Prominent crypto hacker accused of stealing $350,000 from Velodrome

The Velodrome decentralized exchange identified a former team member responsible for the August theft of $350,000 from one of the platform’s wallets.

According to the DEX, the theft was carried out by an anonymous coder Gabagool, known on Twitter as Gabagool.eth.

He has gained popularity for belonging to a group of on-chain investigators who regularly expose fraudulent activity in the DeFi space.

“The Velodrome team has severed ties with Gabagool and is working with the company’s counsel to determine the next steps,” the company said.

The incident reportedly did not affect users’ funds.

Earlier in an interview with The Block, Gabagool заявил, that the project was investigating the breach and that the compromised wallet contained funds from which the exchange’s team was paid.

The crypto hacker has not yet commented on the charges against him.

Velodrome represents the implementation of the ve (3,3) staking model proposed by Yearn Finance founder Andre Cronje. The project is a fork of Cronje’s Solidly DEX, which was supposed to launch ve (3,3) on the Fantom network. In July, the platform’s TVL TVL exceeded $100 million, locked in the Optimism network.

Earlier in August, unknown attackers compromised the frontend of the DeFi protocol Curve Finance. As a result, users lost assets worth $573,000.

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