Sonne Finance Loses $20 Million in DeFi Exploit
- DeFi
- Security
Sonne Finance, a DeFi lending protocol on Optimism, was hit by a sophisticated exploit on May 1, 2024, resulting in a $20 million loss. Hackers exploited a flaw in the protocol's donation mechanism, draining funds via a series of flash loans. CT sleuths quickly traced the stolen assets to mixers, sparking heated threads about DeFi security. The hack added fuel to ongoing skepticism about the safety of smaller layer-2 protocols.
Incident Details
- Type
- PROTOCOL EXPLOIT
- Funds Lost
- $20M
- Status
- Ongoing
Sonne Finance paused operations and began investigating, with funds traced to mixers but no recovery reported.