Aerodrome and Velodrome DeFi platforms experience front-end hacks.
Decentralized finance (DeFi) platforms Aerodrome and Velodrome reported on November 28 that they had reached an agreement on their frontends.
The two platforms issued notices on X (formerly Twitter) saying their front ends had been compromised and asking users to stay off the platform while an investigation was carried out.
Our front is broken at the moment. Please do not contact the aerodrome for the time being. The team is investigating and will communicate more here when we have it.
— Aerodrome (@aerodromefi) November 29, 2023
Our front is broken at the moment. Please do not connect to the velodrome for the time being. The team is investigating and will communicate more here when we have it.
— Velodrome (@VelodromeFi) November 29, 2023
According to one X user, about $40,000 in funds are in motion and are being redirected to two different wallet addresses.
It seems that the stolen funds go to these two addresses
0x02BA13f39D7df9C3F7592257b636eD6C7CC4ae780xf64fCEdFCe714Bbe835761e54D7067f2f8231443 pic.twitter.com/mm6SUhCLhq
— ZachXBT (@zachxbt) November 29, 2023
According to Defillama, the Aerodrome has a total locked-in price of $63.59 million and the Velodrome $139.73 million.
Related: KyberSwap hacker offers $4.6M reward to return $46M heist
Aerodrome is a product of developer Velodrome Financial's Automated Market Maker (AMM). It was launched at the end of 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 also works by allowing its users to deposit funds in exchange for acquiring the native token AERO. It made headlines earlier in the year after grossing $150 million in just one day, putting Beth ahead of Solana Network, which has a TVL of nearly $400 million.
DeFi's place in the crypto industry has proven particularly vulnerable to massive losses at the hands of hackers.
According to Chainalysis data, by 2022 the DeFi space will account for more than 80% of all crypto industry hacks, totaling over $3 billion in losses. Data from Footprint Analytics shows that in the first quarter of 2023, Diffie covered 62% of losses.
DeFi Lama recently reported that so far in 2023, DeFi protocols and non-DeFi-related crypto firms have lost $735 million in 69 hacks of course, while DeFi protocol Euler Financial was hit hard by a $197 million loss in March.
Additional reporting by Arijit Sarkar
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