Velodrome Was Stolen $350,000 By Their Own Member

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.

1 Member of the Velodrome Project Stolen $350,000

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.

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