Velocity completes audits, open-sources code, and relaunches; co-founder Cindy departs

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Velocity said it relaunched after completing security upgrades, audits, and open-sourcing of its code; co-founder Cindy announced her departure.

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Velocity co-founder Cindy announces departure; trading platform rebuilt and relaunched after hack

BlockBeats news,September 30, Cindy, co-founder of Velocity (formerly Drift), announced in a post that she will formally step down as the exchange has completed its rebuild and entered its next phase. Cindy and the other co-founders began building the perpetual futures trading platform 5 years ago and 2021 year November launched an early version on Solana, with cumulative platform trading volume surpassing 150000000000 USD.

Cindy stated that the project this year April suffered a state-level attack launched by a North Korean hacking group, whose attackers had previously conducted 6 months of social-engineering infiltration. Following the incident, the team reached an agreement with Tether within 10 days, providing a path to restore user assets, and worked with zeroShadow and law-enforcement agencies in multiple countries to freeze and recover the related assets.

Over the past several months, the team carried out comprehensive security upgrades to the exchange. This week, Velocity completed audits by osec.io and Asymmetric Research, fully open-sourced the exchange code, and has now formally relaunched. The team will subsequently develop a central limit order book (CLOB) and Prop AMM and other features, while continuing to pursue asset recovery and user growth.

Cindy said she is better suited to building from 0 to 1, while Velocity now needs an operations team capable of taking the project from 1 to 10. After stepping down, she will continue supporting Velocity and the founders and teams in which it has invested.

Original link https://m.theblockbeats.info/flash/369671

Key points

Cindy, co-founder of Velocity (formerly Drift), announced her formal departure.
Velocity 2021 year November launched an early version on Solana, with cumulative trading volume surpassing 150000000000 USD。
The project this year April suffered a state-level attack launched by a North Korean hacking group, whose attackers had previously conducted 6 months of social-engineering infiltration.
The team said it has reached an agreement with Tether and worked with zeroShadow and law-enforcement agencies in multiple countries to freeze and recover the related assets.
Velocity has completed audits by osec.io and Asymmetric Research, fully open-sourced the exchange code, and formally relaunched.
The team will subsequently develop a central limit order book (CLOB) and Prop AMM and other features.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

This means that, after suffering a security attack, Velocity completed a rebuild, security upgrades, audits, and open-sourcing of its code, and resumed providing trading services. Meanwhile, co-founder Cindy left the team but said she would continue supporting Velocity and the relevant founders and teams.

Why it matters to readers

The trading platform's relaunch and security measures may affect users' assessment of platform security and asset recovery; the co-founder's departure involves a team handover.

Beginners should distinguish between “the platform has relaunched” and “asset recovery or future security is assured.” Audits, open-sourcing, and rebuilding are security signals, but do not mean there are no further risks.

Risks and unknowns

Attribution of the attack and its scale primarily come from statements by the project team and Cindy; no independently verified results were provided.
The evidence does not specify the scope of the osec.io and Asymmetric Research audits or the full contents of their reports.
The evidence does not specify the amount or proportion of related assets that have been recovered.
The evidence does not specify the post-departure management arrangements following Cindy's departure.
The progress of secure operations, liquidity, and user asset recovery after relaunch remains unknown.

Velocity completes audits, open-sources code, and relaunches; co-founder Cindy departs

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