Velodrome, a decentralized exchange (DEX), has revealed that a former team member had stolen $350,000 prior to August. according to the platformannounce
An update from Velodrome on our investigation into the team wallet exploit. pic.twitter.com/sz1ePStcT0
— Velodrome (,
) (@VelodromeFi) August 13, 2022
The DEX platform says that coder “Gabagool” known from his Twitter “Gabagool.eth” was behind the theft. After an investigation, Velodrome reported in August that the team’s wallet had been compromised and stated that the attackers had taken $350,000 from the project.
“The Velodrome team has severed our relationship with Gabagool and is working with legal counsel. To determine the best next step,” the DEX platform added in its announcement, Velodrome also reassured users that such an incident does not affect their funds.
back in August When the hack took place, Gabagool said the team was investigating the incident. And that target wallet is the team’s personal salary fund.
Velodrome has successfully implemented vested escrow ve (3,3) pioneered by Andre Cronje, creator of Yearn Finance. This project is a Solidly DEX fork built by Cronje, which is expected to launch ve (3,3) on Fantom network The platform has a total value of TVL $100 million on the Optimism network.
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