Binance Backs Zilliqa's EVM Network Amid Security Incident
Binance has joined other major cryptocurrency exchanges in supporting Zilliqa's Ethereum Virtual Machine (EVM) network for $ZIL deposits and withdrawals.
The move comes as part of Zilliqa's ongoing effort to migrate away from its legacy Schnorr-based transaction system after a security incident exposed thousands of accounts.
A vulnerability in the Zilliqa Ledger application left some private keys vulnerable, allowing attackers to reconstruct them and drain funds. At least 683.13 million $ZIL had been stolen across 66 transactions, affecting 6,772 accounts.
Zilliqa has retired its legacy transaction system and is moving users to EVM addresses at a 1:1 ratio. Binance will handle the technical process for users who hold $ZIL on its platform, with deposits and withdrawals through the legacy Zilliqa network suspended since August 5th.