Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Decentralized lending protocol Sonne Finance hacked, $20 million drained from platform

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

CointimeCointime2024/05/15 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.

0

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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Shiba Inu Community Pushes Token Toward $0,001

HappyCoinNews2024/11/14 19:00

215 Arrested in South Korea’s $232M Crypto Scam

South Korean police have arrested 215 people for taking part in a massive crypto fraud scheme

Altcoinbuzz2024/11/14 19:00

BlackRock Launches BUIDL Fund on 5 Blockchains

BlackRock, the world’s largest asset manager, just took a big step in the crypto world

Altcoinbuzz2024/11/14 19:00