A while back, I had parked some stablecoins in the Sonne Finance protocol via a Harvest Finance vault. And well.... smart contract risks and all of that, Sonne got hacked and lost 20 million USD in their Base and Optimism pools, and unfortunately that was where the Harvest vault was getting its yield from.

Thankfully, I do take into account these risks, and I don't park too much in these protocols... sheer conservative terror! But sometimes, the yield is worth taking a little bit of risk for! But in this case, it looked like the principal that was deposited into the vault was lost completly.

Ah well, it looked like that was just going to be written off as yet another casualty of trying out things on the Wild West of the crypto-sphere!

But then Sonne started making noises about how they were going to try and make the vaults whole again... and was starting to investigate ways of doing it. Promising... seeing as most of crypto has a privitise the profits and socialise the losses way of doing things. So, I started to occasionally drop in on their Discord to see what they were planning... lots of discussion, but fnothing very concrete... it appears that they were not affected across all the EVM chains, so there was still some capital left in the treasury and vaults.

... and I recently checked in again... and... well, it looks like I should revert back to the... its all gone position again.

Their proposal... to make a pump.fun clone... a memecoin platform that seems to be asking creditors to "invest" by writing off a portion of their losses in order to receive a token allocation of the new platform. Sigh... first, it is dodgy, especially when you have an existing treasury... second, it is dodgy when you stop development of your original protocol... thirdly, it is dodgy when you are just trying to jump on the latest bandwagon... fourthly, it is dodgy when you are several months too late to capitalise on the bandwagon!

We have seen this behaviour many times across the crypto-ecosystem... one protocol hits it big with a novel idea... which spawns a million "me-too" clones that all crash and burn... because they are all just trying to milk the retail novice into thinking that they can jump on the next "big thing" right after the "big-thing" has already blown up....

... there are quite a few people in the crypto ecosystem that are quite famous for doing this!

Anyway, I'm pretty sure that I should now just write off the loss... it isn't much, but it still stings... and the dodgy attempt to make it back just adds salt to the wound. Anyway... lost is lost... and if they ever make good on it, well... the on-chain vault claim is still there for the rest of eternity!

Handy Crypto Tools

Ledger Nano S/X: Keep your crypto safe and offline with the leading hardware wallet provider. Not your keys, not your crypto!
Coinbase Wallet: Multi chain wallet with lots of opportunities to Learn and Earn!
Binance: My first choice of centralised exchange, featuring a wide variety of crypto and savings products.
WooX: The centralised version of WooFi. Stake WOO for fee-free trades and free withdrawals! This link also gives you back 25% of the commission.
GMX.io: Decentralised perpetual futures trading on Arbitrum!
Coinbase: If you need a regulated and safe environment to trade, this is the first exchange for most newcomers!
Crypto.com: Mixed feelings, but they have the BEST looking VISA debit card in existence! Seriously, it is beautiful!
CoinList: Access to early investor and crowdsale of vetted and reserached projects.
Cointracking: Automated or manual tracking of crypto for accounting and taxation reports.
KuCoin: I still use this exchange to take part in the Spotlight and Burning Drop launches.
MEXC: Accepts HIVE, and trades in most poopcoins! Join the casino!
ByBit: Leverage and spot trading, next Binance?
OkX: Again, another Binance contender?