in the sweepUnclaimed() function, increasing the token supply by 0.45%.
Update: the investigation has revealed that the account that was the admin of the three airdrop distribution contracts had been compromised. The compromised account address is 0x842822c797049269A3c29464221995C56da5587D.
The attacker called the sweepUnclaimed() function that
— ZKsync (∎, ∆) (@zksync)
3:25 PM • Apr 15, 2025
ZKsync stated the breach was isolated, with user funds and governance contracts unaffected, and is now coordinating with SEAL for recovery.
💡 Feature of the Day:
Decentralized exchange KiloEx has offered a $750K white hat bounty to the hacker who exploited its platform and stole $7.5 million in crypto.
To Hacker:
Our investigation, supported by law enforcement, cybersecurity agencies, and multiple exchanges & bridge protocols, has uncovered critical information about your activities.
We are actively monitoring your addresses (0x551f3110f12c763d1611d5a63b5f015d1c1a954c,
— KiloEx (@KiloEx_perp)
9:47 AM • Apr 15, 2025
The DEX announced that the attacker has been tracked through wallet addresses and warned that failure to cooperate will lead to legal action and public exposure.
🚨 Security Incident Announcement: KiloEx Vault Exploit
Dear KiloEx Community,
We regret to inform you that the KiloEx Vault has been exploited. The attacker’s wallet address is:
0x00fac92881556a90fdb19eae9f23640b95b4bcbd
We urge all partner protocols and platforms to— KiloEx (@KiloEx_perp)
9:49 PM • Apr 14, 2025
If the hacker returns 90% of the funds, KiloEx promises to close the matter.
The vulnerability in the contract has been identified and is expected to be fixed soon.
— KiloEx (@KiloEx_perp)
1:11 PM • Apr 15, 2025
😂 Crypto Meme of the Day:
Meme of the day provided by @Phemex
And that’s it for this today.
See you all tomorrow’s edition!
Jonathan Gibson
UseTheBitcoin.com