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

Wall Street Banks Bullish on SPCX Stock

Two major Wall Street banks, Mizuho and Morgan Stanley, have expressed a bullish outlook on SpaceX stock (SPCX), with price targets of $200 and $300 respectively.

user avatarMaya Lundqvist

Elon Musk Optimistic About SpaceX AI Developments

Elon Musk expresses optimism about SpaceX's AI developments, expecting significant advancements in the coming months.

user avatarKaterina Papadopoulou

MEXC Introduces MEXC CLI for Enhanced AI Trading Experience

MEXC introduces MEXC CLI, a command-line tool that allows users to connect their AI agents directly to the trading platform for seamless trading execution.

user avatarLeo van der Veen

XRP Reaches New All-Time High After SEC Settlement

XRP has surged to a new all-time high of 365 in July 2025 following a settlement in the SEC vs Ripple lawsuit.

user avatarAisha Farooq

Warren Buffett's Berkshire Hathaway to Earn $848 Million from Coca-Cola Dividends

Warren Buffett's Berkshire Hathaway is set to earn $848 million in dividends from Coca-Cola due to its long-term investment since 1994.

user avatarTenzin Dorje

Coca-Cola to Pay Quarterly Dividends on October 1, 2026

Coca-Cola announces a quarterly dividend of $0.53 per share to investors before the ex-dividend date of September 15, 2026, payable on October 1, 2026.

user avatarLi Weicheng

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.