Alleged Velocore Hack on 2 Blockchains, zkSync and Linea

Bittime - DeFi industry has been rocked again by news of a hacking attack. This time, the decentralized trading platform Velocore was targeted by cybercriminals. SlowMist founder Yu Xian posted a tweet on the X platform alleging that Velocore had been hacked, and the losses would be quite large.

Velocore Hack on 2 Blockchains: zkSync and Linea

Based on tweets forwarded by Yu Xian, Officer's Notes revealed potential attacks against Velocore on two blockchains, namely zkSync and Linea. This information comes from the Telegram group chat @BlockSecTeam, shared by user @krakovia_evm.

The message suspected irregularities in Velocore's liquidity pool. The irregularity lies in the verification process which only uses the Application Binary Interface (ABI), not a comprehensive audit of the smart contract code.  

This finding sparked speculation about security gaps that hackers might exploit. Unfortunately, there has been no official confirmation from Velocore regarding this incident.

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Impact of the Velocore Hack

Hacking of DeFi platforms can have far-reaching detrimental impacts, such as financial loss. Platform users who have crypto assets stored in hacked pools risk losing their funds.

These hacking incidents may also erode investor confidence in the security of DeFi platforms, thereby negatively impacting the adoption and growth of the DeFi ecosystem as a whole.

Additionally, cyberattacks on DeFi platforms often trigger investor panic, which can lead to a drop in the price of the associated DeFi token.

There has been no official confirmation from Velocore

Until this news was written, there had been no official statement from Velocore regarding the alleged hack. It is hoped that the Velocore development team can immediately provide clarification and anticipatory steps to secure their platform.

On the other hand, cyber security researchers such as SlowMist and BlockSec Team are expected to continue conducting investigations to uncover hacking modus operandi and potential vulnerabilities exploited by cybercriminals.

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Prevent Hacking Attacks

To prevent similar incidents from recurring, DeFi platforms need to prioritize security by:

• Rigorous Smart Contract Audits: Conduct thorough audits of smart contract code by reputable blockchain security auditors.
• Bug Bounty Program: Host a bug bounty program to encourage the cybersecurity community to help identify and report potential vulnerabilities in the system.
• Transparency and Communication: Communicate openly with users regarding the security measures implemented and actions taken if an incident occurs.

With these steps, it is hoped that DeFi platforms can create a safer and more trusted ecosystem for users.

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How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

Alert! Telegram Account Hacking Via Dangerous Phishing Links

Be careful! Alleged Hacking in OpenLeverage DeFi Protocol Indicated

Hacking MicroStrategy X Accounts, Spreading Fake Links and Looting Crypto Funds

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.