Linea's Velocity DEX Exploited Causing $10 Million Loss
CryptoNewsTerminal Staff02 Jun, 2024
Linea's Velocity DEX Exploited Causing $10 Million Loss
Linea, a zkEVM Ethereum Layer2 network developed by Consensus, announced today that its Velocity DEX has been compromised due to an exploit. This disclosure comes after a halt in block production on the network yesterday, which lasted for two hours. According to Linea, the exploit was identified and the network was halted to prevent further damage. Initial investigations indicate that the attacker managed to drain approximately $10 million worth of assets from the DEX. The Linea team is currently working with security experts to investigate the incident and implement measures to prevent similar attacks in the future. They have also advised users to exercise caution when interacting with the DEX until the situation has been fully resolved. This exploit highlights the ongoing challenges in securing blockchain-based systems and the importance of robust security measures to protect user funds. As the cryptocurrency industry continues to grow, it is essential for companies to prioritize security and implement best practices to safeguard their users' assets.
