Sonne Finance Hack: Major Damage and Work Suspension on Optimism
Date: 2024-05-15 Author: Oliver Abernathy Categories: BLOCKCHAIN, BUSINESS
Announcement of Hack and Suspension
The owners and developers of the Sonne Finance landing protocol announced that the project was hacked, which led to losses of $20 million. In response to the incident, work on the markets on the Optimism platform was suspended.
Vulnerability and Hacking Mechanics
According to a message from the Sonne Finance team, the hacker exploited a vulnerability discovered in the second version of the Compound platform on which their protocol is based. This allowed him to attack markets with a non-zero collateral ratio, stealing approximately $20 million worth of digital assets.
Stolen Assets and Precautions
Among the stolen assets were WETH, VELO, soVELO and USDC. The developers of Sonne Finance responded to the incident promptly, but they could not avoid losses. The exploiter managed to withdraw $7.8 million to a new address, which may indicate his reluctance to negotiate.
Suggesting a Solution and Possible Actions
Representatives of Sonne Finance expressed their willingness to pay a reward to the hacker and stop further investigation if he returns the stolen assets. However, given the actions of the exploiter, the organization is preparing for the possible further struggle to repair the damage.
The Sonne Finance hacking incident highlights the need for continued attention to the security and reliability of smart contracts and decentralized financial platforms. This also highlights the growing risk for DeFi projects and the need for improved security systems.
