Two contributors suspended from Aerodrome over trading of Venice's VVV token at launch

Quick Take

  • Aerodrome’s internal investigation following the VVV token launch resulted in two contributors getting suspended. 
  • Venice launched VVV on the Coinbase-incubated Ethereum Layer 2 network Base on Jan. 27. 

The team behind Aerodrome, a decentralized exchange on Base, suspended two contributors in relation to trading of VVV, the token for Erik Voorhees's privacy-focused artificial intelligence project Venice

"The timing of a small percentage of the trading activity around the VVV launch was flagged by internal monitoring in less than 30 minutes — triggering an internal investigation," Aerodrome wrote on the social media platform X on Tuesday. "This investigation resulted in the suspension of two contributors within three hours of launch. We are continuing the investigation and will take all appropriate further action." 

Responding to Aerodrome's post, Voorhees wrote on X, "Really appreciate Aerodrome's transparency on this. They reached out and let us know when they found out."

On Jan. 27, Venice launched VVV on the Coinbase-incubated Ethereum Layer 2 network Base. A public pool on Aerodrome provides the liquidity, and half of the 100 million tokens at launch were intended for Venice users as well as web3 AI projects built on Base, The Block previously reported. 

According to the crypto data tracker DeFiLlama, Aerodrome controls the majority of the total value locked on Base, amassing a $1.04 billion TVL as of Jan. 28. 

The Block's Data Dashboard shows that Aerodrome contributed $29.1 billion, or nearly 9%, of the total DEX spot volume in December 


Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.

Editor

To contact the editor of this story:
Lawrence Lewitinn at
[email protected]

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on