The team behind the 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.
Several blockchain security companies tracked more than $20 million flowing out of the system on Tuesday evening in digital coins such as ether, the U.S.-dollar-backed USDC and others.
They discovered the attack within 25 minutes of it being executed, and some users were able to save about $6.5 million from being stolen through technical maneuvers.
Since the attack, the hacker has been swapping the stolen cryptocurrency for bitcoin and other coins in a flurry of transactions.
Law enforcement scrutiny of crypto thefts and the transfer to stolen funds has increased significantly in 2024, with several high profile market manipulators and operators facing charges.
Last month the man behind a $110 million theft from popular crypto platform Mango Markets was convicted in a federal court and is facing up to 30 years in prison.
A Bulgarian woman behind a crypto scam also was given a four-year sentence in April and the cofounder of anonymizing cryptocurrency service Tornado Cash will spend about five years in prison following a conviction on Tuesday in the Netherlands.
New backdoors on a European government's network appear to be Russian.
EU failure to rein in spyware reflects lack of political will, parliamentarian says.
Jonathan has worked across the globe as a journalist since 2014.
Before moving back to New York City, he worked for news outlets in South Africa, Jordan and Cambodia.
He previously covered cybersecurity at ZDNet and TechRepublic.
This Cyber News was published on therecord.media. Publication date: Wed, 15 May 2024 20:30:11 +0000