Coinpedia Fintech News - DeFi exchange Velocore was hacked for over $7 million, raising security concerns but also showing efforts to recover funds and compensate users

https://coinpedia.org/news/10-million-hack-targets-velocore-dex-on-zksync-and-linea-networks/

Hackers stole over $7 million worth of cryptocurrency from Velocore, a decentralized exchange built on zkSync and Linea blockchains.

The attack exploited vulnerabilities in Velocore's liquidity provider tokens. While security measures were in place, the hacker managed to move the stolen funds through various platforms to anonymize the transactions.

Negotiations are ongoing to retrieve the funds, and Velocore is working on a compensation plan for affected users. This incident highlights the ongoing security challenges in DeFi.

Beware of blockchain hacks!!