May 2024 - Sonne Finance Refund Phishing Attack - $Unknown (Global)
"Sonne Finance is a decentralized lending protocol for individuals, institutions and protocols to access financial services. It is a permissionless, open source and Optimistic protocol serving users on Optimism. Users can deposit their assets, use them as collateral and borrow against them."
"Sonne Finance is an EVM compatible lending/borrowing protocol that launched on Optimism and expanded to Base. Sonne Finance provides peer-to-peer lending solutions that are fully decentralized, transparent and non-custodial.
Similar to (and based from) existing lending platforms like Compound Finance and AAVE users will be able to lend any supported assets on our platform, and use their capital to borrow supported assets."
"Sonne aims to be the prime lending platform on Optimism and Base by offering highest competitive incentives for money markets, having the deepest liquidity and being native to Optimism."
"Sonne User Compensation & Refunds are Live
Due to the recent exploit, all protocol users are being issued a compensatory refund."
"Sonne Refunds are Now Live!
All protocol users are being issued a compensatory refund."
Further Analysis
Sonne Finance is a decentralized lending protocol operating on Optimism and Base. Similar to platforms like Compound Finance and AAVE, Sonne allows users to lend assets, use them as collateral, and borrow against them. After a devastating attack, the protocol released a tweet with an update, but no refunds were available. A scammer created an account with high similarity to the original Sonne Finance account, linking to a website promising refunds. Users who connected their wallets would most likely find them drained.
How Could This Have Been Prevented?
More Cryptocurrency Exchange Hacks/Scams/Frauds
Gala Games Massive Unauthorized Mint > > < < TCH Token Transaction Signature Malleability Issue
Sources/Further Reading
@SonneFinavce Twitter (Dec 31)
Sonne Finance (Dec 31)
@SonneFinavce Twitter (Dec 31)
@SonneFinance Twitter (Dec 31)
Sonne Finance (Dec 31)
Introduction | Sonne (Dec 31)
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