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Sonne Finance Token Drops 60% After $20M Exploit on Optimism

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Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Sonne Finance's SONNE token plummeted 60% to 2.5 cents after a hack drained $20 million from the decentralized lending protocol.

The exploit happened after the protocol added token markets for Velodrome Finance's VELO. The attacker took advantage of a two-day timelock to execute four transactions, creating markets and adding collateral factors. SONNE slid 60% to 2.5 cents, its lowest level in over a year, cutting market cap to $20 million even after the developers said they were able to stop $6.5 million being siphoned off once they realized the attack was happening.

A timelock contract is a smart contract embedded in a blockchain that executes a transaction at a specific time, in this case, two days after it was locked.

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