a decentralized cryptocurrency exchange (DEX) velodrome, It announced on Saturday that it had identified a former team member as the person responsible for a $350,000 theft that occurred in early August.
The Developer of the Decentralized Cryptocurrency Exchange Velodrome Allegedly Attacked
The DEX platform announced that anonymous software developer “Gabagool”, known as Gabagool.eth on Twitter, was responsible for the theft after an investigation.
Velodrome reported that one of the team’s wallets had been hacked in August and stated that the attacker had withdrawn $350,000 from the project.
An update from Velodrome on our investigation into the team wallet exploit. pic.twitter.com/sz1ePStcT0
— Velodrome (🚴,🚴) (@VelodromeFi) August 13, 2022
Gabagool had built a following by being among a group of on-chain detectives who regularly exposed the fraudulent activities of malicious people in the DeFi space.
DEX said in its statement:
“The Velodrome team has cut ties with Gabagool and is working with legal counsel to determine the next best step.”
Velodrome also reassured users that the event did not affect their funds.
Developer Accused of Theft Interviewed About Hacking Investigation
Gabagool stated in an interview with August that the hack took place, that the team was investigating the incident and that the targeted wallet was holding the team’s private salary funds.
Velodrome is a successful implementation of the vested escrow and (3,3) model pioneered by Yearn Finance creator Andre Cronje. The project is a fork of Solidly DEX built by Cronje on the Phantom network and expected to launch the (3.3) model. The platform surpassed $100 million in total value locked in the Optimism network in July. Optimism is a Ethereum It is a layer 2 network.
*Not investment advice.
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