The decentralized finance (DeFi) protocol Penpie, constructed on the Pendle yield platform, was exploited on Wednesday, leading to a lack of about $27 million in crypto belongings, in keeping with blockchain knowledge.
The attacker stole numerous tokens, together with staked Ethereum (ETH), Ethena’s sUSDE, and wrapped USDC. The funds had been later transformed to ETH utilizing the Li.Fi protocol and moved to a brand new handle.
$27 Million Stolen in Penpie Hack
Blockchain safety agency Cyvers reported the incident, detecting suspicious exercise involving Penpie’s contract. Primarily based on the report, the handle funded by a crypto mixing service has executed a malicious transaction and acquired round $27 million price of digital belongings.
Certainly, Etherscan knowledge exhibits that the exploiter’s handle obtained an preliminary deposit of 10 ETH, price round $25,000, through Twister Money simply hours earlier than the exploit. This transaction helped conceal the id of the attacker.
Learn extra: Crypto Venture Safety: A Information to Early Menace Detection
Pendle confirmed a breach in Penpie’s system however reassured its customers that their funds on Pendle stay protected. Nonetheless, the corporate quickly halted all contracts as a security measure whereas working intently with the Penpie crew to evaluate the injury.
“Pendle has confirmed that its funds are secure after an investigation. However, a security issue has been found in Penpiexyz, a separate protocol built on Pendle. To address this, all contracts have been paused temporarily, and Pendle is working closely with the Penpie team to resolve the issue quickly!” Cyvers added shortly.
The assault induced Penpie’s native token (PNP) to plummet by 40%, BeInCrypto knowledge exhibits. Pendle’s token (PENDLE) additionally noticed an 8% drop, outpacing losses within the broader crypto market.
The Penpie exploit is only one instance of the rising wave of crypto hacks in 2024. A latest report by Immunefi states that hackers have stolen over $1.2 billion throughout 154 incidents this 12 months, exposing the widespread vulnerabilities inside DeFi protocols and different crypto platforms.
In August 2024 alone, crypto hacks resulted in over $313 million in losses, in keeping with safety agency PeckShield. The 2 largest incidents that month accounted for the theft of $238 million in Bitcoin and $55 million in DAI.
Learn extra: High 9 Most secure Crypto Exchanges in 2024
Phishing assaults have additionally surged, with a report from Rip-off Sniffer displaying a 215% rise in monetary losses in August. Whereas fewer assaults occurred in comparison with July, the quantity of stolen funds spiked, with one phishing scheme netting $55 million.
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