Sonne Finance loses $20m to hackers, offers reward for returning stolen funds

Exciting news from the Sonne Finance team!

Recently, Sonne Finance encountered a bit of a hiccup when a crafty hacker managed to get away with a cool $20 million. The team had to temporarily pause their work on the Optimism network to investigate the breach. The sneaky attacker swiped various crypto assets including WETH, VELO, soVELO, and USDC.

This hacker found a loophole in the second version of the Compound platform, allowing them to exploit markets with a non-zero collateral ratio. Sonne Finance had just added markets with VELO, but before they could address the vulnerability due to a brief hiccup, the hacker swooped in.

Despite this setback, Sonne Finance is offering a reward to the hacker and has even promised not to press further charges if the stolen funds are returned.

β€œWe 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

Unfortunately, experts from PeckShield have revealed that the hacker has already swiped $7.8 million to a different address.

Just a couple of days ago, crypto sleuth ZachXBT suspected foul play at the Middle East-based cryptocurrency exchange Rain where a hefty $14.8 million went missing. The exchange experienced suspicious withdrawals of Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple (XRP) from their wallets on April 29.

In April, the total value lost to crypto hacks dipped significantly by 67% to $60.2 million. This marked a welcome drop in crypto attacks, the first of its kind this year following a steep decline from $187.6 million in March and $360.8 million in February, according to reports from Peckshield.

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