Published on mei 15, 2024, 7:52 am
Image source: Fox News
Sonne Finance has recently faced a significant setback in the form of a hack that resulted in the loss of $20 million in various cryptocurrencies, such as WETH and USDC. This incident led to the temporary suspension of operations by the lending protocol. Efforts are currently underway to recover the stolen funds, but challenges persist as the hacker has already moved a substantial portion of the funds to a new wallet.
The hack was detected by Web3 security firm Cyvers during an attack on Sonne Finance’s USDC and WETH contracts. Despite Sonne Finance becoming aware of the situation and halting operations promptly, the hacker managed to abscond with $20 million in cryptocurrencies like WETH, VELO, and Wrapped USDC.
In response to this breach, Sonne Finance took action by pausing all markets on Optimism and collaborating with Cyvers to investigate further. The protocol is now exploring different avenues to reclaim the stolen assets, potentially including offering a bug bounty to incentivize the hacker to return most of the funds.
However, it seems that negotiations with the hacker are proving challenging, with reports indicating that a significant portion of the stolen funds has already been transferred to a new wallet address for conversion into other cryptocurrencies like WBTC, ETH, and DAI. This move suggests an attempt to obfuscate the origins of the funds through privacy protocols like Tornado Cash.
Additionally, questions have been raised regarding Sonne Finance’s utilization of Compound v2 forks despite known vulnerabilities. Critics argue that this decision may have facilitated the exploit and question whether it was a deliberate backdoor entry.
Furthermore, another crypto institutional investment firm named BlockTower Capital also fell victim to an exploitation incident around the same time. The main hedge fund of BlockTower Capital was reportedly partially drained, prompting the engagement of blockchain forensic analysts to track down the funds’ movement and identify potential breaches.
As investigations continue into these incidents, stakeholders are working diligently towards recovering lost assets and fortifying security measures within the cryptocurrency space. These events serve as stark reminders of the importance of robust cybersecurity protocols within decentralized financial systems and underline ongoing efforts to enhance resilience against malicious actors.
Original article posted by Fox News
