In a shocking turn of events, Sonne Finance’s portal has been suspended on the Optimism network as authorities dig deeper into a massive cyber attack. A cunning hacker who managed to snatch nearly $20 million worth of digital assets, including WETH, VELO, soVELO, and USDC.
It has been revealed that the hacker cleverly exploited a vulnerability in the second version of the Compound platform, leaving investors and the crypto community in a state of panic.
Compound allows users to attack markets with non-zero collateral ratios. Sonne Finance, always pushing boundaries, recently introduced markets with VELO.
However, a two-day roadblock left the team vulnerable to exploitation, which the cunning hacker did not hesitate to capitalize on. In a surprising turn of events, Sonne Finance has publicly declared their willingness to reward the hacker and drop any further investigation, if the stolen funds are returned.
“We are ready to give bounty to exploiter as well as not to commit pursuing the issue further, in case of returning the funds. We are sincerely sorry about the situation, and we are doing everything in our power and we are in contact with anyone that can help with recovering the funds.”
Sonne Finance team
However, according to PeckShield experts, the hacker has already withdrawn $7.8 million to a new address.
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Just 48 hours ago, renowned on-chain expert ZachXBT dropped a bombshell with reports of a massive heist at Rain, a popular exchange in the Middle East. The staggering amount of $14.8 million was allegedly stolen in a daring cyber attack on April 29, where multiple withdrawals of Bitcoin, Ethereum, Solana, and Ripple were made from the exchange’s wallets.
The world of cryptocurrency has finally caught a break as April saw a significant drop in hacking incidents, with only $60.2 million worth of digital assets compromised. This marks a staggering 67% decrease from the previous month’s $187.6 million loss.
According to experts at Peckshield, this is the first substantial decline in attacks since 2024. It’s a promising sign for the safety and security of the crypto world, especially considering the alarming $360.8 million stolen just two months ago in February.