Velodrome recovers $350,000 in stolen funds from team member Gabagool
While many in the community have thrown their support behind the prominent coder, Gabagool has acknowledged the allegations made against him following of the Velodrome survey.
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Velodrome Finance, a trading and liquidity marketplace, announced the recovery of $350,000 stolen on August 4. However, the occasion turned bittersweet when internal investigations revealed the involvement of a prominent member of the team, who goes by the alias Gabagool.
On August 4, one of Vélodrome's high-value wallets - dedicated to operating funds such as salaries - was emptied of $350,000 before it could be transferred to the multisignature wallet in Velodrome's treasury. company. A subsequent internal investigation revealed the identification of the attacker, which allowed the company to recover all of the loot. The official statement from Velodrome revealed:
"To our disappointment, we learned that the attacker was another member of the team, Gabagool."
While many in the community have thrown their support behind the prominent coder, Gabagool has acknowledged the allegations made against him following the Velodrome investigation.
An update from Vélodrome on our investigation into the exploitation of the team's wallet. pic.twitter.com/sz1ePStcT0
— Velodrome (,) (@VelodromeFi) August 13, 2022Nearly six hours after the reveal began, Gabagool released a note revealing various events that led to his attempted robbery. Vélodrome's biggest mistake was giving ownership of its wallet's private key to five people, including Gabagool.
Gabagool, just like many other investors, lost huge sums of money in the crypto crash of 2022. In an attempt to recoup the losses, Gabagool made the hasty decision to withdraw $350,000 in various crypto -currencies only to convert it to Ether (ETH) and send it to Tornado Cash.
Note from Gabagool on the Velodrome flight. Source: TwitterAt the time Gabagool decided to return the stolen funds, Velodrome investigators "revealed that they had already discovered...
While many in the community have thrown their support behind the prominent coder, Gabagool has acknowledged the allegations made against him following of the Velodrome survey.
New
Velodrome Finance, a trading and liquidity marketplace, announced the recovery of $350,000 stolen on August 4. However, the occasion turned bittersweet when internal investigations revealed the involvement of a prominent member of the team, who goes by the alias Gabagool.
On August 4, one of Vélodrome's high-value wallets - dedicated to operating funds such as salaries - was emptied of $350,000 before it could be transferred to the multisignature wallet in Velodrome's treasury. company. A subsequent internal investigation revealed the identification of the attacker, which allowed the company to recover all of the loot. The official statement from Velodrome revealed:
"To our disappointment, we learned that the attacker was another member of the team, Gabagool."
While many in the community have thrown their support behind the prominent coder, Gabagool has acknowledged the allegations made against him following the Velodrome investigation.
An update from Vélodrome on our investigation into the exploitation of the team's wallet. pic.twitter.com/sz1ePStcT0
— Velodrome (,) (@VelodromeFi) August 13, 2022Nearly six hours after the reveal began, Gabagool released a note revealing various events that led to his attempted robbery. Vélodrome's biggest mistake was giving ownership of its wallet's private key to five people, including Gabagool.
Gabagool, just like many other investors, lost huge sums of money in the crypto crash of 2022. In an attempt to recoup the losses, Gabagool made the hasty decision to withdraw $350,000 in various crypto -currencies only to convert it to Ether (ETH) and send it to Tornado Cash.
Note from Gabagool on the Velodrome flight. Source: TwitterAt the time Gabagool decided to return the stolen funds, Velodrome investigators "revealed that they had already discovered...
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