Penpie

Pendle

2024

USDC

Penpie, a protocol built on Pendle, was hacked on Sept 3rd and drained of $27 million in different cryptocurrencies including Ether (ETH) and stablecoins such as wrapped USDC and sUSDE. 
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 Withdraw ALL funds from penpie ASAP. Their front end is broken rn so i withdrew my funds via contract. To withdraw via contract: Go to <a href="https://t.co/LDc5tg4PZv" target="_blank">https://t.co/LDc5tg4PZv</a>. Call `withdrawMarketWithClaim()` with appropriate params. You can get your market and amount params by examining your… <a href="https://t.co/g85xG6vlgs" target="_blank">https://t.co/g85xG6vlgs</a>— AzFlin (@AzFlin) <a href="https://twitter.com/AzFlin/status/1831050760617968100?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">September 3, 2024</a>
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According to reports, the hacker found a weakness in Penpie’s security. They exploited the vulnerability, converted most of the stolen funds into ETH, and then transferred the fund to a new Ethereum address, making it difficult to trace. 
In response to the breach, Penpie has paused all deposits and withdrawals on its platform to prevent further losses.&nbsp; 
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 After a thorough investigation, we can confirm that funds on Pendle remain secure. However, we have identified a security compromise in <a href="https://twitter.com/Penpiexyz_io?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Penpiexyz_io</a>, an independent protocol built on top of Pendle. As a precaution, we have temporarily paused all contracts, and shall maintain…— Pendle (@pendle_fi) <a href="https://twitter.com/pendle_fi/status/1831051530214203808?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">September 3, 2024</a>
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Pendle, the parent company of Penpie, has issued a statement on X reassuring users that their funds on Pendle were still safe. However, as a precaution, Pendle also temporarily suspended all contracts until the situation is fully under control. 
As a result of the hack, <a href="https://coinmarketcap.com/currencies/penpie/" target="_blank" rel="noreferrer noopener nofollow">Penpie’s token (PNP)</a> dropped 40% in value, while <a href="https://coinmarketcap.com/currencies/pendle/" target="_blank" rel="noreferrer noopener nofollow">Pendle’s token </a>saw an 8.7% decline. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/09/03/wazirx-hacker-completed-kyc-verification-weeks-before-hack/" target="_blank" rel="noreferrer noopener">Wazirx Hacker Completed KYC Verification Weeks Before Hack!!</a> 
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Penpie Protocol Hacked, Suffers $27 Million Loss in Crypto

The Crypto Times

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