Huobi Advisor Justin Sun Announces Fresh Measures After $8 Million Ethereum Hack

Huobi, now known as HTX Global, suffered a hack resulting in the loss of 5,000 ETH worth $8 million. In response, the company's advisor, Justin Sun, announced measures to address the situation, including the establishment of a SAFU fund to prepare for future losses. Sun emphasized the platform's commitment to user asset security and announced a Twitter Space to discuss the exchange's security. The hack is one of several recent incidents in the crypto industry, including a $40 million Bitcoin hack by North Korea's Lazarus Group and a $200 million crypto asset hack on Mixin Network.

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Sonne Finance: This attack was a donation attack. We are investigating the attacker and have suspended the market.

Sonne Finance released an attack analysis report. This was a donation attack. Sonne had avoided this problem in the past by adding a collateral factor of 0% to the market, adding collateral and then destroying it, and only then increasing c-factors according to the proposal. Sonne recently passed a proposal to add the VELO market to Sonne. This transaction was arranged on a multi-signature wallet, and c-factors were arranged to be executed within 2 days due to the time lock. When the 2-day time lock for creating the market ended, the attacker executed 4 of the transactions and then executed the transaction to add c-factors to the market. The attacker was able to use the protocol to obtain approximately $20 million in funds through a known donation attack. Seal contributors quickly noticed this issue and reserved approximately $6.5 million by adding VELO worth approximately $100 to the market. Sonne is investigating the attacker and has suspended the market to mitigate further losses. Sonne is prepared to offer a bounty to the attacker and promises not to pursue the issue further if the attacker returns the funds.
Sonne Finance confirms attack, but still has about $6.5 million in funds

On May 15th, Sonne Finance announced that its Optimism protocol had suffered a known donation attack, resulting in a loss of approximately $20 million. The attack exploited a vulnerability in the newly launched market and within two days of its creation, the attacker used a multi-signature wallet and time-lock function to execute critical transactions, successfully manipulating the market's collateral factors (c-factors). Despite Sonne's team quickly organizing a response to the attack and suspending the market within 25 minutes of discovering the issue to minimize further losses, approximately $6.5 million in funds were still retained. Sonne's team is working hard to track down the identity of the attacker and has offered a bounty to the attacker in the hopes of returning the funds to avoid further investigation. At the same time, Sonne's team sincerely apologizes for this incident and is reaching out to all possible partners to try to recover the funds.