Zipcoin, a meme-token project inspired by a fictional currency in Ethereum co-founder Vitalik Buterin’s novel Snowmoon, said it would shut down after the team reported a compromise of its code repository, BlockBeats reported on Oct. 22.
Team cites compromised credentials and private keys
The team said Railway notified it on Oct. 21 that the project’s entire repository had been breached, including related credentials and private keys. Attempts to migrate the project or rotate credentials did not produce a secure operating plan, according to the statement relayed by BlockBeats.
Zipcoin said existing holders would receive a six-hour window to sell. The team planned to sell remaining holdings and consolidate the funds at midnight Beijing time on Oct. 23 to reduce the risk of an attacker moving assets. BlockBeats cited GMGN data showing ZC down more than 90% over 24 hours and a market capitalization below $300,000; those figures are a market-data snapshot rather than an independently verified closing price.
The project used the fictional Zipcoin concept from Snowmoon, described as an anonymous-payment token with on-chain mechanisms. The closure announcement did not describe a recovery plan or a future relaunch.