Major Hacks Hit DeFi Protocols, Sonne Finance Loses $20 Million

Major Hacks Hit DeFi Protocols, Sonne Finance Loses $20 Million

Published Wednesday 15th May 2024

Recently, there has been a surge in major hacks targeting decentralized finance (DeFi) protocols, with Sonne Finance being the latest victim. Sonne Finance, a DeFi protocol operating on the Optimism chain, was hit by a devastating exploit resulting in a loss of $20 million. The attack initially began with a $3 million loss but quickly escalated, causing alarm within the DeFi community.

The security breach at Sonne Finance underscores the ongoing challenges faced by DeFi platforms in safeguarding user funds and preventing malicious actors from exploiting vulnerabilities. DeFi protocols operate on the principles of decentralization and autonomy, which can make them attractive targets for hackers seeking to exploit weaknesses in the system. The incident at Sonne Finance serves as a stark reminder of the importance of robust security measures and constant vigilance in the DeFi space.

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