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Defi Protocol Sonne Finance Reports Major Security Breach, $20 Million Lost to Hackers

source-logo  news.bitcoin.com 14 May 2024 22:31, UTC

Sonne Finance, a decentralized liquidity market protocol, was hit by a cyberattack, with initial losses of $3 million in USD Coin and Wrapped Ethereum from its Optimism chain quickly escalating to $20 million, as detected by blockchain security firm Cyvers on May 15. Following the attack, Sonne Finance suspended its Optimism Market and assured that markets on Base were unaffected, meanwhile, a fake account attempted to exploit the situation by sharing a suspicious link to revoke approvals. This incident is an example of the vulnerabilities within the decentralized finance (defi) sector. It is also a yet another reminder for the need to improve security measures in order to safeguard assets against cyber threats.