Business
Aerodrome and Velodrome DeFi platforms experience front-end hacks
The DeFi platforms Velodrome and Aerodrome took to social media to warn users that the front-ends for both platforms were under attack from malicious actors.
Source: Cointelegraph
The decentralized finance (DeFi) platforms Aerodrome and Velodrome reported compromises to their front ends on Nov. 28.
The two platforms posted announcements on X (formerly Twitter) stating their front ends were compromised and asked users not to interact with the platforms while investigations are underway.
Our frontend is currently compromised. Please do not interact with Aerodrome for the time being. The team are investigating and will communicate more here when we have it.
— Aerodrome (@aerodromefi) November 29, 2023
Our frontend is currently compromised. Please do not interact with Velodrome for the time being. The team are investigating and will communicate more here when we have it.
— Velodrome (@VelodromeFi) November 29, 2023
According to one X user, funds amounting to roughly $40,000 are on the move and trace back to two different wallet addresses.
Looks like stolen funds are going to these two addresses
— ZachXBT (@zachxbt) November 29, 2023
0x02BA13f39D7df9C3F7592257b636eD6C7CC4ae78
0xf64fCEdFCe714Bbe835761e54D7067f2f8231443 pic.twitter.com/mm6SUhCLhq
DefiLlama reports that Aerodrome has a total locked value of $63.59 million and Velodrome has $139.73 million.
Aerodrome is a product of the developer Velodrome Finance which is an automated market maker (AMM). It launched in late-August and was built on the Base protocol and quickly became one of the network’s top projects in terms of TVL.
Among other capabilities, the platform operates by allowing its users to deposit liquidity in exchange for earning its native token AERO. Earlier in the year it made headlines after it pulled in $150 million in one day alone, allowing Base to pull ahead of the Solana network with a TVL of nearly $400 million.
Within the crypto industry, the DeFi space has proven to be particularly susceptible to big losses at the hands of hackers.
According to Chainalysis data, in 2022 the DeFi space was subject to over 80% of the entire crypto industry’s hacks with losses totalling more than $3 billion. Data from Footprint Analytics revealed that in the first quarter of 2023, DeFi accounted for 62% of losses.
Source: Footprint Analytics
DeFi Llama recently reported that thus far in 2023 DeFi protocols and non-DeFi-related crypto firms lost $735 million over the course 69 hacks, with the DeFi protocol Euler Finance having suffered from the most significant hack back in March with a $197 million loss.
