Velocity DEX CEO Cindy Leow Resigned Following Relaunch
The leadership change follows a $280 million security breach and the platform's recent public relaunch.
Updated on Sept. 29, 2026 in Cybersecurity
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Velocity DEX CEO Cindy Leow resigned on September 29, 2026, marking a leadership transition for the platform. This departure comes after a challenging year for the protocol, which recently completed a public relaunch following a significant security exploit.
Why it matters
The resignation follows a period of instability for the platform, which attempts to scale despite significant financial losses. The leadership change occurs as the organization transitions from recovery efforts back to growth.
Velocity DEX, which launched on Solana in November 2021, reported over $150 billion in cumulative trading volume before losing $280 million in an April 2026 exploit. The platform utilizes USDT as its default settlement asset.
The players
Cindy Leow
The former CEO of Velocity DEX who oversaw the platform through its rebranding and security recovery efforts.
Velocity DEX
A decentralized exchange platform built on the Solana blockchain that utilizes USDT as its default settlement currency.
David and Noah Prince
New members of the leadership team tasked with the platform's scaling and operational future.
UNC6862
A threat group linked to the Lazarus organization identified as responsible for the April 2026 security breach.
OtterSec
A security auditing firm engaged to conduct deep-code analysis and infrastructure hardening following the platform's exploit.
The details
To recover from the breach linked to the Lazarus-affiliated group UNC6862, the team engaged OtterSec—a firm specializing in blockchain security audits—to review the codebase. The protocol subsequently rotated all cryptographic keys and established a recovery structure funded by protocol revenue and a Tether credit line. Drift Protocol, the project's prior iteration, rebranded to Velocity DEX in July 2026 as part of its post-exploit strategy.
Timeline
November 2021: The platform launched on the Solana blockchain.
April 1, 2026: A security exploit resulted in a loss of over $280 million.
July 2026: Drift Protocol rebranded to Velocity DEX.
September 2026: The platform completed its full public relaunch.
September 29, 2026: Cindy Leow resigned as CEO.
The Tech Race
This transition follows the high-profile recovery efforts necessitated by the 2026 Velocity DEX security exploit. The change marks a shift from the immediate containment strategy to a new phase of scaling under refreshed leadership.
Users of the platform should note that while services have resumed following the September 2026 public relaunch, the platform is now under new management by David and Noah Prince. Asset management and the default use of USDT settlement remain core features of the current protocol configuration.
The takeaway
The platform's future trajectory will now depend on whether the new leadership team can restore market confidence after the $280 million breach. Watch for updates on the platform's protocol revenue metrics to see if the recovery funding model remains sustainable.
Further reading
For more on evolving threat landscapes in decentralized finance, visit Cybersecurity.
Source note: This article includes information reported by Crypto Briefing.
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