Sonne Finance Token Drops 60% After $20M Exploit on Optimism

Sonne Finance Token Drops 60% After $20M Exploit on Optimism


Sonne Finance’s SONNE token plummeted 60% to 2.5 cents after a hack drained $20 million from the decentralized lending protocol. The exploiters used a “donation” attack to manipulate markets. The incident occurred on the Optimism blockchain version; the Base blockchain version was unaffected. The exploit happened after the protocol added token markets for Velodrome Finance’s VELO. The attacker took advantage of a two-day timelock to execute four transactions, creating markets and adding collateral factors.

Sonne Finance’s SONNE token slumped after the developers acknowledged a hack that drained $20 million from the decentralized lending protocol early Wednesday.

SONNE slid 60% to 2.5 cents,

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