• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Penpie loses $27 million in phishing attack

user avatar

by Giorgi Kostiuk

10 months ago


  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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Overview of High-Potential Crypto Projects: BlockDAG, SUI, SEI, and Jupiter

chest

Analysis of four high-potential crypto projects for 2025: BlockDAG, SUI, SEI, and Jupiter.

user avatarGiorgi Kostiuk

Block Inc. Enters S&P 500, Bridging Crypto with Traditional Finance

chest

Block Inc. is now part of the S&P 500, enhancing the connection between cryptocurrencies and traditional finance.

user avatarGiorgi Kostiuk

Bullish, the Crypto Exchange Backed by Peter Thiel, Prepares for IPO

chest

Bullish has filed for IPO, seeking to enter the public market and compete with major players.

user avatarGiorgi Kostiuk

USDC Use on Stellar and Its Impact on XLM Value

chest

Statistics show a rise in USDC transactions on Stellar, indicating growing utility that fuels speculation on XLM prices.

user avatarGiorgi Kostiuk

Litecoin Records New Open Interest at $761 Million. Is LTC Heading to $120?

chest

Litecoin has reached a new record open interest of $761 million, and 66.3% of addresses are in profit, raising hopes for a price increase to $120.

user avatarGiorgi Kostiuk

World Liberty Announces WLFI Token Launch Valued at $16 Billion

chest

WLFI token by World Liberty plans to debut with a $16 billion valuation, with significant backing from DT Marks DEFI LLC.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

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.