In the wake of the recent attack on their decentralized exchange (DEX) protocol, Velocore has announced that they have identified the mechanism behind the vulnerability exploit. The team is now actively engaged in establishing an on-chain negotiation process to address the situation and mitigate the impact of the attack.

Following the incident, Velocore has been diligently analyzing the post-attack scenario and is currently tracking the attacker using the clues and evidence left behind. This proactive approach aims to gather crucial information that can aid in the recovery efforts and prevent similar attacks in the future.

It is important to note that Velocore's operations on the Telos mainnet have remained unaffected by the attack. This suggests that the vulnerability was specific to a particular network or implementation, and the team's efforts are focused on addressing the issue without disrupting the entire ecosystem.

To ensure a coordinated response, Velocore is working closely with the foundation and has temporarily frozen operations to prevent further damage. This strategic move allows the team to concentrate on the investigation, remediation, and implementation of enhanced security measures.

The identification of the vulnerability attack mechanism is a significant step in the right direction. By understanding the nature of the exploit, Velocore can develop targeted solutions and implement robust security protocols to safeguard against similar attacks in the future. The on-chain negotiation process is a promising approach that leverages the transparency and immutability of blockchain technology to facilitate transparent communication and conflict resolution.

In conclusion, Velocore's proactive response to the attack, including the identification of the vulnerability mechanism, the establishment of an on-chain negotiation process, and the collaboration with the foundation, demonstrates their commitment to protecting the integrity of their DEX protocol. As the cryptocurrency industry continues to evolve, incidents like these serve as a reminder of the importance of robust security measures and the need for continuous improvement in safeguarding user assets.