Penpie

Penpie, a decentralized finance (DeFi) protocol operating on Pendle&#39;s platform, experienced a <a href="https://optimisus.com/news/crypto-news/hackers-hack-mcdonalds-instagram-to-promote-a-fake-meme-coin-stealing-700000/" rel="noopener noreferrer nofollow">severe security breac</a>h on Wednesday, leading to a loss of $27 million in digital assets.Cyvers, a blockchain security firm, reported the hack after detecting unusual behavior associated with Penpie&#39;s contracts. The hacker infiltrated Penpie&#39;s system by exploiting a crypto mixing service, carrying out a malevolent transaction that enabled them to pilfer many tokens, such as staked Ethereum (ETH), sUSDE, and wrapped USDC.Subsequently, the <a href="https://optimisus.com/market/market-news/after-2-years-hacker-converts-40-million-dai-into-eth-amid-market-turmoil/" rel="noopener noreferrer nofollow">assets were transformed</a> into Ethereum through the utilization of the Li.Fi protocol and subsequently transferred to a different wallet address.The exploit commenced by initiating a deposit of 10 ETH via Tornado Cash, a transaction anonymization service that enhances the difficulty for investigators to track the cash.Pendle acknowledged the intrusion, although assured users that the financial resources of Pendle remained unharmed. Pendle implemented a temporary suspension of all contracts as a precautionary step to safeguard system security.The Penpie hack is indicative of a broader pattern of escalating cyber assaults on cryptocurrency systems, particularly in the year 2024. Immunefi&#39;s analysis reveals that a staggering $1.2 billion has been illicitly obtained through 154 separate occurrences this year.This alarming figure underscores the extensive vulnerabilities present within the DeFi sector. During August 2024, a total of about $313 million was lost due to many hacking incidents. The largest thefts involved $238 million worth of Bitcoin and $55 million worth of DAI.

Penpie DeFi protocol suffers a $27 million hack, causing its token to drop 40%

Optimisus

Other articles published on Sep 4, 2024

Binance Introduces BNSOL for Secure Solana Staking

Bitcoin Price Plunges To Lowest Since August After Asian Market Tumbles, But This New Meme Coin R...

Whatsminer Introduces Solar-Powered Mining Containers to Boost Sustainability

Sony Unveils Ethereum Layer-2 Blockchain 'Soneium' to Accelerate Web3 Adoption

Bitcoin (BTC) briefly falls to $55,500, its lowest since August 8

Why Is Monero (XMR) Price Up?

Join our free newsletter for daily crypto updates!