Sonne Finance Hacked for $20 Million, Operations Suspended

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The Sonne Finance landing protocol team announced that the project was hacked for $20 million.

Sonne Finance noted that the portal’s work on the Optimism network was suspended during the investigation. The attacker stole nearly $20 million of crypto assets, including 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.

“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.”

– Sonne Finance team

However, according to experts, the exploiter has already withdrawn $7.8 million to a new address.

Two days ago, on-chain researcher ZachXBT reported 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 (BTC), Ethereum (ETH), Solana (SOL), and Ripple (XRP) occurred from exchange wallets.

Last month, the total value of cryptocurrency compromised in hacks fell 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 a network security company.

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