Velodrome’s Gabagool.eth Admits Taking Project Money Due To Trade Loss

As CoinCu reported in a recent article, Velodrome has announced that a team member known for the Gabagool.eth account has stolen funds from the project. And it was Gabagool.eth who admitted this action was because of a losing trade.

On August 4, Velodrome’s Twitter page announced that one of the team’s wallets was hacked, resulting in the loss of $350,000. The team said user assets were not affected, and an investigation was underway at the time.

However, on August 14, the latest update on the incident revealed unacceptable facts when a member of the wallet, Gabagool.eth, voluntarily withdrew money. Back to the incident on August 4, Gabagool was the first to retweet the information and reassure users that their assets were not affected.

Also, in the latest post, Gabagool.eth explained why he took the above action. Because of the loss after the market crash in May, Gabagool wants to extract the project’s money to make a few trades to save the lost, then return it as if nothing happened.

However, this action was quickly exposed, and Gabagool apologized for his mistake.

Gabagool.eth is a well-known crypto investor and builder, once revealed and interviewed by US news site Vice. You can check out the video with an interview with him below:

Velodrome is a project on Optimism that has the ambition to reinvent Andre Cronje’s ve(3,3) solution. Most of Velodrome’s team is from veDAO (a project that also participated in the TVL race on Fantom at the time).

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