Key Takeaways:
- Penpie, a DeFi protocol on Pendle’s platform, was hacked in September 2024, losing approximately $27 million in crypto assets.
- The attacker used Tornado Cash to fund their wallet and quickly converted the stolen assets to ETH.
- Penpie’s native token (PNP) plunged 40%, while Pendle’s token (PENDLE) saw an 8% drop following the breach.
In September 2024, the decentralized finance (DeFi) protocol Penpie, built on Pendle’s platform, suffered a significant hack resulting in the loss of approximately $27 million in crypto assets.
The attacker used Tornado Cash to fund their wallet before exploiting the protocol, stealing various assets, including staked Ether (ETH) and stablecoins.
Alert: Penpie has encountered a security compromise.
— Penpie (@Penpiexyz_io) September 3, 2024
We have paused all deposits and withdrawals. Our team is working tirelessly to address it. Your patience and support are invaluable during this time.
Stay tuned for further updates.
The stolen funds were quickly converted to ETH and moved to a new address.
Following the breach, Pendle paused all contracts to ensure security, though it confirmed that its platform’s funds were secure.
After Further investigation into the exploit:
— Penqei‧ (@BlLife_Forum) September 3, 2024
We urge ALL users to revoke approvals to our contract until the issue is resolved to prevent potential loss of assets.
All users are also advised to withdraw all assets immediately
Secure Assets: https://t.co/GhaRN0xiTR pic.twitter.com/OcaPQnOIQR
The incident led to a sharp 40% drop in Penpie’s native token (PNP) and an 8% decline in Pendle’s token (PENDLE).
About The Author
Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
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