Velodrome accuses former security specialist of stealing $350,000

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Cryptocurrency exchange Velodrome, which suffered a hack in August, said the culprit was their former blockchain developer and cybersecurity specialist.

Decentralized exchange (DEX) Velodrome, during a hack investigation, revealed that $350,000 worth of assets were stolen by an anonymous developer known as “Gabagool.” 

Gabagool has gained popularity incrypto community due to the fact that, as a member of a group of blockchain security experts, he has exposed the actions of scammers in the DeFi industry many times. Gabagool has not yet commented on the accusation brought against him.

“The Velodrome team has terminated its contract with Gabagool and is working with legal counsel to determine the next steps to bring it to justice,” the exchange said.

Immediately after the hack, Gabagool stated thatthe team is investigating the incident, and the target wallet holds the team's personal payroll. Velodrome assured users that their assets were not damaged and were completely safe.

The Velodrome project is an implementation of the escrow model proposed by Yearn.Finance creator Andre Cronje. In July, the total value of the platform exceeded $100 million.

Let us remind you that the US Securities and Exchange Commission (SEC) recently accused 11 people of creating a cryptocurrency pyramid worth $300 million.