Velocore Exploitation Ends in a Lack of $10 Million: Investigation Initiated 

• Velocore has been reportedly hacked, leading to a lack of about $10 million.
• The platform has initiated an investigation into the exploitation and froze stolen funds.
• Nevertheless, the hacker managed to maneuver among the stolen ETH to the Ethereum mainnet.

Velocore, a decentralized alternate (DEX) protocol on zkSync and Linea, has reportedly been hacked, inflicting clients to lose virtually $10 million in funds. In response to the exploitation, the Velocore group initiated an investigation into the hack, organising an “on-chain negotiation course of.”

The hack was initially reported by the Chinese language crypto reporter Colin Wu on his Wu Blockchain web page on X, following which crypto commentator MartyParty additionally reposted the report.

Velocare shared an “Emergency Discover” after going through the hack, cautioning purchasers towards the exploitation. Consequently, the group halted the platform’s operations, freezing the stolen funds. Nevertheless, the hackers had been reportedly in a position to switch a portion of the stolen Ether tokens throughout chains to the Ethereum mainnet.

The DEX protocol asserted that it had sought the assistance of the safety group to resolve the problem. Velocore’s emergency discover learn,

In its current publish, Velocore revealed that the group has recognized the exploit mechanism and promised to offer extra updates quickly. As well as, the group assured steerage for protected withdrawal sooner or later. Additional, the group cited, “Velocore on the Telos mainnet has not been affected, and we’re working with the muse whereas functionalities are frozen.”