2024-05-15
Sonne Finance is a decentralized lending
protocol on Base and Optimism. It recently faced a significant security breach on its Optimism markets,
leading to an exploit of approximately $20 million.
This incident is another hacking incident that
happened with DeFi platforms.
The exploit targeted Sonne Finance's
USDC and WETH contracts, which resulted in the immediate suspension of all its
Optimism markets as a precautionary measure.
The attack was executed in two phases,
initially compromising $3 million, followed by an additional $17 million.
Blockchain security firm Cyvers
detected the exploit and promptly alerted the community, emphasizing the need
for immediate action by Sonne Finance.
The team also committed to providing
further information as the situation developed.
Sonne Finance said exploit happened due to
vulnerability in fork of Compound V2, as Sonne Finance is a fork of Compound
V2.
The DeFi community has been advised to
revoke approvals and withdraw funds from affected protocols as a safeguard
against potential losses.
This event has once again highlighted
the persistent challenges faced by the DeFi industry in terms of security.
Despite a reported decrease in the
frequency of hacking incidents, the financial impact of such exploits remains
substantial.
The attack raises question of security
measures within DeFi platforms. There is need for enhanced security on DeFi
platforms.
