Matter Labs, the team behind the zkSync solution, has acknowledged that 921 Ether (ETH), worth approximately $1.7 million is currently locked in one of its latest smart contracts, GemstoneIDO. Despite the situation, zkSync assures that the funds are safe and thatshe devised an ingenious method to recover them. The funds were accrued through Gemholic’s token sale, and the company initially said the funds would not be locked indefinitely. In a recent tweet, Matter Labs has confirmed the discovery of a solution to unlock the GemstoneIDO contract and transfer the funds.
@GemholicECOwho ran into a problem with their smart contract on zkSync Era, has reached out to us for support, which we provided.
We’d like to give the community an update and further context on their issue in full transparency, as we always have and always will.
—zkSync ∎ (@zksync) April 7, 2023
The problem comes from the .transfer() function in the smart contract GemstoneIDO, which is part of the GemholicECO ecosystem project. Matter Labs admitted that the problem could have been avoided if they had tested the contract on a testnet beforehand. The faulty function comes from zkSync Era, a new type of zero-knowledge proof rollup for the Ethereum Virtual Machine (EVM) that executes smart contracts much faster than layer-1. However, the team pointed out that zkSync Era is only compatible with EVM at the bytecode level, which causes some functions to work differently.
In defense of their choice, Matter Labs stated that zkSync Era can process certain types of transactions between 10 and 1,000 times cheaper than others. rollups EVM. zkSync has assumed the error and assured the ecosystem that they will relentlessly address these kinds of issues.
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