Sonne Finance halted operations after a hack drained $20 million in cryptocurrencies, including WETH and USDC. Efforts to recover the funds are ongoing.
Lending protocol Sonne Finance was forced to pause operations after suffering a hack that drained $20 million worth of cryptocurrencies from the market.
On May 14, around 10:30 pm UTC, Web3 security firm Cyvers detected an ongoing attack on Sonne Finance’s USD Coin (USDC) and Wrapped Ether (WETH) contracts.
However, when Sonne Finance became aware of the situation 25 minutes later, the hacker had already stolen $20 million in WETH, VELO (VELO), soVELO and Wrapped USDC (USDC.e).
