Blockchain
Sonne Finance developers offer bounty to hackers behind $20 million cryptocurrency theft
The team behind cryptocurrency lending protocol Sonne Finance is offering a hacker an undisclosed bounty following a $20 million theft on Tuesday evening.
Sonne Finance allows people to lend and borrow funds without the need for intermediaries such as banks. Different blockchains security company he tracked down more than $20 million which will exit the system Tuesday evening into digital currencies such as ether, USDC backed by the US dollar and others.
The developers confirmed which had suspended all markets and subsequently published an autopsy on the attack explaining that “the attacker was able to exploit the protocol for approximately $20 million.”
“We are ready to give a reward to the exploiter and not commit to pursuing the matter further, in case of return of the funds,” Sonne Finance said, stressing that it is “in contact with anyone who can help recover the funds.”
They discovered the attack within 25 minutes of running it and managed to save some users approximately 6.5 million dollars from theft through technical maneuvers.
After the attack, the hacker was exchange the stolen cryptocurrency for bitcoin and other coins in a flurry of transactions.
Law enforcement scrutiny of cryptocurrency thefts and transfers of stolen funds has increased significantly in 2024, with several high-profile market manipulators and traders facing charges.
Last month the man behind a $110 million theft from popular crypto platform Mango Markets was convicted in federal court and faces up to 30 years in prison.
A Bulgarian woman behind a crypto scam also received an email four year sentence in April and the co-founder of anonymous cryptocurrency service Tornado Cash will spend about five years in prison following his sentencing in the Netherlands on Tuesday.
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