Velocore Hack Results in $10M Loss

Velocore was hacked, leading to a loss of around $10 million. The platform has started an investigation and frozen the stolen funds. However, the hacker managed to move some of the stolen Ethereum to the mainnet.

Velocore, a decentralized exchange (DEX) protocol on zkSync and Linea, suffered a hack resulting in nearly $10 million in customer losses. Following the exploit, Velocore’s team launched an investigation and implemented an “on-chain negotiation process” to address the incident.

Velocore Hack: Emergency Notice and Response

Source: X

Velocore, a decentralized exchange (DEX) operating on zkSync and Linea, experienced a significant hack recently, resulting in nearly $10 million in customer losses. The news initially surfaced through reports by Chinese crypto reporter Colin Wu on his Wu Blockchain page, subsequently shared by crypto commentator MartyParty.

In response to the hack, Velocore issued an “Emergency Notice,” warning its clients about the security breach. The platform immediately halted operations and froze the stolen funds. Despite these measures, the hackers managed to transfer some of the stolen Ether tokens to the Ethereum mainnet.

Velocore issued an “Emergency Notice”. Source: X

Velocore assured its users that it had engaged a security team to investigate and address the incident, aiming to mitigate further risks and restore normal operations as soon as possible.

Velocore Update on Recent Hack

Velocore has provided an update following the recent hack, stating that their team has identified the exploit mechanism. They have committed to releasing more updates soon regarding the incident. Additionally, Velocore assured users of guidance on safe withdrawal procedures in the future to enhance security measures.

Furthermore, Velocore clarified that its operations on the Telos mainnet remain unaffected by the hack. The team is collaborating with the Telos foundation to address the situation while temporarily freezing functionalities on affected platforms.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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