The post Wombat Exchange Alerts Users on Design Issues appeared on BitcoinEthereumNews.com.

On October 21, Wombat Exchange took to social media platform X to alert its community about Velocore, a decentralized exchange (DEX) that allegedly replicated Wombat’s design without authorization on the ZKsync network. The platform warned users to stay cautious, as such unauthorized copies could pose significant risks to their security. What Actions Should the Community Take? Wombat Exchange urged its users to remain vigilant regarding this matter. The platform highlighted that Velocore’s design adoption could lead to serious security threats. Community members were encouraged to conduct their own investigations to understand the potential risks involved. To amplify their message, Wombat requested that users retweet the announcement to spread awareness. This call to action resonated well within the community, resulting in swift dissemination of the information among users who needed to contemplate their responses to Velocore’s actions. How Did Velocore Respond? In response to the allegations, Velocore acknowledged using Wombat’s mathematical formula but contended that it did not constitute a copy. Representatives from Velocore claimed to have referred to it as “Wombat style” for clarity, stating that Wombat was not the original user of this formula. They also clarified that a recent vulnerability had no connection to the raised concerns. Despite Velocore’s assurances regarding the stability of its project, reactions within the Wombat community were mixed. Many users felt that Velocore’s justification fell short, leading them to keep a close watch on the evolving situation. The incident has reignited discussions on security and originality among projects operating on the ZKsync network. Wombat Exchange has warned users about potential risks from design copying. Community members are encouraged to perform their own research. Velocore claims its use of Wombat’s formula is not a direct copy. The incident highlights ongoing concerns about security in decentralized exchanges. The situation continues to develop, prompting both Wombat…

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Filed under: News - @ October 21, 2024 8:25 am