Velodrome

What happened

On August 4, Team at Velodrome, an AMM project built on Optimism, noticed that $350,000 had been taken from a team-operated wallet that was normally used for operational funds. They announced they were beginning an investigation into the theft, which they initially believed was due to a compromised wallet. Their team member Gabagool tweeted more details, underscoring that no user funds were lost. On August 13, Gabagool posted a long confession to his Twitter account, writing that he had stolen the $350,000, and had previously taken $56,000 over the course of two months, to try to "revenge trade" the money he had lost in the crypto crash. Explaining why he took the $350,000, he wrote, "I thought I could make the 56k back and return all of the funds, which was delusional". He also wrote that "the majority of the funds have been returned to the Velodrome team. The rest will be." Velodrome later confirmed they had recovered all of the stolen money.

Details

Date

Aug 4, 2022

Kind

Hack or exploit

Method

Internal evil

How in

Other

Target

not stated

Chains

Optimism, Ethereum

After the theft

Returned by the attacker

yes, amount not stated
“He also wrote that "the majority of the funds have been returned to the Velodrome team.” (SlowMist Hacked)

Recovered or seized

yes, amount not stated
“The rest will be." Velodrome later confirmed they had recovered all of the stolen money.” (SlowMist Hacked)

Recovered or frozen

$350K
“$350K taken, $0K after recovery or freezing” (Web3 Is Going Great)

Reported by

• SlowMist Hacked ↗
• Web3 Is Going Great ↗

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