Sonne Finance Hit by $20 Million DeFi Exploit on Optimism

Sonne Finance Hit by $20 Million DeFi Exploit on Optimism

Sonne Finance, a decentralized lending protocol operating on the Optimism and Base networks, has fallen victim to a security breach resulting in the theft of approximately $20 million. The attack exploited vulnerabilities within its USDC and WETH contracts, with the attacker initially siphoning $3 million, followed by a subsequent $17 million. This exploit could potentially lead to significant losses for users, with some estimates suggesting up to a 74% loss for those who fail to withdraw from the affected markets promptly.

The vulnerability exploited is characteristic of forks of the Compound Finance protocol. Sonne Finance took immediate action by pausing all markets on the Optimism network to prevent further losses, while ensuring that funds on the Base platform remained secure. In response to the exploit, the team has published wallet addresses associated with the attacker and is actively seeking cooperation to recover the stolen assets. They have also put forth a bug bounty to incentivize the return of the funds.

The exploit has had a notable impact on the platform's native token, SONNE, which experienced a 15% drop in value, reducing the market cap to approximately $4.25 million. The incident has raised concerns about security within the DeFi space and the necessity for robust protective measures to guard against similar attacks in the future. The Sonne Finance team is continuing their investigation and recovery efforts to address the breach.


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