Sovryn secures $5.4M in latest funding round led by General Catalyst

Sovryn, a Bitcoin-based DeFi protocol, has today announced that it secured $5.4 million in its latest funding round led by General Catalyst. The funds will be directed towards expanding Sovryn's global financial operating system for providing individual self-sovereignty and financial autonomy to people around the world.

Timeline of Sovryn

Sovryn Raises $5.4 Million, Led by General Catalyst, to Accelerate its Mission in Building a Global Financial Ecosystem for Individual Sovereignty The investment round was approved by a near-unanimous vote from a fully decentralized community.  Sovryn announced today that it has secured $5.

Bitcoin-based decentralized finance protocol Sovryn suffered a major exploit on Tuesday, with a hacker draining $1.1 million from the protocol.  The hacker exploited a legacy function to drain the protocol, using a price manipulation technique in one of the protocol's lending pools.