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Sonne Finance Suffers $20 Million Hack
The platform's native token plunged 55% following the attack.
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Sonne Finance, a Compound fork on Optimism, saw its SONNE token plummet 55% after a hack drained $20M from the decentralized lending protocol.
What's the scoop?
- Hack Details and Impact: Exploiters used a "donation" attack to trick the system into thinking it had more money, allowing them to steal $20M. The incident only affected the version of Sonne deployed on Optimism, not Base.
- Sequence of Events: The exploit happened after Sonne added new token markets for Velodrome Finance's VELO. The attacker took advantage of a two-day timelock to execute four transactions that created fake markets and added fake collateral.
- Protocol’s Response: The protocol’s developers managed to stop $6.5M from being siphoned off. They are working on retrieving the stolen funds and have proposed a bounty for the hacker though things aren't looking great as the hacker has already moved funds.
Bankless Take
The Sonne Finance hack highlights the vulnerabilities inherent to decentralized finance (DeFi) protocols and the bad actors ready to pounce. With time most likely being the only solution to this problem, it proves imperative to continue to practice vigilance onchain in the interim.
$1.1B was lost in hacks during 2023. Do not put all your eggs in one basket, meaning spread across multiple wallets and protocols. Make sure always to revoke contracts you are not using. Tools like revoke.cash are perfect for this.
Protect Your Wallets with Revoke Cash on Bankless
Good wallet hygiene can help you avoid onchain disaster
David C