Binance Backs Zilliqa EVM Migration Amid Security Incident

Binance has announced its support for Zilliqa's Ethereum Virtual Machine (EVM) network, as the blockchain retires its legacy transaction system following a security incident that exposed thousands of accounts and led to the theft of at least 683.13 million ZIL.

The exchange will migrate ZIL from the legacy Zilliqa network to Zilliqa EVM at a 1:1 ratio, handling the process for users who hold the token on its platform.

The migration is part of Zilliqa's ongoing effort to move exchanges, custodians, and individual holders away from its legacy Schnorr-based transaction system after a flaw in the Zilliqa Ledger application left some private keys vulnerable.