Velocore DEX suffered a loss of $11,000 million dollars in a major hack.This is indicative of ongoing security issues in the cryptocurrency sector.
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Velocore DEX suffered a loss of $11,000 million dollars in a major hack. This is indicative of ongoing security issues in the #cryptocurrency sector.
Velocore, a decentralized exchange (DEX) of the Zksync and Linea blockchains, has been hacked, resulting in losses of about $11,000 million. The hackers transferred over 700 #ETH to the main #StartInvestingInCrypto #blockchain . This points to an ongoing security problem in the cryptocurrency sector.
The hack was first reported by a threat researcher known by the nickname "Officer's Notes" who pointed out the weaknesses in the crypto industry's security systems. Velocore reported that hackers targeted tokens of liquidity providers needed to operate the exchange. Despite passing the security checks of Zokyo, Hacken and Scalebit, Velocore was hacked.
During the hack, the Linea blockchain stopped block #mining for 1 hour. The cause of this outage is unknown, but operations have since resumed. Velocore's stable pool was not affected and users were able to withdraw funds.
Velocore is working with centralized exchanges (CEX) to freeze stolen assets and limit further damage. The team is defining the mechanism of operation and starting the negotiation process up the chain. A detailed analysis is being prepared as well as a search for hackers based on available evidence. "We have defined the mechanism of operation and started the chain negotiation process.
Detailed analysis is being prepared. Track down the hackers based on the evidence left behind. More updates coming soon. Velocore on the Telos network has not been affected and we are working with the fund while its functions are frozen. We will provide guidance on how to safely withdraw all funds in the future.
Community members affected by the hack are demanding refunds, but Velocore has not yet announced a compensation plan.
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