On Wednesday morning in Asia, Sonne Finance’s decentralized lending system was exploited, losing $20 million.
The project’s post-mortem revealed an exploit in a Compound v2 branch. A known contribution exploit let the hacker to steal $20 million in WETH, Velo (VELO), soVELO, and Wrapped USDC. Sonne Finance said on X that it has stopped all Optimism markets over the attack, while Base markets continued.
After PeckShield warned on X and advised Sonne to reconsider their timelock contract, Sonne Finance did. It found the flaw 25 minutes after the exploit, the organization said. The team described how it had recently allowed VELO market integration to Sonne in the post-mortem.
Even though they lost the monies, Sonne said the exploiter’s identity is being investigated. The effort offered a reward to the exploiter in exchange for donations, but remained silent.
The hacker doesn’t appear interested in negotiating. Blockchain investigator PeckShield stated that $7.8 million of the stolen assets had been moved to another wallet address.
