Velodrome Finance gives updates on recently stolen funds! See the details! On August 13th, Velodrome posted an update on an investigation regarding the stolen funds via Twitter.
The Updates From Velodrome
On August 13th, Velodrome Finance, a trading and liquidity marketplace, updated the community on the stolen funds on Twitter. In the post, Velodrome revealed a result of an investigation on the issue. Based on the findings, Velodrome found the incident was related to a fellow team member called Gabagool.
An update from Velodrome on our investigation into the team wallet exploit. pic.twitter.com/sz1ePStcT0
— Velodrome (🚴,🚴) (@VelodromeFi) August 13, 2022
The incident started on August 4th when the Velodrome team noticed an unexpected activity in one of the team-owned wallets for operating funds, such as team salaries. The attacker managed to take $350,000 from this wallet.
Not long after the incident, Velodrome team members started an internal investigation. The result showed the attacker’s identity, and the funds had successfully returned to the team control. The attacker was a team member, Gabagool.
Velodrome stated they have severed ties with Gabagool and are consulting with a legal team to take the upcoming steps. The good news is all users’ funds are safe, and the activities continue as usual.
The Statement From Gabagool
After Velodrome gave updates to the community, Gabagool also posted a statement on Twitter regarding the issue. Gabagool was revealed to be one of the five persons with ownership of the private key of the Velodrome team wallet.
Gabagool admitted his wrongdoings and clarified the issue by saying the reason was the lost money in a crypto crash. To solve the personal problem, Gabagool took the funds. In addition, Gabagool also explained several things about the incident.
Unfortunately, at the time of writing, Gabagool locked the Twitter account, which resulted in only selected people can see the statement. However, other users posted it on Twitter for others to see.