2 More Cryptocurrency Platforms Hacked! 7 Altcoins stolen

The cryptocurrency sector was shaken when two major DeFi protocols, ALEX Lab and Sonne Finance, suffered hacking attacks. Because it’s worth millions of dollars cryptocurrency It was stolen. Here are the details…

$4.3 million hack at Alex Labs

On May 15, ALEX Lab, a Bitcoin DeFi application, reported a hacking incident that resulted in the theft of over $4.3 million in various tokens. Security researchers at CertiK believe that the attackers gained access to a private key that controls ALEX’s XLink bridge, an important service that facilitates the transfer of tokens between different blockchain. The stolen funds included $300,000 worth of Bitcoin, $3.3 million worth of stablecoins, and $75,000 worth of Sugar Kingdom (SKO) tokens.

After the attack, developers at ALEX Lab confirmed the breach and, surprisingly, claimed to have identified the culprit. In a bold move, they offered a 10% reward for restitution of 90% of the theft cryptocurrencycurrency and attempted to effectively negotiate a recovery with the hacker. The team stressed that the deadline for the hacker to comply was May 18, and promised that no legal action would be taken in exchange for the cooperation.

Sonne Finance Has Been Hacked: $20 Million in Cryptocurrency Drained

Just hours before the ALEX Lab incident, credit protocol Sonne Finance became the target of another cyberattack. Security firm Web3 Cyvers detected suspicious activity on the night of May 15, indicating that an exploit was underway against Sonne Finance’s USD Coin (USDC) and Wrapped Ether (WETH) contracts. Unfortunately, by the time Sonne Finance admitted to the attack, the hacker had already escaped with a staggering $20 million. cryptocurrenciesincluding WETH, VELO (VELO), soVELO and Wrapped USDC (USDC.e).

Sonne Finance immediately ceased operations on the Optimism platform and worked with Cyvers to investigate the breach. Understanding the potential benefits of a collaborative approach, Sonne explored the possibility of offering a bug reward to the hacker. This strategy usually involves the hacker returning most of the stolen funds in exchange for a reward, usually around 10%, as compensation for detecting a security flaw.

The hacker moves funds

But unlike the ALEX Labs scenario, negotiations with the Sonne Finance hacker appear to have reached a roadblock. Blockchain PeckShield researcher revealed that the hacker moved a significant portion of the stolen funds ($7.8 million) to a new wallet address. It is a move that suggests an intention to distance itself from crime. Further analysis shows that the hacker attempted to launder the stolen funds through a privacy protocol like Tornado Cash, making them even more difficult to trace.

Sonne Finance’s post-mortem analysis revealed a critical detail: the attack exploited a known bug in Sonne Composed forks v2. This claim sparked outrage in the crypto community, with some accusing Sonne Finance of willful negligence. Community member PoorBabyCorn questioned the platform’s decision to use a known buggy system, suggesting the possibility of a “premeditated backdoor.”

As we reported how Cryptokoin.com, Reports of a separate attack against BlockTower Capital also emerged in the morning. While details have yet to emerge, sources close to the matter suggest that BlockTower’s main hedge fund was partially compromised, resulting in the loss of undisclosed funds. The stolen funds have not yet been recovered, and BlockTower reportedly used blockchain experts to track the stolen assets and detect the security breach. The company, which manages an estimated $1.7 billion in assets, has not yet released a public statement on the incident.

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