The Daily: ZKsync discloses $5 million admin account hack, bitcoin acts ‘notably different’ from prior market pullbacks and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.Happy Tuesday! While an AWS outage briefly knocked out crypto exchanges like Binance and KuCoin earlier this morning, markets remain relatively quiet, seemingly awaiting the next macro catalyst.In today's newsletter, ZKsync discloses a $5 million admin account hack, Bitwise CIO Matt Hougan says bitcoin is acting "notably different" to prior market pullbacks, Canada gets set to launch spot Solana ETFs and more.Meanwhile, Standard Chartered expects stablecoin supply to surge to $2 trillion by 2028.Let's get started.ZKsync discloses $5 million hack, token price drops 20%Ethereum Layer 2 scaling solution ZKsync disclosed a $5 million theft from a compromised admin account managing the project's airdrop contract.The attacker reportedly "took control" of the remaining unclaimed tokens from the ZKsync airdrop."All user funds are safe and have never been at risk," the team posted to X, noting they are taking necessary security measures. "The ZKsync protocol and ZK token contract remained secure, and no further ZK is at risk."ZKsync's investigation into the incident is ongoing, and it plans to release a more detailed report once that's concluded.The price of ZK tokens dropped around 20% immediately following the attack, according to The Block's ZKsync price page — likely triggered by the hacker selling the stolen funds.The project faced criticism over perceptions of unfair token distributions and the team's failure to filter out Sybil farmers during its 2024 airdrop.Is this pullback different for bitcoin?Bitwise CIO Matt Hougan said bitcoin is performing "notably different" from prior pullbacks and is acting like an asset that wants to go higher if only macro obstacles would get out of the way.Despite President Trump's tariff turmoil in recent weeks and the ensuing volatility, bitcoin has effectively been flat over the past month, Hougan noted."Since bitcoin crossed the $1 mark in 2011, it has never outperformed the stock market during a full-on market correction. This time, I think it stands a chance," the Bitwise CIO said.Hougan acknowledged that gold has outperformed as a hedge during the pullback and the correction may not yet be over, but argued neither detracted from bitcoin's "remarkable resilience.""The world is unraveling, and bitcoin is trading above $80,000. If that doesn't give you confidence in its staying power, I don't know what will," he said.Canada set to launch spot Solana ETFsCanada is set to launch the world's first spot Solana ETFs this week, according to a circular from TD Bank cited by Bloomberg Senior ETF Analyst Eric Balchunas.The new Solana ETFs will include staking features, "which may provide higher yields than ether staking and reduce overall ETF holding costs," the circular said.Four asset managers — Purpose, Evolve, CI and 3iQ — will issue the spot Solana ETFs, reportedly approved by the Ontario Securities Commission.U.S. asset managers are also racing to file spot Solana ETF applications following the launch of two Solana futures ETFs by Volatility Shares in March.Meanwhile, Kaiko analysts argue that superior market liquidity and Teucrium's recent launch of a 2x leveraged product positions XRP ahead of other assets for the next spot ETF approval from the SEC.Treehouse Finance raises fresh funding at $400 million valuationTreehouse Finance has raised an undisclosed amount in a new strategic funding round at a $400 million valuation to expand its DeFi fixed-income platform.That figure represents the fully diluted valuation of Treehouse's yet-to-launch native token, co-founder and CEO Brandon Goh said.Treehouse did not name its lead investor but described it as "the venture arm of one of the largest life insurance and financial services firms managing over $500 billion in assets."The investor appears to be MassMutual Ventures, which also backed Treehouse's previous $18 million seed round. MassMutual Ventures declined to comment when contacted by The Block.Treehouse hopes to tap into a $600 trillion opportunity from traditional finance by bringing fixed-income products to DeFi.The startup plans to establish an "eight-figure" ecosystem fund to support DeFi and institutional adoption following its mainnet launch targeted for June.Swedish MPs pitch bitcoin policy as Trump's White House eyes national BTC adoptionSwedish MPs are pushing the nation to rethink its bitcoin policy approach, citing U.S. President Trump's plans for a Strategic Bitcoin Reserve and growing global interest in the digital asset.Long-serving Swedish MP and finance committee member Dennis Dioukarev urged Sweden's Finance Minister Elisabeth Svantesson to consider bitcoin as a reserve asset alongside fiat and gold.Last week, Rickard Nordin, another member of Sweden's parliament, asked Svantesson to reassess bitcoin's role in the nation's finances.In the next 24 hoursUK CPI inflation data are released at 2 a.m. ET on Wednesday. Eurozone CPI numbers follow at 5 a.m.U.S. Federal Reserve Chair Jerome Powell will speak at 1:15 p.m.IOTA and Arbitrum are set for token unlocks.Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.