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<ul><li>Sonne Finance was exploited for $20 million, impacting its operations on the Optimism network.</li><li>The exploit involved manipulating exchange rates to inflate collateral values fraudulently.</li><li>Sonne Finance paused all markets swiftly post-attack to prevent further losses and is coordinating recovery efforts.</li></ul>Early Wednesday morning in Asia, the decentralized lending protocol Sonne Finance <a href="https://twitter.com/SonneFinance/status/1790578458172563648" rel="noopener noreferrer nofollow">encountered</a> a significant security breach, resulting in approximately $20 million in losses. The attack specifically targeted the platform&#39;s operations on the <a href="https://cryptotale.org/optimism-conducts-major-private-token-sale-aiming-for-strategic-treasury-boost/" rel="noopener noreferrer nofollow">Optimism network</a>, prompting immediate action from the protocol&#39;s management.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/4fb94fa4e88843f184a6eec12f53a874.png" />Upon discovering the exploit, Sonne Finance decisively <a href="https://twitter.com/SonneFinance/status/1790535383005966554" rel="noopener noreferrer nofollow">paused</a> all markets on the Optimism network, although its operations on the Base network remained unaffected. Blockchain security firm PeckShield issued an advisory <a href="https://twitter.com/peckshield/status/1790533115636781557" rel="noopener noreferrer nofollow">highlighting</a> a critical vulnerability in the timelock contract. This contract delays transaction execution, allowing time for error correction or further scrutiny.<a href="https://cryptotale.org/decentralized-lending-protocol-sonne-finance-loses-20m-in-exploit/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Sonne Finance Hit by $20M Hack on DeFi Platform

CryptoTale

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