Decentralized Finance Platforms Targeted by Sophisticated Hacks Leading to $24.3M Cryptocurrency Loss

Friday, 17 May 2024, 11:50

In a significant breach, two decentralized finance (DeFi) platforms, Sonne Finance and ALEX Lab, were victims of sophisticated hacks amounting to a combined loss of $24.3 million in cryptocurrencies. Sonne Finance was targeted with a $20 million exploit, while ALEX Lab experienced a compromise resulting in the loss of $4.3 million. These incidents underscore the ongoing security challenges in the DeFi space and emphasize the importance of robust security measures.
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Decentralized Finance Platforms Targeted by Sophisticated Hacks Leading to $24.3M Cryptocurrency Loss

Sonne Finance: $20 million heist

Lending protocol Sonne Finance faced a hack leading to a $20 million loss, prompting the suspension of markets and investigations with partners.

The hacker has already moved a substantial portion of the loot amounting to $7.8 million to a new wallet address and conducted further cryptocurrency swaps.

ALEX Lab: $4.3 million compromise

ALEX Lab, a Bitcoin DeFi tool, suffered a compromise resulting in over $4.3 million loss, involving a suspected private key breach.

The breach led to the loss of significant assets, with the development team offering a bounty for the return of the stolen funds.

Details of the exploit

The attacks exploited vulnerabilities in the platforms, highlighting the need for enhanced security measures and vigilance in the DeFi industry.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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