Compound

Sonne Finance

April

ZachXBT

Optimism

The Sonne Finance landing protocol team announced that the project was hacked for $20 million. 
Sonne Finance <a href="https://medium.com/@SonneFinance/post-mortem-sonne-finance-exploit-12f3daa82b06" target="_blank" rel="">noted</a> that the portal’s work on the <a href="https://crypto.news/tag/Optimism/" target="_blank" rel="">Optimism</a> network was suspended during the investigation. The attacker stole nearly $20 million of crypto assets, including currencies WETH, VELO, soVELO, and USDC.e. The hacker exploited a vulnerability in the second version of the Compound platform. 
Compound allows users to attack markets with a non-zero collateral ratio. The developers of Sonne Finance added markets with VELO, but due to a two-day blockage, the team needed help fixing the weak point, which the exploiter ultimately took advantage of. 
Sonne Finance noted that it is ready to reward the hacker and promises not to investigate the case further if the attacker returns the funds. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “We are ready to give bounty to exploiter as well as not to commit pursuing the issue further, in case of returning the funds. We are sincerely sorry about the situation, and we are doing everything in our power and we are in contact with anyone that can help with recovering the funds.” <cite>Sonne Finance team</cite>
</blockquote> 
However, according to <a href="https://crypto.news/tag/PeckShield/" target="_blank" rel="">PeckShield</a> experts, the exploiter has already withdrawn $7.8 million to a new address.&nbsp; 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#PeckShieldAlert</a> <a href="https://twitter.com/SonneFinance?ref_src=twsrc%5Etfw" target="_blank" rel="">@SonneFinance</a> exploiter-labeled address has transferred $7.8M worth of cryptos, including 100 <a href="https://twitter.com/search?q=%24WBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$WBTC</a> &amp; 556.1 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$ETH</a>, to a new address 0x6277…4c07 <a href="https://twitter.com/hashtag/Optimism?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Optimism</a> <a href="https://t.co/g4oiP5akr4" target="_blank" rel="">pic.twitter.com/g4oiP5akr4</a>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1790582472943821116?ref_src=twsrc%5Etfw" target="_blank" rel="">May 15, 2024</a>
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</figure> 
Two days ago, on-chain researcher ZachXBT <a href="https://crypto.news/rain-crypto-exchange-hacked/" target="_blank" rel="">reported</a> a possible hack of the Middle East-based cryptocurrency exchange Rain for $14.8 million. According to him, on April 29, suspicious withdrawals of Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="">BTC</a>), Ethereum (<a href="https://crypto.news/price/Ethereum/" target="_blank" rel="">ETH</a>), Solana (<a href="https://crypto.news/price/Solana/" target="_blank" rel="">SOL</a>), and Ripple (<a href="https://crypto.news/price/xrp/" target="_blank" rel="">XRP</a>) occurred from exchange wallets. 
Last month, the total value of cryptocurrency compromised in hacks <a href="https://crypto.news/losses-from-crypto-hacks-drop-67-to-60m-in-april/" target="_blank" rel="">fell</a> 67% in April to $60.2 million, marking a noticeable decline in the number of crypto attacks and the first significant decline in 2024. 
The 67% drop is a sharp decline from the $187.6 million lost to hacks in March, which pales in comparison to the $360.8 million in stolen digital assets in February, according to a report from network security company Peckshield. 
 You might also like: <a href="https://crypto.news/nft-trader-loses-145k-worth-of-bayc-to-phishing-attack/" rel=""> NFT Trader loses $145k worth of BAYC to phishing attack </a>

Sonne Finance exploited for $20m, offers hacker reward for returning funds

crypto.news

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