Velocity Replaces Drift After $285M Hack: New Team Works to Recover Funds

The Solana-based perpetuals venue Drift has relaunched as Velocity after a major overhaul following a $285 million hack in April. Since September 29, a new team has been running the exchange.

Co-founder Cindy Leow stepped down from her role five months after the attack, citing that she is no longer needed to build from zero to one and the project now requires people who can take it to the next level.

The attackers exploited a forged collateral token, which was created through social engineering over six months. The new team consists of five members, including a lead for fund recovery and law enforcement, a protocol engineer from Helium Network, and a product chief with a Binance background.