The rebranding of ParaSwap to Velora came shortly after a highly contentious DAO vote over returning fees linked to the Bybit hack, signaling a strategic reset and shift in direction for the platform.

Quotes that support claims

In Feb. 2025, hackers linked to North Korea’s Lazarus Group exploited Bybit and laundered stolen funds through decentralized platforms, including ParaSwap... Although ParaSwap’s smart contracts earned around $100,000 in legitimate fees during these transactions, Bybit later asked for the funds to be returned.

On March 20, after a heated debate, ParaSwap’s DAO voted to return the fees to Bybit, marking the narrowest vote in the platform’s history. 49.56% voted in favor, while 49.54% opposed.