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    Aerodrome and Velodrome DeFi platforms experience front-end hacks

    2023.11.29 | exchangesranking | 201onlookers
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    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.

    According to one X user, funds amounting to roughly $40,000 are on the move and trace back to two different wallet addresses. 

    DefiLlama reports that Aerodrome has a total locked value of $63.59 million and Velodrome has $139.73 million. 

    Related: KyberSwap hacker offers $4.6M bounty for return of $46M loot

    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. 

    Additional reporting by Arijit Sarkar

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