Penpie loses $27 million in phishing attack

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by Giorgi Kostiuk

2 years ago

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  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.

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