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Sonne Finance loses USD 20 million in hack
Decentralized Finance (DeFi)
May 15, 2024
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Decentralized Finance (DeFi)

Decentralized Finance (DeFi)

May 15, 2024

Sonne Finance loses USD 20 million in hack

Industry news

  • Sonne Finance, a DeFi lending protocol, has reportedly lost USD 20 million in USDC and Wrapped Ethereum tokens due to an exploit on its Optimism chain.

  • In response to the attack, Sonne Finance suspended its Optimism Market and stated that its markets on Base, a supported layer-2 network, were unaffected. The cause of the vulnerability and the attackers' identity are still under investigation.

  • Sonne Finance offers an open-source decentralized protocol built on Optimism. It enables users to lend and borrow a range of cryptocurrencies. Users can deposit their crypto assets, use them as collateral, take out a loan against them, or earn yields from lending. 

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