Aerodrome, Velodrome DeFi Platforms Hacked
On November 28, the decentralised finance systems Velodrome and Aerodrome disclosed breaches to their front ends.
The two platforms announced on X that their front ends had been hacked and requested that users refrain from interacting with the services while the matter is being looked into.
A user on X claims that money worth about $40,000 is in transit and can be traced to two distinct wallet addresses.
Aerodrome and Velodrome have fixed values of $63.59 million and $139.73 million, respectively, according to DefiLlama. The creator of Aerodrome is Velodrome Finance, which is an automated market maker.
Furthermore, In 2022, DeFi accounted for over 80% of the crypto industry’s hacks, resulting in losses exceeding $3 billion. In Q1 2023, DeFi accounted for 62% of losses according to chainalysis report. DeFi Llama reported that DeFi protocols and non-DeFi-related crypto firms lost $735 million in 69 hacks, with Euler Finance suffering the most significant loss in March with a $197 million loss.
(With inputs from Shikha Singh)
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