Tuesday, February 18, 2025

Massive $27M Loss in Penpie Protocol Hack

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Originally published on: September 03, 2024

In a devastating blow, the Penpie protocol, a decentralized finance platform built on Pendle, was recently exploited, resulting in a loss of $27 million in client funds. The breach, which occurred on September 3, was traced back to an address ending in “bb7,” used by the hacker responsible for draining the funds.

As a precautionary measure, Penpie has temporarily suspended all deposits and withdrawals until the issue is resolved. Despite the security incident, Pendle reassured users that their funds are safe and all contracts have been paused until the situation is under control.

Unfortunately, the Penpie hack is just one of many in the increasing trend of crypto hacks and exploits in 2024. According to a report by Immunefi, over $1.2 billion has been stolen in hacks and exploits this year across 154 separate incidents.

Immunefi’s CEO Mitchell Amador stated that decentralized finance platforms are the most vulnerable to these attacks, but centralized finance infrastructure has suffered the most substantial monetary losses due to the significant capital at stake. In August alone, hack losses exceeded $313 million, with notable attacks targeting Bitcoin and Dai funds.

Phishing attacks, a form of cybercrime that uses deceptive links to extract sensitive information from users, have also seen a steep increase. A recent report by Scam Sniffer indicated a 215% surge in stolen funds through phishing attacks in August 2024, with a single attack netting $55 million.

In a landscape rife with security risks, investors and users must remain vigilant to protect their assets and stay informed about the latest developments in cybersecurity within the crypto space. The Penpie protocol’s unfortunate loss serves as a reminder of the importance of robust security measures in safeguarding digital assets.

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