<

Top DEX Platforms on Optimism and Base Networks Face Front-End Attacks

In a recent turn of events, both Velodrome and Aerodrome have confirmed a significant security breach. On-chain detective ZachXBT swiftly traced the attacker’s wallet address, revealing an initial loss of over $45,000 USD. The largest Automated Market Maker Decentralized Exchange (AMM-DEX) on the OP Mainnet, formerly known as Optimism, Velodrome Finance (VELO), disclosed being attacked on its front-end. This attack facilitated a phishing link, aiming to pilfer users’ funds. Their announcement on November 29, 2023, cautioned users not to interact with Velodrome until further notice while the team conducts an investigation.

Aerodrome, a DEX forked from Velodrome and considered its ‘backyard’ on the Layer-2 Base network, also reported a similar front-end attack. Detectives identified two wallet addresses belonging to the perpetrator, estimating an initial loss upwards of $70,000 USD.

Currently, both Velodrome and Aerodrome are actively investigating the root cause of the breach and seeking solutions. Users are advised against any interaction with these platforms as a precautionary measure until the vulnerabilities are addressed.

Aerodrome, born as a fork from Velodrome, commenced its operations on the Layer-2 Base network on August 28, 2023. Within days of its launch, Aerodrome played a pivotal role in the Base network’s growth, contributing to a staggering 60% increase in Total Value Locked (TVL) in just 24 hours. Despite being a newcomer, Base network emerged as a highlight in the crypto community between August and September 2023. Its rapid surge in user numbers, achieving record-breaking TVL, and daily transaction statistics aimed to surpass predecessors like Arbitrum and Optimism.

However, this network has been consistently entangled in security issues. Stories of rugpulls involving memecoins like BALD, Frenstech (FRENS), Magnate Finance, the surge of scam tokens, and incidents like exploits on LeetSwap, RocketSwap, or the hour-long transaction processing halt in early September 2023 have somewhat dented the capabilities of this relatively nascent Layer-2 network.

The recurrent security challenges pose a threat not only to the platform’s stability but also to users’ confidence in the security measures adopted by these Layer-2 solutions. As investigations unfold, the crypto community waits with bated breath for both Velodrome and Aerodrome to shore up their defenses and fortify against future breaches, aiming to protect user assets and regain trust in their platforms.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like

LATEST NEWS

LASTEST NEWS