Sonne Finance suffers $20 million DeFi exploit due to optimism

Sonne Finance, the DeFi lending platform based on Optimism, a leading Ethereum Layer 2 network, suffered a security breach that resulted in a significant loss of around $20 million. The attack, carried out in two stages, affected Sonne Finance’s USDC and WETH contracts, and the amount stolen by them amounted to $3 million initially, and later to $17 million. Investigators are on the trail of who is responsible for this crime.

Fiat Optimism coin, stabilized in USD, could result in a 74% loss for users who do not exit the markets on time. Sonine Finance has stopped optimism activities in order to look into the problem.

Although the real reason is still under investigation, some believe it could be linked to the recently added credit market. The initial coin’s native token, SONNE, saw a 15% drop after the exploit, which brought the platform’s market capitalization to $4.25 million.

source: DefiLlama.com

This event proves that the DeFi space continues to be a place with many security concerns. The emergence of DeFi has led to more and more users using this technology. It is therefore of utmost importance to ensure that strong security measures are in place so that user trust is not broken and attacks do not recur. future.

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