ZigZag Exchange is known as an order book, non-custodial, and scalable DEX built on zk-rollups. However, information regarding the background scam in Zigzag has surfaced.
Hack or Scam?
Zigzag's Discord account was hacked in June, and the hackers targeted users through phishing. Zigzag Labs did not take timely action and only started compensating after being rolled up. Now that Zigzag is trying to cool down the situation, many people think the Zigzag scam could be behind the hack that involved security lapses.
ZachXBT's Doubt
ZachXBT is a well-known name who has exposed many scams on social media. ZachXBT has reported that Zigzag Exchange employees are trying to attract people with their expensive lifestyle on X; however, in Redfit, they are expressing their inability to compensate people by giving the excuse of a lack of funds.
Reasons to suspect Zigzag
- Zigzag Exchange also has its own native token backed by its developer, Zigzag Labs, but unknown reserve.
- Zigzag also has a decentralised casino called ZKasio. It is a different matter that no serious exchange opened a casino .
- Zigzag boasted of No TVL and zero possibility of hack, now it's security lapse is exposed.
