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Velodrome exchange shared an insider incident with its platform Twitter followers, to remain fully transparent with the ecosystem users. 

On 13 August, A Decentralized Exchange (DEX) Velodrome took to Twitter to share an incident that happened because of a team member. 

Through the shared screenshot, the exchange explained that a former team member (Gabagool.eth) stole around $350k funds from the salary wallet, which was under the authority of another team member to distribute the salary among the platform contributors. 

Help with my assignment!

“The Velodrome team has severed our relationship with Gabagool and are working with legal counsel to determine the best next steps,” the announcement read. And also confirmed that the incident did not affect their funds.”

However, the majority of the people appreciated the Dex platform to share such kind of information with the community but still few people supported Gabagool and suggested people wait for more information because he can’t do such activities.

Lesson for other crypto projects 

This was a good lesson for other crypto projects to remain aware of their team members & also from the former employees because existing & Former employees hold significant crucial information about the project and that may impact the whole business system. 

As a suggestion, here we suggest every person in this crypto industry to use always multi-sigs crypto wallets to hold funds, no matter for which purposes will be used by the team. 

And also be careful with all the former employees, and change the security of the system to remain away from any such type of accident.

Read also: No outages news of Crypto companies & lending platform fading Crypto winter, says FTXUS President

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