Sonne Finance

<ul><li>Cyvers identified an attack on Sonne Finance, resulting in the theft of $3 million from their USDC and WETH contracts on the Optimism blockchain.</li><li>Following the hack, SONNE dropped by 60% to 2.5 cents, marking its lowest point in more than a year</li></ul>On May 14, Web3 security company Cyvers <a href="https://twitter.com/CyversAlerts/status/1790509607074349448" rel="noopener noreferrer nofollow">announced on X</a> (formerly Twitter) that they had identified an attack on the lending protocol Sonne Finance, resulting in the theft of $3 million from their USD Coin (USDC) and Wrapped Ether (WETH) contracts.This incident occurred on the Optimism <a href="https://newzchain.com/tag/blockchain/" rel="noopener noreferrer nofollow">blockchain</a> version, while the Base blockchain version remained unaffected. The exploit occurred after the protocol introduced Velodrome Finance&#39;s VELO token markets. The attacker exploited a two-day timelock to execute four transactions, creating markets and adding collateral factors.Sonne Finance became aware of the issue 25 minutes later. However,  by that time, the lending protocol had already lost $20 million worth of WETH, Velo (VELO), and Wrapped USDC (USDC.e).On May 15, Sonne Finance <a href="https://twitter.com/SonneFinance/status/1790535383005966554" rel="noopener noreferrer nofollow">announced on X</a> that “All markets on Optimism have been paused.”Soon after, the protocol partnered with Cyvers to investigate the situation further. The founder and CTO of Cyvers, in fact, <a href="https://twitter.com/Meir_Dv/status/1790540233391407377" rel="noopener noreferrer nofollow">commented on Sonne’s post</a>, stating, “We will be happy to assist.”Furthermore, according to a <a href="https://www.coindesk.com/tech/2024/05/15/sonne-finance-token-drops-60-after-20m-exploit-on-optimism/" rel="noopener noreferrer nofollow">report</a>, the value of the SONNE token dropped by 60% to 2.5 cents in the aftermath of the hack, marking its lowest point in more than a year. This decline reduced the market capitalization to $20 million, despite the developers&#39; efforts to prevent $6.5 million from being siphoned off after they became aware of the ongoing attack.This news was originally published on <a href="https://newzchain.com/cyvers-detects-3m-attack-sonne-finance/" rel="noopener noreferrer nofollow">Newzchain</a>.

Decentralized Lending Protocol Sonne Finance Hit by $20 Hack

Newzchain

Other articles published on May 16, 2024

Next-Gen Blockchain Breakthroughs: L2 Projects to Watch in 2024

Top 5 Сryptocurrency Under $1 to Watch in May

Will AKT Price Hit $10 With This Post-Retest Rally?

XRP Price Prediction for May 16

ShibaSwap now live on Shibarium, enhancing SHIB burns and new features

Michael Saylor Delivers Surprising Meme Bitcoin (BTC) Statement

Join our free newsletter for daily crypto updates!