Decentralized lending protocol Sonne Finance hacked, $20 million drained from platform

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Cointime2024/05/15 09:46

By:Cointime

Sonne Finance's SONNE token experienced a 60% drop to 2.5 cents after a hack resulted in $20 million being drained from the decentralized lending protocol. The exploiters used a "donation" attack to manipulate markets, taking advantage of a two-day timelock to execute four transactions. The incident occurred on the Optimism blockchain version, while the Base blockchain version remained unaffected. The protocol had previously avoided similar issues by adding markets with zero collateral factors, manually adding collateral, and permanently removing it before anyone was able to manipulate the market. The developers are working on retrieving the stolen funds and have offered a bounty for the hacker.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Cryptopolitan•2024/11/24 03:44