Cindy Leow, one of the four founders of Solana-based derivatives exchange Drift, is stepping down nearly six months after an attacker drained about $290 million from the protocol.
- Velocity, the exchange that emerged from Drift after the hack, announced Leow's departure in a Tuesday post on X but gave no reason for the move. It also didn't name a direct replacement.
— Velocity (@VelocityDEX) September 29, 2026
- The timing also comes just as Velocity is trying to restart the business.
- Its public beta went live this month with five markets after months of rebuilding and a new security review.
- In a separate X post, Leow said the decision was her own.
- "With a heavy heart, I fully own this decision to step down," she wrote, adding that she has always done her best work building products "from zero to one."
- Leow also said Velocity has now reached a stage where it needs operators who can take it "from one to ten."
Rebuilding after the hack
Drift was hit on April 1 after attackers gained privileged access to the protocol. The exchange later said the attackers had spent months posing as a trading firm before tricking members of its Security Council into signing transactions that ultimately handed over admin control.
About $290 million remained in outstanding user losses, according to Drift's April recovery update.
Two weeks later, Tether and other partners announced a recovery package worth up to roughly $150 million, including a revenue-linked credit facility and support for market makers.
Drift also said recovered assets and future exchange revenue would go toward repaying affected users.
- The exchange later returned as Velocity with a new deployment and USDT as its main settlement asset.
No replacement named
The announcement didn't clarify why Leow is leaving or whether the decision was connected to the hack, recovery effort or relaunch.
- Velocity hasn't named one person to replace Leow.
Instead, responsibilities will remain split across the existing team. Co-founder David Lu will continue working with the Drift Foundation on asset recovery and law-enforcement efforts, while Noah Heintz will lead protocol engineering, Kevin will oversee product, Tracy will handle partnerships and Naman will lead growth.
Leow said she plans to explore what comes next personally, while continuing to support Velocity and other founders she backs.