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

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.

Singapore Singapore Latest News, Singapore Singapore 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 »

$20M exploit cripples Sonne Finance, hacker in no mood for negotiationDespite efforts to recover the stolen funds, the hacker moved a large portion to a new wallet, attempting to complicate traceability.
Source: Cointelegraph - 🏆 562. / 51 Read more »

Ethereum liquid restaking protocol Puffer Finance reaches $200 million valuation in new token funding roundPuffer Finance has raised $18 million in a Series A funding round co-led by Brevan Howard Digital and Electric Capital.
Source: TheBlock__ - 🏆 464. / 53 Read more »

Lyra Finance Now Lets Liquid Restaking Token Holders Earn Extra Yields From Automated Trade StrategiesOmkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
Source: CoinDesk - 🏆 291. / 63 Read more »