In a redox reaction, oxidation is the loss of electrons. In the given reaction:
\[
\text{Zn} \rightarrow \text{Zn}^{2+} + 2e^- \quad \text{(Oxidation)}
\]
\[
\text{Cu}^{2+} + 2e^- \rightarrow \text{Cu} \quad \text{(Reduction)}
\]
Zinc loses electrons and is thus oxidized. Copper ions gain electrons and are reduced.