Crypto Chat, News Sonne Finance Suffers $20M Exploit, Hacker Flees

[Adrieris]

Hack Attack! Lending protocol Sonne Finance is reeling after a $20 million cryptocurrency heist, leaving them counting their losses in WETH and USDC.

Late to the Game: Sonne Finance's security team, Cyvers, spotted the breach when it was just a measly $3, but it took the company 25 minutes to catch on. By then, the damage was done.

Cryptic Announcement: In the dead of night, Sonne Finance broke the news on X, revealing that they had paused operations on Optimism but assured users that their Base markets were safe. More details were promised "with time."

The How and Why: Sonne Finance later disclosed that this exploit was no accident. It was a well-known trick called a "donation attack" on Compound v2 forks. A recent integration with VELO markets played right into the hacker's hands.

A Silver Lining? Amidst the chaos, Sonne managed to salvage around $6.5 million by injecting some quick cash into the markets. They're even considering offering a bug bounty to entice the hacker into returning the funds.

On the Run: Unfortunately, it seems our elusive hacker isn't one for second chances. With nearly $8 million already making its way to a new wallet address, catching this digital bandit won't be easy.