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The biggest cryptocurrency exchange, Binance, has announced the listing of ZKsync (ZK) trading pairs and a token distribution program, which is meant to allay worries expressed by the companys concerns.

The announcement states that on June 17 at 8:00 (UTC), Binance will list ZKsync (ZK) and begin trading for spot trading pairs with BTC, USDT, FDUSD, and the Turkish Lira.

According to Binance, users can now begin adding ZK to their accounts prior to trading while withdrawals will be available the following day, on June 18, at 8:00 (UTC).

In light of the criticism from the community regarding the ZK airdrop, the exchange also revealed a token giveaway program. It intends to give out 10.5 million ZK tokens to roughly 52,500 users who fulfill certain requirements.

To become eligible for this program, the user needs to have completed at least 50 ZKSync Era transactions between February 2023 and March 2024. Additionally, within the specified seven months, the user must have started these transactions in different months.

Furthermore, there must be no ZK tokens remaining from the previous ZK Nation airdrop program associated with the wallet address. Eligible users must deposit at least 0.02 ETH to Binance from the approved address on the ZKSync ERA network to claim the ZK tokens from Binance.

According to Biancnce, the first token airdrop is scheduled for June 25 and Eligible addresses will receive ZK on a first-come, first-served basis.

The ZKsync Associations recent announcement regarding ZK token distribution has sparked controversy within the community. The criticism primarily revolves around the airdrop programs vulnerability to Sybil attacks, where individuals create numerous fake accounts to exploit token distribution.

Mudit Gupta, Polygons chief information security officer, highlighted this issue on social media, calling the airdrop the most farmable and farmed ever, due to inadequate measures to filter out such attacks.

In response to the backlash, the ZK team acknowledged the communitys concerns but defended their chosen approach. They provided a set of FAQs and asserted that no major issues were identified with the airdrop process. Despite the divided opinions, the team remains committed to its distribution strategy.

Originally posted here:

Binance Welcome ZKsync (ZK) with Token Distribution Program - Crypto Times

Sun 16 Jun 2024 3 min of reading by Eddy S.

In a bold move cementing its leadership within the crypto universe, Binance announced the launch of ASI token trading starting July 5th. This decision comes well ahead of the historic merger scheduled for July 15th between Fetch.ai (FET), Ocean Protocol (OCEAN), and SingularityNET (AGIX). Indeed, this merger will give birth to the ASI token, symbolizing a new era for AI-focused cryptocurrencies.

The crypto community is following with great interest this eagerly awaited merger between three established giants in the sector. Although complete details remain confidential at the moment, the potential fallout of this alliance hints at a true seismic shift in the crypto-assets landscape.

By unifying their strengths, FET, OCEAN, and AGIX are set to give birth to a new powerhouse in the realm of decentralized artificial intelligence. Consequently, by allowing ASI token trading even before the merger is finalized, Binance strategically positions its crypto users at the forefront of this announced revolution.

Moreover, this proactive decision by Binance demonstrates the platforms confidence in the ASI tokens potential. Indeed, by integrating this new asset as of July 5th, Binance sends a strong signal to the market about the strategic importance of this merger for the future of AI-oriented cryptos. Savvy investors will thus have the opportunity to position themselves ahead of what could turn out to be one of the most significant events of 2024 in the crypto ecosystem.

This decision by Binance fits perfectly in line with its pioneering and avant-garde approach. Indeed, the crypto exchange platform has built a solid reputation by constantly anticipating emerging trends and offering its community privileged access to the most promising opportunities. Moreover, by launching ASI token trading even before the merger is materialized, Binance once again demonstrates its agility and ability to position itself as the undeniable leader of innovation in the crypto universe.

As the crypto sector continues to evolve at a breakneck pace, Binance once again confirms its status as a pioneer by announcing the launch of ASI token trading well ahead of the historic merger between FET, OCEAN, and AGIX. This bold decision will further strengthen Binances dominant position.

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Crypto: Binance will launch trading of the ASI token ahead of the merger! - Cointribune EN

zkSync token was set for a great start with Binance listing and token distribution. However, with the beginning of trading, ZK's price toppled over 12%, leading the day's losers list.

At the press time, the token is trading at $0.2556, down 10.8% according to data from CoinMarketCap. The market cap of the token stands at $940 million.

With the hope for a trading boost, ZKsync (ZK) was listed on Binance, the biggest cryptocurrency exchange in the world based on trading volume on Monday. Trading for the new spot pairs will also open on June 17, 2024, at 8:00 UTC, according to Binance.

ZKsync (ZK) will provide four new spot trading pairs: ZK/BTC, ZK/USDT, ZK/FDUSD, and ZK/TRY. Withdrawals for the same will be available on June 18, 2024, at 8:00 UTC. Binance has verified that ZK will not have a listing charge.

In the middle of the optimistic announcement, Binance revealed a delay in ZK deposits. According to the announcement, delays in ZK deposits could be caused by problems with nodes. Binance also clarified that its technical staff was working quickly to fix it, and they will be back online before trading begins.

