Yearn Finance Partially Freezes Withdrawals Due to Sonar Finance Hack

IconCNT15 May, 2024

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Yearn Finance Partially Freezes Withdrawals Due to Sonar Finance Hack

Yearn Finance (YFI) has halted withdrawals from vaults linked to the hacked Optimism (OP)-based DeFi protocol Sonar Finance (SONNE). The move comes after Sonar Finance temporarily suspended operations on Optimism markets, preventing users from withdrawing assets in related vaults. Yearn Finance announced the partial suspension via its official X (formerly Twitter) account, stating that it was "working with the Sonar Finance team to offer all possible support." The hack on Sonar Finance resulted in the theft of over $20 million in crypto assets. Yearn Finance's announcement highlights the interconnectedness of the DeFi ecosystem and the potential risks associated with investing in protocols that use third-party services. Previously on May 15, 2024, Cointelegraph reported that Yearn Finance had been running strategies involving Sonar Finance. With Sonar Finance's operations currently halted, Yearn Finance users are unable to withdraw assets from affected vaults.

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