Velodrome Hacked, Hacker Offered 10% Bounty for Returning Funds
CryptoNewsTerminal Staff03 Jun, 2024
Velodrome Hacked, Hacker Offered 10% Bounty for Returning Funds
Velodrome, a decentralized exchange (DEX), has offered a 10% bounty to the hacker who exploited the platform. The hacker reportedly stole 17 million dollars worth of ETH and transferred it to Tornado Cash. In a transaction message sent to the exploiter, Velodrome urged the individual to return the stolen funds by "17:00 (Korean Time) on the 3rd." The DEX has paused its sequencer to prevent further losses and implement necessary security measures. "We are sorry that this happened despite multiple audits and security measures we had in place," Velodrome said in a statement. Preliminary estimates indicate that the attack resulted in approximately $6.8 million in losses for the DEX. This incident serves as a stark reminder of the ongoing security challenges within the decentralized finance (DeFi) sector. As DEXs continue to attract significant funds, they must prioritize robust security measures to mitigate the risk of hacks and exploits. The Velodrome team is actively investigating the incident and working to prevent similar attacks in the future.
