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Velocore Hack Causes Users’ Liquidity Pools to Lose $10 Million

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Velocore Hack Causes Users’ Liquidity Pools to Lose $10 Million

  coincu.com 32 m

Velocore Hack Causes Users’ Liquidity Pools to Lose $10 Million

Key Points:

  • DEX Velocore, operating on zkSync and Linea blockchains, faces a suspected hack resulting in the loss of $10 million in user liquidity.
  • Linea Blockchain experienced a temporary block production halt during the Velocore hack, but operations have since resumed.
Velocore, a decentralized exchange (DEX) operating on zkSync and Linea blockchains, has reportedly fallen victim to a suspected hack, resulting in the loss of approximately $10 million worth of users’ liquidity.

Velocore Hack Causes Users’ Liquidity Pools to Lose $10 Million

Velocore Hack Causes Users’ Liquidity Pools to Lose $10 Million 2

DEX Velocore Hack Causes $10M in Damage to Users

The Velocore hack unfolded as Linea Blockchain, where Velocore operates, briefly halted block production, causing a disruption in operations. Although Linea has since resumed normal functionality, hackers managed to transfer a portion of the stolen Ethereum (ETH) assets across chains to the Ethereum mainnet.

In response to the Velocore hack, it confirmed the exploitation, acknowledging the significant impact on its CPMM pools. However, the DEX reassured users that stable pools remained unaffected, allowing for the safe withdrawal of funds from those pools.

Velocore is the project of the AMM DEX operating under the ve(3,3) model on the zkSync Era ecosystem. Ve(3,3) is the name for the model of liquidity that was originally introduced by Solidly. However, Velocore has improved and overcome the limitations that Solidly encountered to increase efficiency and security for users. Additionally, the Protocol Owned Liquidity mechanism is applied by Velocore to optimize profits from liquidity.

Velocore Ensures Security Measures Post-Breach

Velocore’s team swiftly initiated an investigation, identifying the exploit mechanism and implementing an on-chain negotiation process to address the issue. They also assured users of ongoing efforts to track down the perpetrators and provide further updates soon.

Meanwhile, operations on the Telos mainnet remain unaffected, with functionalities temporarily frozen as the team collaborates with the foundation to safeguard user funds and restore normal operations.

The exchange claims to have undergone three rounds of rigorous audits by reputable firms, including Zokyo, Hacken, and Scalebit, to ensure user protection and platform integrity.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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