On August 04, the trading and liquidity platform Velodrome Finance recovered $350k stolen in a hack from a team member. Nevertheless, the team member was identified yesterday using the alias Gabagool.
The official announcement revealed that one of Velodrome’s high-value wallets which operated funds like salary was missing $350,000 before the funds could be moved to the company’s treasury multisig wallet. An internal investigation revealed the identity of the thief following which the firm reclaimed the whole amount from the suspect.
Velodrome claimed, “Much to our disappointment, we learned the attacker was a fellow team member Gabagool.”
Twitter handle Gabagool.eth’s owner is a coder by profession who has also earned online popularity as an on-chain investigator exposing scams and frauds. However, after the announcement, several members of the online community supported Gabagool.
But then Gabagool affirmed the act and owned up to it. He revealed that Velodrome had committed the mistake of giving its private key to five team members, including him.
After losing money during the crypto bear market, Gabagool withdrew $350,000 in various cryptos which he converted to Ether and sent to Tornado Cash to recover his personal loss.
Gabagool explained in a note on Twitter, “I did this in a pathetic attempt to solve my own problem, to get out of a trap of my own making. I thought I could make the 56k back and return all of the funds, which was delusional.”
He concluded by saying that he does not have much else to say. Calling himself as ‘extremely stupid’, he said he is immensely disappointed in himself and is also unsure about what legal actions would be next.
Velodrome has apparently since revoked ownership of private keys from members of its team and has installed gnosis safes.
Also Read: Bluebenx Stops Withdrawals Following an Alleged $32M Hack
