Lending Protocol Sonne Finance Faces $20 Million Abuse, Pauses Markets with Optimism
Updated: May 15, 2024, 1:52 AM EDT
Sonne Finance, a decentralized lending protocol, experienced an exploit in Asia on Wednesday morning, resulting in losses amounting to approximately $20 million.
The project said in a post-mortem investigation. report This was exploited due to a vulnerability in the Compound v2 fork (Sonne being one of them). Hackers “were able to exploit the protocol for approximately $20 million through a known donation attack.”
In response to the attack, Sonne Finance wrote In a post about
Sonne Finance’s move comes on the heels of blockchain security company PeckShield. warned X advised Sonne to check the time lock agreement. The team added that they were made aware of the issue “within 25 minutes of the exploit occurring.”
The team explained that the post-mortem had recently passed. proposal Adds VELO marketplace to Sonne.
“We scheduled the transaction in the multisig wallet, and since there is a 2-day time lock, we also scheduled the c-factor to execute in 2 days,” the team wrote. “The user executed four trades at the end of the two-day time lock to create the market, and then executed a trade to add a c-factor to the market.”
Sonne added that while no funds could be saved, “investigations into the identity of the exploiters are still ongoing.”
The project said it was prepared to offer compensation to exploiters, without disclosing further details.
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