Bittime - Velocore platformhackersmanaged to steal assets worth $6.88 million (equivalent to Rp. 110.08 billion) in the form of 1,807 ETH. According to a report from TechFlow and Ember's observations, this attack occurred on the Velocore DEX platform implemented in zkSync and Linea. This hack resulted in the loss of allProvider Liquidity (LP)in just four hours after the first attack was detected.
Velocore Platform Hack Chronology
Hackers use cross-chain bridges to convert and transfer stolen assets. All ETH generated from this conversion is then moved to the main Ethereum address 0xe40...2b3.
The use of cross-chain bridges allows hackers to move assets between blockchain networks, making tracking and retrieving assets even more difficult.
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Mechanism and Impact of the Velocore Platform Hack
This incident not only reflects vulnerabilities in the Velocore platform but also highlights security risks in the broader DeFi ecosystem .
This attack mimics some of the methods used in other major hacks in the crypto world, such as the Wormhole and Exactly Protocol hacking incidents, where hackers successfully executed attacks by exploiting security gaps in smart contracts and weak verification mechanisms.
The Velocore trading platform hackers allegedly used techniques that allowed them to circumvent standard security measures, similar to the bypassing performed in the Wormhole hack, where hackers were able to fake authority to deposit ETH into Wormhole on Solana.
In the case of Exactly Protocol, hackers succeeded in manipulating market contracts to steal assets deposited by users.
Reactions and Countermeasures
Velocore's security team immediately responded by conducting an in-depth investigation and attempting to communicate with the hacker to return the stolen funds, similar to efforts made by the Wormhole team who offered bounties for refunds.
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However, until now, there has been no response from the hacker. Increasing security became a major focus after this incident. Measures to strengthen smart contract verification and real-time monitoring of network activity are being implemented.
Additionally, many in the crypto community are calling for increased cooperation between platforms to create a more integrated and responsive security system on the Velocore platform against similar threats in the future.
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How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC/IDR at 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.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.
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.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation 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.
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