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Velodrome recovers $350K stolen funds from team member Gabagool

Published 08/14/2022, 04:35 AM
Updated 08/14/2022, 06:20 AM
Velodrome recovers $350K stolen funds from team member Gabagool
TWTR
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Velodrome Finance, a trading and liquidity marketplace, announced the recovery of $350,000 stolen on Aug. 4. However, the occasion turned bittersweet when internal investigations pointed out the involvement of a prominent team member, who goes by the pseudo name Gabagool.

On Aug. 4, one of Velodrome’s high-worth wallets — dedicated for operating funds such as salaries — was drained off $350,000 before it could be transferred to the company’s treasury multisig wallet. A subsequent internal investigation revealed the attacker’s identification, which allowed the company to recover the entire loot. Velodrome’s official statement revealed:

Gabagool note owning up to Velodrome theft. Source: Twitter (NYSE:TWTR)

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