Sonne Finance

Sonne Finance Suffers $20 Million Hack

May 14, 2024
Attack Types: 
Smart Contract Exploit ,Flash Loan Attack
Entity Types: 
DeFi ,Lending Protocol
Target Entities: 
Sonne Finance

Summary # On May 14, 2024, Sonne Finance was exploited on the Optimism chain, which led to a loss of nearly $20 million worth of assets including USDC, WETH and VELO. Sonne Finance is a decentralized liquidity protocol that offers Lending, Borrowing and Earning opportunities on Optimism and Base chains. The root cause of the exploit is a precision loss smart contract vulnerability. Sonne Finance’s smart contracts are a fork of CompoundV2, and precision loss vulnerability is a well-known issue with them. ...