Co-founder Cindy Leow exits Velocity DEX, formerly Drift Protocol, report says
In brief
- Cindy Leow, Velocity DEX co-founder, leaves effective September 29, 2026, Crypto Briefing reported.
- Velocity DEX, formerly Drift Protocol, lost over $280 million in an April 1 breach, Crypto Briefing reported.
- OtterSec audits, key rotation, open-sourced code and a Tether credit line were part of the rebuild, Crypto Briefing reported.
- USDT settlement became the default at September's full public relaunch, per Crypto Briefing.
From Drift to Velocity
Before the exploit, the platform (then Drift Protocol) ran as a perpetual futures exchange in defi. It recorded more than $150 billion in cumulative trading volume after its November 2021 launch on Solana, per Crypto Briefing.
Then came April 1.
The breach took more than $280 million from the protocol, Crypto Briefing reported, and forced the entire platform offline. The outlet also reported that the breach was linked to UNC6862, a group it described as Lazarus-affiliated.
Six months of rebuilding
The team didn't stop at audits. According to Crypto Briefing's account of the rebuild, it hired OtterSec for security audits, rotated all keys, redesigned the community multisig structure and open-sourced the codebase. A new program address was deployed, and every operational protocol was revised.
On the money side, the team set up a pool funded by protocol revenue to address losses and secured a credit line arrangement with Tether to manage liquidity, the outlet reported.
Drift Protocol formally rebranded to Velocity DEX in July 2026. Private beta testing with a small group of traders began in mid-2026, and the full public launch came in September with improved risk controls and USDT settlement as the default.
Who's left running it
Leow's tenure lasted 5.5 years (from the original Solana launch through the security incident). Crypto Briefing characterised her move as handing control to a leadership team whose task is to scale the platform, and it noted that Leow has described herself as a builder who prefers taking projects from zero to one. That's the outlet's framing, not a reason given by the company or by Leow.
The remaining leadership team includes David and Noah Prince, both of whom have experience at Binance, according to Crypto Briefing.
Frequently asked questions
What happened to Drift Protocol?
Drift Protocol lost more than $280 million in an April 1, 2026 security breach that forced the entire platform offline, according to Crypto Briefing. It formally rebranded to Velocity DEX in July 2026 and completed a full public launch in September.
What did Velocity DEX change after the exploit?
Crypto Briefing reported that the team hired OtterSec for security audits, rotated all keys, redesigned the community multisig structure and open-sourced the codebase. It also deployed a new program address, set up a revenue-funded pool to address losses and secured a Tether credit line to manage liquidity.
