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ZKsync Scam Hashtag Is Trending Amid Community Outrage

2 mins
Updated by Bary Rahma
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In Brief

  • Community backlash erupts over Matter Labs' first ZKsync airdrop, planned for June 17, 2024.
  • Exclusion of key participants and distribution strategy prompts calls to switch to other Layer 2s.
  • Accusations of favoritism and lack of transparency fuel the trending #ZKsyncScam hashtag.
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The cryptocurrency community is in turmoil following Matter Labs’ announcement of the first ZKsync airdrop, scheduled for June 17.

The airdrop will allocate 17.5% of ZKsync’s native token. However, excluding key participants and the distribution strategy has attracted significant backlash.

ZKsync Airdrop Sparks Community Outrage

Community members are dissatisfied with the ZKsync airdrop’s allocation and eligibility criteria. The controversy has prompted many to advise other network users to withdraw their funds and transition to alternative Layer 2 solutions like Arbitrum.

Critics argue that the crypto airdrop process lacks transparency and fairness, especially after crypto exchange Bybit announced it would list the ZKsync (ZK) token.

“Why a lot of crypto influencers blame ZKsync as a scam? Is it because the airdrop doesn’t meet the original community expectations?,” Star Xu, CEO of OKX, expressed.

This sentiment is echoed widely across social media platforms, amplifying the hashtag #ZKsyncScam.

“You are no longer trending as the best layer 2 network. You are trending as the biggest scammer. Not only will we not transact with your network for the rest of our lives, we will do everything to destroy you,” Sarkesh, a vocal critic, stated.

Such strong reactions highlight the depth of frustration among community members. Meanwhile, WindCrypto, Co-Founder of Crypto House, pointed out irregularities.

“Bybit hot wallet wins significant airdrop (52,000). 100,000 ZK token winners with 0 tx or 1 tx. Nft inside. Those who deserve it get less ZK tokens than they deserve,” WindCrypto said.

This statement reflects the perceived imbalance in token distribution. In fact, Meriç, an ambassador at Immutable, accused the ZKsync team of favoritism, stating that the airdrop was given to “inside supporters, not the community.” This accusation has further fueled the outrage, leading many to question the integrity of the process.

“Airdrop to projects not even deployed there or suspected insider projects. If rules are too arbitrary, it’s even worse than no airdrop at all,” Mindao Yang, founder of dForce, added.

His comment reflects broader concerns about the arbitrariness of the distribution criteria. Still, ZK Nation addressed the concerns by explaining the eligibility criteria.

It clarified that eligibility required engaging with ten smart contracts, providing liquidity to DeFi protocols, contributing to a Gitcoin round on ZKsync Lite, trading ten different ERC20 tokens, owning a Libertas Omnibus NFT, and conducting transactions on ZKsync Lite in three distinct months before the ZKsync Era mainnet launch, among other activities.

Read more: Best Upcoming Airdrops in 2024

The snapshot determining eligibility was taken on March 24, 2024, at 0:00 UTC, marking the first anniversary of the ZKsync Era mainnet launch. Despite this clarification, the community remains skeptical, and the hashtag #ZKsyncScam continues to trend as the debate rages on.

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Bary Rahma
Bary Rahma is a senior journalist at BeInCrypto, where she covers a broad spectrum of topics including crypto exchange-traded funds (ETFs), artificial intelligence (AI), tokenization of real-world assets (RWA), and the altcoin market. Prior to this, she was a content writer for Binance, producing in-depth research reports on cryptocurrency trends, market analysis, decentralized finance (DeFi), digital asset regulations, blockchain, initial coin offerings (ICOs), and tokenomics. Bary also...