Cindy Leow, co-founder of Velocity DEX, formerly known as Drift Protocol, officially stepped down on September 29, 2026. Her departure follows the platform's public relaunch after a significant security breach.
On April 1, 2026, the protocol suffered an exploit resulting in the loss of over $280 million. The incident was linked to the UNC6862 group, which is affiliated with Lazarus.
Following the breach, the team conducted security audits with OtterSec, rotated keys, and open-sourced the codebase. The platform also secured a credit line from Tether and established a revenue-funded pool to address losses.
In July 2026, the project rebranded from Drift Protocol to Velocity DEX. The platform, which launched on Solana in November 2021, had previously recorded over $150 billion in cumulative trading volume.
The leadership team now includes David and Noah Prince, who previously worked at Binance. They are tasked with scaling the platform, which now features USDT settlement as the default.
