DeFi platform Pendle successfully thwarted a potential loss of roughly $105 million stemming from an alleged security breach at Penpie, an independent protocol built on Pendle’s infrastructure.
Breach Detection
The incident, which unfolded over several hours, triggered a swift and coordinated response, culminating in the temporary pausing of contracts to prevent further unauthorized withdrawals. According to Pendle, the first signs of the breach were detected at 17:46 UTC, leading to increased vigilance by the Pendle team. The first attack occurred at 18:23 UTC at Penpie, prompting immediate defensive actions.
Preventive Measures
By 18:45 UTC, all Pendle contracts were paused, a crucial move that helped prevent additional asset losses from Penpie.
Collaboration with Security Experts
Pendle, in collaboration with Seal 911 and security experts, confined the breach, securing Pendle’s ecosystem. Additionally, Pendle ensured ecosystem integrity by engaging with protocols using PTs as collateral.
Pendle's actions in preventing the breach demonstrated the team's high readiness for swift and coordinated defense measures, which helped preserve significant assets within the ecosystem.
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