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1/ Withdrawals are now open in the Mezo BTC vault.
Depositors can request redemption of remaining funds within their Upshift portfolio pages:
2/ The vault was able to minimize the loss due to the Velar exploit to ~$400k. We're continuing to pursue recovery with the Velar team and will update depositors on any progress.
You can read the breakdown of the incident here:
Feb 20, 2026
At 14:05 UTC today, the Mezo security team was informed of an external incident with the Velar BTC/MUSD PerpDEX pool. After leaning in to support the investigation with Gamma, the Upshift vault curator who had deployed many of the funds in that pool, and the Velar team, we have confirmed that an attacker drained the pool in question of the majority of its funds around the time that that a similar Velar exploit occurred on Stacks.
This is the final post in the thread.
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