Payments will be credited as soon as the block height is adjusted. ZKsync (ZK) launch has been pushed back by Binance until today at 18:00 UTC+8. The news could have possibly been seen in a bad light by Traders.

However, one of the things airdrop seekers were most excited to learn about was the distribution of ZKSync Era tokens. According to the release, starting on June 17, 3.6 billion additional tokens would be awarded to wallets that qualified. Ecosystem contributors will be able to start redeeming their benefits on June 24.

The term token distribution describes the process of giving participants tokens, usually following an ICO, IDO, or other fundraising event. The distribution can be made according to several factors, including reserves, team allocations, early investor awards, and more.

Despite this, the community is still divided about the news made by the ZKsync Association on the distribution of ZK tokens. The airdrop program's susceptibility to Sybil attacks, in which users create multiple fictitious identities to take advantage of token distribution, is the main point of contention.

Original post:

zkSync Falls Despite Binance Listing And Token Distribution: What's Next? - Bankless Times

Ethereum zero-knowledge layer-2 scaling platform zkSync has continued to defend criticism over the criteria for its zkSync (ZK) token airdrop, slated to launch on June 17.

In a frequently asked questions (FAQ) document updated on June 15, ZK Nation answered 15 questions explaining why some groups were eligible for the token while others werent.

One of its longer answers focused on its detection and prevention measures for Sybil attacks, which occur when one entity creates and uses a large number of wallets to farm an airdrop. This was a continuing pain point among airdrop claimants recently.

ZkSync reiterated it had used explicit Sybil detection in addition to a unique airdrop design to ensure the highest number of organic users were rewarded, but it also noted that this has led to some Sybil wallets being let through.

It explained some Sybils can employ sophisticated algorithmic strategies that are indistinguishable from real people.

They fund accounts from many distinct exchange addresses, never interact with each other, use randomized amounts, and use software to randomize daily patterns of human behavior, and even perform activities unique to the project (for example, using zkSync paymasters), it explained.

The majority of such bots are completely undetectable, even with the most advanced anti-Sybil methodology.

ZkSync claimed that being too aggressive with filtering could eliminate some Sybils but also might falsely flag many organic users, so it chose to reward organic users with high likelihood by using a combination of value scaling and multipliers.

Essentially, this assigned fewer eligibility points to wallets with low funding (a sign of Sybil behavior) but would give them a multiplying boost if there was onchain behavior that signaled human behavior.

ZkSync explained that Sybils typically creates many accounts but uses small amounts of crypto to fund each account to be capital efficient.

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Real people, on the other hand, tend to concentrate most of their wealth in just a few accounts, making their balances much larger compared to bots, it explained.

There will be Sybils in every airdrop, it concluded. However, for every example of Sybil that can be identified, there are hundreds that were excluded.

Binance offers ZK listing and distribution amid ongoing concerns

It comes as crypto exchange Binance has offered its own ZK airdrop targeted at those not eligible for the official airdrop on June 17.

The exchange said it will offer 10.5 million ZK tokens to over 52,000 Binance users in light of the ongoing concerns from the community around ZK token distribution.

Eligible claim addresses need to have initiated at least 50 transactions on zkSync Era between February 2023 and March 2024, conducted transactions in at least seven months in that period, arent a centralized exchange, bridge or contract address and werent eligible for the official airdrop.

However, each Binance user will only be given 200 ZK each.

The exchange will also open the ZK token for trading from June 17, including trading pairs with Bitcoin (BTC), Tether (USDT) and First Digital USD (FDUSD).

The ZK token airdrop will launch on June 17. According to Whales Pro, the ZK token istrading in the pre-market for $0.36 at the time of writing.

Original post:

ZkSync defends Sybil measures as Binance offers own ZK token airdrop - TradingView

Forbes claims that former Binance CEO Changpeng Zhao is the 24th richest person globally due to his BNB token ownership.

Zhao reportedly owns 64% of Binances BNB token circulating supply. At current prices, the 94 million coins Zhao is said to control is worth more than $56 billion.

The report also states that he owns an approximate 90% stake in the Binance exchange.

While the crypto exchange has been the subject of concerning headlines, resulting in Zhao stepping down from a leadership role and serving a prison sentence. Yet at the same time, BNB has surged this year.

CoinGecko data showed a 141% price increase in the past 14 months. The cryptocurrency broke its all-time high (ATH) earlier this month, peaking at $717.

BNB has returned 1,497,749% since it launched as an initial coin offering in 2017, serving as a backbone for Binances debut in the same year.

In comparison, the S&P500 has posted 3,540% in gains throughout its existence as an investment index. Reports from crypto.news also suggest that BNB could retest its ATH soon and continue its bullish momentum to higher prices.

Zhaos fortune could swell even further as he serves a four-month jail term in a California prison.

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Former Binance CEO CZ reportedly owns 64% of BNB supply - crypto.news