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Sonne Finance Developers Offer Bounty to Hacker Behind $20 Million Crypto Theft
The team behind cryptocurrency lending protocol Sonne Finance is offering a hacker an undisclosed bounty following a $20 million theft Tuesday night.
Sonne Finance allows individuals to lend and borrow funds without relying on intermediaries such as banks. Several blockchains security companies tracked over $20 million flowing out of the system on Tuesday evening in the form of digital coins such as ether, USDC backed by the US dollar and others.
The developers confirmed that they had suspended all markets and later published an autopsy of the attack explaining that “the attacker was able to exploit the protocol for approximately $20 million.”
“We are prepared to grant a bonus to the exploiter and not commit to pursuing the case in the event of the funds being returned,” Sonne Finance said, noting that it is “in contact with anyone who can help recover funds”.
They discovered the attack within 25 minutes of its execution and some users were able to save approximately $6.5 million from being stolen by technical maneuvers.
Since the attack, the hacker has been exchange cryptocurrency stolen for Bitcoin and other coins in a wave of transactions.
Law enforcement surveillance of cryptocurrency thefts and the transfer of stolen funds has increased significantly in 2024, with several high-profile manipulators and market operators facing charges.
Last month, the man behind a $110 million theft from popular crypto platform Mango Markets was convicted in federal court and faces up to 30 years in prison.
Bulgarian woman behind crypto scam also received a four year sentence in April and the co-founder of the cryptocurrency anonymization service Tornado Cash will spend around five years in prison following a conviction Tuesday in the Netherlands.
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