Cyvers in the News

DeFi protocols Sonne Finance and ALEX Lab lose over $24 million in separate hacks

The crypto projects have offered their attackers a 10% bounty to return the stolen funds.

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Decentralized liquidity provider Sonne Finance fell victim to a $20 million exploit on its Optimism network-based USDC and Wrapped Ethereum (WETH) contracts ,^{according to blockchain security firm Cyvers}.

Sonne Finance Suffers $20M Exploit, Hacker Flees

On May 14, around 10:30 pm UTC ,^{Web3 security firm Cyvers ddetected an ongoing attack on Sonne Finance}’s USD and Wrapped Ether (WETH) contracts ,^{at the time they had only stolen $3M in cryptocurrency.}

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^{However, Sonne Finance only Became aware of the issue 25 minutes later}. By that time, they had already been drained of $20 million of WETH, Velo (VELO), soVELO, and Wrapped USDC (USDC.e).

Sonne Finance and BlockTower Capital Hacked: Combined Losses Exceed $20 Million

Sonne Finance, a decentralized liquidity market protocol operating on Optimism and Base, has been struck by a significant cyber attack.

^{Blockchain security firm Cyvers detected the attack on May 15} in the early morning of Asia.