Velodrome announced Saturday that a team member known for the Gabagool.eth account stole funds from the project. The decentralized exchange saw $350,000 stolen from its wallet in early August.
A $350,000 theft that took place earlier in August has been linked to a former team member, according to Velodrome, a decentralized exchange (DEX), which made the discovery on Saturday, August 13th
Twitter handle Gabagool.eth built a following by being among a group of on-chain sleuths regularly exposing fraudulent activities by nefarious actors in the DeFi space.
The team was looking into the situation, and Gabagool did mention that the targeted wallet included the team’s private salary cash in an interview with The Block in August, when the attack happened.
Velodrome is a successful implementation of the vested escrow ve (3,3) model pioneered by Yearn Finance creator Andre Cronje. The project is a fork of the Solidly DEX built by Cronje that was supposed to launch ve (3,3) on the Fantom network. The platform crossed $100 million in total value locked on the Optimism network in July. Optimism is an Ethereum Layer 2 network.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Foxy
CoinCu News
There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…
Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…
George Town, Grand Cayman, 22nd November 2024, Chainwire
Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…
Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…
Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…
This website uses cookies.