Penpie loses $27 million in phishing attack

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Incident Background
  2. Funds Converted to ETH
  3. Pendle Funds Remain Safe


    4. Penpie, a decentralized finance (DeFi) protocol built upon Pendle, suffered a significant setback, losing over $27 million in a phishing attack. The platform took steps to defend funds on Pendle and Pencosystem from further attacks.

    Incident Background

    The platform released an official statement to its users, urging them to withdraw their assets as soon as possible. Additionally, all users were asked to revoke approvals to their contracts on the site to prevent further asset loss. The exploit allowed the attacker to create a malicious contract, leading to the loss of millions in user assets.

    Funds Converted to ETH

    Some of the stolen funds were converted to Ethereum (ETH). Around 1,000 ETH worth approximately $24.7 million were laundered via Tornado Cash to cover up the online trail.

    Pendle Funds Remain Safe

    On the other hand, following the incident, Pendle, while not directly attacked, took precautionary measures by temporarily halting its contract operations with Penpie. Additionally, over $105 million were actively safeguarded from further attacks. Pendle assured its users that their funds remained secure and emphasized its commitment to closely monitoring the situation.

    The phishing attack on Penpie has posed a significant challenge to the decentralized finance sector. While funds on Pendle remained secure, the platform continues to take measures to ensure the safety of its users.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Thailand's SEC Takes Action Against Bitget for Unlicensed Operations

Thailand's SEC has filed a criminal complaint against BG Limited for allegedly operating the cryptocurrency exchange Bitget without a license.

user avatarAndrew Smith

VanEck Sees Buying Opportunity in Bitcoin Mining Stocks After Market Correction

VanEck sees a buying opportunity in Bitcoin mining stocks after a market correction, citing limited electricity capacity and delays in grid connections as potential advantages.

user avatarZainab Kamara

Bitcoin Mining Stocks Plummet Amid AI Infrastructure Concerns

Bitcoin mining companies that expanded into AI infrastructure saw an average stock price decline of 35% in October 2023 due to market fears about rising borrowing costs and economic uncertainties.

user avatarJacob Williams

Proposed Loss Carryforward Mechanism for Cryptocurrency Investments

South Korean government officials proposed a three-year loss carryforward mechanism for cryptocurrency investments to create a balanced taxation approach.

user avatarTando Nkube

Samsung Wallet Introduces Stablecoin Functionality for Galaxy Users

Samsung Wallet has launched a feature for US Galaxy users to manage stablecoin accounts, allowing them to buy, hold, send, and receive USDC on the Solana blockchain.

user avatarSon Min-ho

Evernorth Registers 737 Million Shares, Raising Concerns Over Stock Pressure

Evernorth has registered up to 737 million shares for potential resale, raising concerns about selling pressure on its stock.

user avatarAyman Ben Youssef

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.