DEX Velocore falls victim to $10M exploit – Here are the details
What specific vulnerabilities did the hackers exploit to carry out the $10 million attack on Velocore?
The specific vulnerabilities that the hackers exploited to carry out the $10 million attack on Velocore are not mentioned in the provided information. However, it is mentioned that the hackers targeted Velocore's liquidity provider tokens, which are integral to the exchange's operations. Despite Velocore passing security audits conducted by Zokyo, Hacken, and Scalebit, the hackers still managed to exploit the decentralized exchange. The team has identified the exploit mechanism and is now establishing an on-chain negotiation process, and a post-mortem review is being prepared to investigate the incident further.
How did the hackers manage to transfer 700 ETH across chains to the Ethereum mainnet following the Velocore exploit?
The hackers were able to transfer 700 ETH across chains to the Ethereum mainnet following the Velocore exploit by targeting the platform's liquidity provider tokens. These tokens are crucial to the functioning of the decentralized exchange, and by exploiting them, the hackers gained access to the funds. After the breach, they moved the stolen assets across chains, eventually reaching the Ethereum mainnet.
Despite passing security audits from Zokyo, Hacken, and Scalebit, how were hackers able to breach Velocore's security?
Hackers were able to breach Velocore's security by exploiting its liquidity provider tokens, which are essential for the exchange's operations. Despite Velocore passing security audits conducted by Zokyo, Hacken, and Scalebit, the hackers managed to find and exploit a vulnerability in the decentralized exchange3. Following the breach, the hackers transferred over 700 ETH across chains to the Ethereum mainnet3.