Sonne Finance, the DeFi lending platform based on Optimism, a top Ethereum Layer 2 network, suffered a security breach which caused a great loss of about $20 million. The attack, carried out in two stages, hit the USDC and WETH contracts of Sonne Finance, and the amount stolen by them was $3 million’s at first and then $17 million in the later time. Investigators are on the track of the person responsible for this crime.
Fiat’s USD-stabilized Optimism coin might make a 74% loss to the users who do not exit the markets in time. Sonine Finance has stopped the activities of optimism in order to look into the problem.
Although the real reason is still under study, some believe that it could be connected to the lending market that has been added recently. The initial coin’s native token, SONNE, experienced a 15% fall after the exploit, which brought the market cap of the platform to $4.25 million.
This event proves that the DeFi space continues to be a place with a lot of security problems. The emergence of DeFi has led to more and more users using this technology, therefore, it is of utmost importance to ensure strong security measures are in place so that the confidence of the users will not be shattered and the attacks will not be repeated in the future.
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