Sonne Finance exploited for $20m, offers hacker reward for returning funds

Main Points on Bitcoin, Web3, Ethereum, and Cryptocurrency:

  • Sonne Finance project hacked for $20 million.
  • Attack on the Optimism network leading to loss of crypto assets.
  • Exploitation of Compound platform vulnerability.
  • Promise of reward to hacker by Sonne Finance team.
  • Expert report of $7.8 million withdrawn by exploiter.
  • Hack report on Middle East-based crypto exchange Rain for $14.8 million.
  • Decline in cryptocurrency hack losses by 67% in April.

Sonne Finance Project Hack Overview

The Sonne Finance landing protocol team recently disclosed a hack where $20 million worth of crypto assets, including WETH, VELO, soVELO, and USDC, were stolen by exploiting a vulnerability on the Compound platform. The project work on the Optimism network was suspended during the investigation.

Rain Cryptocurrency Exchange Hack Report

On-chain researcher ZachXBT reported a possible $14.8 million hack on the Middle East-based cryptocurrency exchange Rain. Suspicious withdrawals of Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple (XRP) were noticed on April 29 from exchange wallets, indicating a potential security breach.

Decline in Cryptocurrency Hack Losses

In April, cryptocurrency hack losses decreased by 67% to $60.2 million, marking a significant drop from the previous months. The decline in crypto attacks signals a positive trend in the security of digital assets, with a notable decrease compared to the higher losses recorded in earlier months.

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