Battle of the Sonne 🕵️ Sonne Finance just took some serious damage.
The decentralized lending protocol was exploited yesterday on Optimism for around $20M in ETH and WBTC, which had made up approximately 57% of its TVL.
The team was alerted just 25 minutes after the exploit took place, after which they paused all of their Optimism lending markets to prevent further damage.
In a post-mortem report published by the team earlier today, the hacker took advantage of a known vulnerability in forks of Compound v2, including Sonne Finance.
The team had recently passed a proposal to integrate VELO markets on the platform. The team had scheduled transactions to create the VELO markets and set the collateral factor on a multi-sig wallet, which were meant to be executed after two-day timelocks.
After the time lock for the market's creation had ended, the hacker executed the transaction to add the market's collateral factor, allowing them to drain the protocol's assets.
However, contributers were able to salvage $6.5M by adding $100 worth of VELO to the lending markets.
Since the exploit took place, the value of the protocol's native token, SONNE, has fallen by 63.5% from $0.063 to $0.026. Editor's Take:
Another cautionary tale for interacting with forks. While these protocols may have existing bugs and tested ways to mitigate them, it's still very possible for savvy attackers to find a way in. Not to mention, the same exploit could also be used against all these other forks, which will also have ripple effects on other protocols within their respective ecosystems. | 
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