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Velocore: New vulnerabilities have been discovered and white hat actions have been carried out. Affected LPs can claim funds based on snapshots

Velocore: New vulnerabilities have been discovered and white hat actions have been carried out. Affected LPs can claim funds based on snapshots

Odaily2024/06/28 09:43
By:Odaily
Odaily News Velocore posted on the X platform that due to the recent vulnerability exploitation incident, they disabled most functions to prevent further losses, leaving only the withdrawal function. The front-end exchange was unable to correct the imbalance between the stable pool and the de-anchored pool through arbitrage, resulting in additional losses for LPs. Another vulnerability that could lead to asset theft was found on the Linea chain, and a white hat operation was conducted to safely deposit assets into an independent Safe vault. Affected LPs can claim funds based on block snapshots. The Telos chain was not attacked and was patched without waiting for a time lock. Assets will be returned to the owner 1:1, regardless of overall LP compensation. The team is taking snapshots and updating the claims function. Regarding compensation for LP victims, a community vote will be held to decide whether to restart or liquidate, and all remaining assets will be integrated into a single vault for collective decision-making.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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