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:
“Much to our disappointment, we learned the attacker was a fellow team member Gabagool.”
While many community members came in support of the prominent coder, Gabagool owned up to the allegations made against him following Velodrome’s investigation.
An update from Velodrome on our investigation into the team wallet exploit. pic.twitter.com/sz1ePStcT0
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