Binance Labs Velvet Capital Website Compromised

The Velvet Capital team has advised users against linking their digital wallets to the protocol’s website, citing a potential front-end attack.

Suspected hackers may have exploited vulnerabilities in the website’s front end, posing a threat to user data and platform security. In a recent announcement, the team acknowledged the possibility of unauthorized access and urged caution among users.

No Known User on the Velvet Capital Website Has Been Impacted 

Velvet Capital, a decentralized finance (DeFi) protocol, may have fallen victim to hackers who exploited vulnerabilities in the website’s front end. This announcement was made known to the public by Tan Elliott, a member of the Velvet Capital development team through their Telegram channel. 

Elliott issued a cautionary alert regarding a security concern arising with the Velvet Capital website, which is suspected to have been compromised. Users are urgently advised against connecting their digital wallets or making transactions until further notice. According to him, the development team is currently engaged in an active investigation and is implementing additional security measures. 

At the time of writing, the Velvet team had assured the public that “no known person was impacted” by the breach. The team further stated that more on the situation will be disseminated through official channels as soon as more information becomes available while expressing gratitude for the community’s understanding and cooperation during this critical period.

This incident marks the latest security breach among Binance-backed projects, following a similar attack on OpenLeverage earlier in April. Investors and users are advised to remain vigilant amidst these security concerns within the DeFi sector.

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.