Bittime - A decentralized crypto exchange (DEX) called Velocore, which operates on the zkSync and Linea networks, has allegedly been hacked. What's worse, hackers managed to drain the user's liquidity pool (LP), with a total value of almost $10 million (around Rp. 160 billion)!
This incident also raised many questions among the crypto community, especially because Blockchain Linea also temporarily stopped block production.
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Velocore Hack News
Initially, news of this hack emerged through an upload on the X thread by Officer's Notes, a well-known researcher and writer in the field of crypto security. In his upload, Officer's Notes revealed the hack on Velocore and the loss of all users' LP funds.
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Initial reports also indicated that hackers had moved some of the stolen Ethereum (ETH) to the Ethereum mainnet.
Another fact that is increasingly curious is Blockchain Linea's move to stop producing its blocks. Block stops between block numbers 5081800 and 5081801 for one hour.
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Unfortunately, the reasons behind this production halt are still unclear. This oddity was first revealed in a chat on the Telegram BlockSec Team, before being further analyzed by EmberCN, an on-chain analyst.
Also read: Velocore Hack Update: Prepare Compensation for Users!
BladeSwap Speaks Up
Meanwhile, BladeSwap, another DEX operating on Blast_L2's native network, also spoke out regarding this situation. Through an upload on X post, BladeSwap explained that even though it is a fork of Velocore, their vault uses a different liquidity pool contract calculation.
BladeSwap uses the XYK model (like Uniswap v2), not CPMM (like Balancer) which is a hacking hole. BladeSwap also assures users that their funds are safe and will investigate further and implement additional security measures if necessary.
Velocore itself is currently uncovering the source of the hack and starting an on-chain investigation. The Velocore team is preparing a detailed report detailing the security vulnerabilities exploited and their impact.
Velocore also emphasized that this weakness does not affect BladeSwap's dynamic asset pool (volatile pool).
EmberCN, the on-chain analyst, also provided additional details. He explained how hackers converted all the stolen assets into ETH and moved them to the Ethereum mainnet via a cross-chain bridge.
Currently, 1807 ETH coins worth around $6.88 million (around Rp. 110 billion) are parked in the hacker's mysterious wallet.
Velocore has previously undergone three audits from reputable security agencies such as Zokyo, Hacken, and Scalebit. However, this hack proves there is a loophole that has gone unnoticed.
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Now, Velocore's investigation is in the spotlight of the crypto community. This incident is a reminder of the continuing difficulties faced in securing decentralized finance, as well as the importance of strong and sustainable security.
It is hoped that developments in this investigation will yield further information and updates.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via 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.
Learn Complete Guide How to Buy Crypto 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.
Also read:
ZkSync Towards Decentralization: Tokens and Airdrops Coming Soon!
zkSync Delays Mainnet v24 Mainnet Update Until May 16, Why?
Bybit Announces zkSync Listing: Controversy Arising Over ZK Ticker Raid
zkSync Node Beta Launches: Simplifying Access and Lowering Barriers
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.
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