Penpie

Pendle

when

Tornado Cash

WazirX

The Penpie protocol’s hacker siphoned about $7 million of stolen funds through crypto mixer Tornado Cash around 12 hours after draining $27 million on Sept. 3.&nbsp;
On Sept. 4, Web3 security firm Cyvers alerted about the hacker transferring 26% of the hacked funds to a Tornado Cash <a data-ct-non-breakable="null" href="https://etherscan.io/address/0xd440d2c13e9c0b86f54da4f515f68c56f0c36cc3" rel="null" target="null" text="null">address</a>.
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 <img alt="Penpie hacker launders 26% of $27M stolen funds in 12 hrs" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191bc4b-b989-76ea-847f-e138a04a24b1">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/CyversAlerts/status/1831221291027755113" rel="null" target="null" text="null">Cyvers Alerts</a>
 </figcaption>
</figure>
<a data-ct-non-breakable="null" href="https://x.com/PeckShieldAlert/status/1831253958314332335" rel="nofollow noopener" target="_blank" text="null">According</a> to blockchain security firm PeckShield, the hacker’s address continues to launder the stolen funds across multiple transactions to Tornado Cash addresses.&nbsp;
The Penpie protocol suspended all deposits and withdrawals following the $27 million hack.&nbsp;
“At 1745 UTC, the attacker deployed the first contract to be used for the attack,” Pendle said in an X <a data-ct-non-breakable="null" href="https://twitter.com/pendle_fi/status/1831168623634993402" rel="nofollow noopener" target="_blank" text="null">post</a> on Sept. 4.&nbsp;
Decentralized finance (DeFi) protocol Pendle said it contacted security experts Seal 911 to help stop any subsequent related attacks.&nbsp;
All contracts on Pendle were suspended, which helped “stop any further attempts to drain assets from Penpie, ultimately safeguarding $105M that the attacker might have been able to drain from Penpie,” Pendle stated.&nbsp;
<blockquote>
 “At 0050 UTC, after rigorous checks and coordination with all relevant parties to confirm step 1 and 2, Pendle contracts were safely unpaused, and normal operations resumed.”
</blockquote>
<h2 id="crypto-losses-due-to-cyberattacks-continue-to-be-an-area-of-concern">Crypto losses due to cyberattacks continue to be an area of concern</h2>
An Immunfi report from Aug. 29 pointed out that more than $1.2 billion in funds have been<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/hackers-surpass-1-2-billion-stolen-2024-immunefi" rel="null" target="null" text="null"> stolen through hacks</a> and exploits so far in 2024, a 15.5% rise compared to the same period in 2023 when losses totaled a little over $1 billion.&nbsp;
On Sept. 3, the United States Federal Bureau of Investigation (FBI) <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/fbi-warning-north-korea-scheme-steal-cryptocurrency" rel="null" target="null" text="null">issued a warning</a> that North Korean cyber criminals were targeting employees at DeFi and cryptocurrency firms to steal funds through “complex and elaborate” social engineering campaigns.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/zachxbt-claims-21-north-korea-crypto-devs-making-500k-month" rel="null" target="null" text="null">ZachXBT claims 21 North Korea crypto devs are making $500K a month</a>
On Sept. 1, security firm PeckShield said that financial <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/313-million-crypto-lost-hacks-august" rel="null" target="null" text="null">losses from hacks</a> exceeded $313 million in August 2024. Two of the most significant attacks during the month resulted in the theft of about $238 million in Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null">BTC</a>) and $55 million in Dai <a data-ct-non-breakable="null" href="https://cointelegraph.com/dai-price-index" rel="null" target="null" text="null">(DAI)</a>.&nbsp;
<h2 id="wazirx-starts-user-withdrawals-after-234-9-million-hack">WazirX starts user withdrawals after $234.9 million hack</h2>
In July, India’s WazirX crypto exchange was a victim of one of the largest cyberattacks of 2024. WazirX <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/indian-crypto-exchange-wazirx-hack-235m" rel="null" target="null" text="null">lost $234.9 million of funds</a> from one of its multisig wallets. The exchange is in the process of implementing a phased <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/wazirx-criticizes-external-forces-delaying-recoveryg-efforts" rel="null" target="null" text="null">plan to restore its financial operations</a>, including pursuing legal proceedings in Singapore.
<figure>
 <img alt="Penpie hacker launders 26% of $27M stolen funds in 12 hrs" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191bc50-37ff-7d7f-a3db-03f33148fa98">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://twitter.com/WazirXIndia/status/1830799590142140458" rel="null" target="null" text="null">WazirX</a>
 </figcaption>
</figure>
On Sept. 3, WazirX announced that its users can withdraw up to the full 66% limit of their Indian rupee balances.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/crypto-sec-defi-phishing-malware-hackathon/" rel="null" target="null" text="null">$55M DeFi Saver phish, copy2pwn hijacks your clipboard: Crypto Sec</a>

Penpie hacker launders 26% of $27M stolen funds in 12 hrs

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