News Formal

$20M exploit cripples Sonne Finance, hacker in no mood for negotiation

  • 📰 Cointelegraph
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 51%

Business News News

Despite efforts to recover the stolen funds, the hacker moved a large portion to a new wallet, attempting to complicate traceability.

Sonne Finance halted operations after a hack drained $20 million in cryptocurrencies, including WETH and USDC. Efforts to recover the funds are ongoing.

However, the hacker seems to be in no mood for negotiations. According to blockchain investigator PeckShield, the exploiter has already moved a large chunk of the loot to a new wallet address.). The move suggests an intent to siphon the stolen funds through a privacy protocol like Tornado Cash to deter traceability.

They accused Sonne Finance of using Compound v2 despite knowing the risks and asked, “If this isn’t a premeditated backdoor, what is?”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 562. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Sonne Finance on Optimism exploited for $20 millionSonne Finance was the latest victim of an exploit, with reports indicating that bad actors siphoned funds from its Circle (USDC) stablecoin and wrapped Ethereum (WETH) contracts.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Lending protocol Sonne Finance faces $20 million exploit, pauses markets on OptimismThe team said in a post-mortem report that it’s ready to offer a bounty to the attacker in exchange for return.
Source: TheBlock__ - 🏆 464. / 53 Read more »

Beyond Banking Apps: How Embedded Finance Is Reshaping FinanceIvo Gueorguiev, co-founder at Paynetics. Read Ivo Gueorguiev's full executive profile here.
Source: ForbesTech - 🏆 318. / 59 Read more »

There Are Many Bitcoin Critics Left in Finance, Despite BlackRock's Newfound LoveHelene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
Source: CoinDesk - 🏆 291. / 63 Read more »

10 CFO Strategies to Drive Digital Finance TransformationDownload the Digital Finance report with 10 imperatives for CFOs to drive digital finance transformation in your finance function and organization. Explore now.
Source: Gartner_inc - 🏆 455. / 53 Read more »