$ZK He raised $458 million. Still Nothing Works.
be Alex Gluchowski
2003
— junior dev
— defense firm
— flight software
2009
— Berlin
— CS degree
2011
— CTO role
— SaaS company
2013
— startup founder
— lifestyle app
2015
— camper van marketplace
— exit
— first real money
The Pivot 2017
— enters crypto
— Ethereum R&D
2018
— launches Matter Labs
— zk narrative begins
2020
— first product
— zkSync Lite
— 2021–2022
— raises $458M total
— top-tier funding
— massive hype
The Airdrop
— June 2024
— zkSync token
— ~10% qualify
— unclear rules
— chaos
— “ZkScam”
— insiders win
— retail sidelined
— heavy users
— get nothing
— trust cracks
The Hack
— April 2025
— admin account breached
— 111M tokens minted
— ~$5M
— dumped fast
— “unruggable” L2
— controlled by keys
The Pivot 2.0
— Nov 2025
— “not a chain anymore”
2026
—# zkSync Lite shut down
— focus shifts
— banks
— institutions
— layoffs
— ~16% cut
Endgame?
be Alex Gluchowski
2003
— junior dev
— defense firm
— flight software
2009
— Berlin
— CS degree
2011
— CTO role
— SaaS company
2013
— startup founder
— lifestyle app
2015
— camper van marketplace
— exit
— first real money
The Pivot 2017
— enters crypto
— Ethereum R&D
2018
— launches Matter Labs
— zk narrative begins
2020
— first product
— zkSync Lite
— 2021–2022
— raises $458M total
— top-tier funding
— massive hype
The Airdrop
— June 2024
— zkSync token
— ~10% qualify
— unclear rules
— chaos
— “ZkScam”
— insiders win
— retail sidelined
— heavy users
— get nothing
— trust cracks
The Hack
— April 2025
— admin account breached
— 111M tokens minted
— ~$5M
— dumped fast
— “unruggable” L2
— controlled by keys
The Pivot 2.0
— Nov 2025
— “not a chain anymore”
2026
—# zkSync Lite shut down
— focus shifts
— banks
— institutions
— layoffs
— ~16% cut
Endgame?



