Sonne Finance on Optimism exploited for $20 million

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Sonne 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.

Up to $20 million has reportedly been stolen from Sonne Finance USDC and WETH contracts. Attack was executed in two bits, $3 million followed by a $17 million siphon, reports indicate. Overnight.Fi's USD on Optimism reportedly affected as well, a 74% loss if the markets are not exited in time. Sonne Finance was the latest victim of an exploit, with reports indicating that bad actors siphoned funds from its Circle stablecoin and wrapped Ethereum contracts.

Its website describes it as a “permissionless, open source and Optimistic protocol serving users on Optimism.” Users can deposit their assets, use them as collateral, and borrow against them. With this, experts advise community members to exit the protocol while they still can through borrows. Reports also indicate that Overnight.Fi's USD+ on Optimism has also been affected by this exploit, with the potential for a 74% loss if the markets are not exited in time.

 

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