A hacker has exploited the governance mechanism of a zkSync-based project to steal approximately $5 million in airdropped tokens, marking one of the largest airdrop-related heists in recent months.

The incident targeted the decentralized autonomous organization (DAO) governing SyncSwap, a decentralized exchange built on the zkSync Era layer-2 blockchain. The attacker reportedly manipulated the governance voting system to execute a proposal that transferred a substantial amount of SYNC tokens—originally intended for community incentives and liquidity provision—into a wallet under their control.

Blockchain analysts noted that the hacker used a series of wallets and smart contracts to obfuscate their identity before swapping the stolen tokens into ETH and other assets across multiple decentralized exchanges. The stolen tokens were part of an airdrop allocation meant to reward early users and contributors to the platform.

The exploit has triggered concerns about the security and transparency of on-chain governance systems, especially for newer protocols deploying on Ethereum layer-2 networks like zkSync.

In response, SyncSwap’s development team has initiated an emergency investigation and is reportedly working with on-chain forensic firms to trace the stolen assets. A community call has been scheduled to address the exploit and discuss potential recovery and mitigation strategies.

The price of SYNC tokens dropped sharply following the news, as investors reacted to both the exploit and uncertainty around how the DAO would respond. The incident serves as another stark reminder of the risks tied to protocol governance and token distribution in the evolving DeFi landscape.

Brazilian fintech firm Méliuz is weighing the possibility of increasing its Bitcoin purchases as part of a broader effort to enhance its treasury diversification, according to comments made by the company’s CEO.

Speaking during a recent earnings call, CEO Cesar Medina acknowledged that while Méliuz’s current exposure to Bitcoin is relatively small, the company sees potential in expanding its position in the digital asset. Medina emphasized that the fintech is evaluating market conditions and regulatory clarity before committing to a larger allocation.

Méliuz, which operates a digital cashback and payments platform, initially entered the crypto space through a strategic partnership and has since begun integrating crypto services into its offerings. Medina noted that any future investment in Bitcoin would be carried out prudently, aligning with the firm’s long-term vision and risk management policies.

The consideration mirrors a growing trend among Latin American companies looking to hedge against local currency volatility and diversify away from traditional financial assets. Brazil, in particular, has emerged as a regional leader in crypto adoption, supported by progressive fintech regulation and increasing institutional interest.

While Méliuz has not announced a definitive timeline or target amount for additional Bitcoin acquisitions, the company’s openness to the strategy signals continued momentum for crypto adoption within Brazil’s corporate sector.

El Salvador’s National Bitcoin Office (ONBTC) has confirmed that more than 100 companies engaged in Bitcoin-related activities are now fully operational in the country, reflecting the nation’s ongoing efforts to position itself as a global crypto hub.

According to the ONBTC, these firms span a wide array of sectors within the Bitcoin ecosystem, including mining, wallet development, payments, and financial services. The announcement highlights the steady growth of El Salvador’s digital asset infrastructure following its historic decision to adopt Bitcoin as legal tender in 2021.

The surge in operational Bitcoin businesses is attributed to the country’s crypto-friendly regulatory environment and initiatives like the “Bitcoin Freedom” visa program, which have attracted foreign entrepreneurs and investors. Additionally, government support through tax incentives and streamlined registration processes has further encouraged blockchain startups to establish a presence in El Salvador.

Officials say the country remains committed to fostering innovation in the Bitcoin space while maintaining financial transparency and regulatory compliance. The ONBTC noted that more firms are in the pipeline to receive operational status, with expectations for continued growth through the remainder of the year.

El Salvador’s pro-Bitcoin stance continues to generate both praise and skepticism globally, but the rise in active firms signals growing institutional and entrepreneurial interest in the country’s crypto experiment.