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 Cache 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, caches will be stored in your inventory and can be opened with Keys.

Other news

TON Validators Prepare for Configuration Vote on New Collator Architecture

chest

TON validators are updating their node software and mytonctrl tooling for a configuration vote on a new collator architecture scheduled for August 21 at 0800 UTC.

user avatarKofi Adjeman

Aave's EMode: Efficiency and Risk in DeFi Lending

chest

Aave's EMode feature allows for efficient borrowing among correlated assets but also increases the risk of liquidation during market stress.

user avatarSatoshi Nakamura

Avalanche Surpasses $3 Billion in Tokenized Real-World Assets

chest

Avalanche's tokenized real-world asset value has surpassed $3 billion, marking a significant milestone in its development as a platform for institutional finance.

user avatarNguyen Van Long

Aave's Debt Concentration Raises Concerns Amid Ethereum Volatility

chest

Aave's debt profile shows that a small number of loan positions account for a significant portion of its total outstanding debt, raising concerns about risk concentration.

user avatarJesper Sørensen

Shift in Airdrop Strategy Reflects Changing Market Dynamics

chest

Optimism's decision to reallocate tokens indicates a shift away from broad airdrops towards more strategic ecosystem investments.

user avatarLucas Weissmann

Optimism Governance Approves Reallocation of OP Tokens

chest

Optimism governance has approved the transfer of 5469 million OP tokens from user airdrop reserves to a Strategic Ecosystem Fund managed by the Optimism Foundation.

user avatarRajesh Kumar

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.