The Sonne Finance protocol team announced a security breach resulting in the theft of $20 million.
Sonne Finance stated that operations on the Optimism network were halted during the investigation into the breach. The attacker made off with approximately $20 million in various cryptocurrencies, including WETH, VELO, soVELO, and USDC. The exploit was made possible by a vulnerability in the second version of the Compound platform.
The exploit took advantage of Compound’s ability to attack markets with a non-zero collateral ratio. Sonne Finance had recently introduced markets with VELO, and during a two-day maintenance period, the vulnerability was exposed, leading to the exploit.
In an effort to recover the stolen funds, Sonne Finance has offered a reward to the hacker and pledged not to pursue legal action if the funds are returned.
“We are prepared to offer a reward to the exploiter and refrain from further investigation if the funds are returned. We deeply regret this incident and are actively engaged in recovery efforts.”
Sonne Finance Team
However, PeckShield experts have reported that the hacker has already transferred $7.8 million to a new address.
Just two days ago, blockchain researcher ZachXBT flagged a potential breach at the Rain cryptocurrency exchange, based in the Middle East, involving $14.8 million. Suspicious withdrawals of Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple (XRP) were detected from the exchange’s wallets on April 29.
In April, the total value of cryptocurrency compromised in hacks decreased by 67% to $60.2 million, signaling a significant downturn in crypto attacks compared to previous months.
This 67% decline contrasts sharply with March’s $187.6 million in losses, and even more so with February’s staggering $360.8 million, as reported by network security firm Peckshield.
Summary Review: The recent security breach at Sonne Finance, resulting in the theft of $20 million worth of cryptocurrencies, underscores the ongoing challenges and risks faced by decentralized finance protocols. While the Sonne Finance team has taken swift action to address the breach and offered a reward for the return of the stolen funds, the incident highlights the importance of robust security measures in the crypto space. Additionally, the decline in the total value of cryptocurrency compromised in hacks in April marks a positive development in the fight against cybercrime. However, the emergence of new vulnerabilities and exploits, as seen in the Sonne Finance incident, underscores the need for constant vigilance and proactive measures to safeguard investors’ assets. As the cryptocurrency ecosystem continues to evolve, it is imperative for both projects and users to prioritize security and adhere to best practices to mitigate the risks associated with digital asset transactions. Only through collective efforts and ongoing collaboration can the industry build a more secure and resilient financial infrastructure for the future.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
