March 29, 2024

Famous crypto detective accused of stealing $350,000 from Velodrome

Famous crypto detective accused of stealing $350,000 from Velodrome

Decentralized exchange Velodrome has identified a former team member responsible for the incident in Auguststealing $350,000 from one of the platform’s wallets.

According to DEX representatives, the anonymous coder Gabagool, known on Twitter under the nickname Gabagool.eth, was involved in the theft.

He gained popularity due to being part of a group of online sleuths who regularly expose DeFi scams.

“The Velodrome team has terminated its relationship with Gabagool and is working with legal counsel to determine next steps,” the company said.

Reportedly, the incident did not affect user funds.

Earlier in an interview with The Block, Gabagool said that the company was investigating the hack and that the attacked wallet contained funds from which the exchange team received a salary.

The crypto detective himself has not yet commented on the charges against him.

Velodrome presents the implementation of the modelescrow ve (3,3), proposed by the creator of Yearn Finance Andre Cronje. The project is a fork of Cronje's Solidly DEX, which was supposed to run ve(3,3) on the Fantom network. In July, the platform's TVL exceeded the $100 million blocked on the Optimism network.

Recall that in early August, unknown persons compromised the front-end of the Curve Finance DeFi protocol. As a result, users lost assets worth $573,000.

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