On September 3, 2024, the independent decentralized finance protocol Penpie, built atop Pendle, suffered an exploit that drained $27 million in client funds.
Incident Details
Onchain sleuths traced the offending transaction back to an address ending in 'bb7,' which was one of multiple addresses used by the hacker. As a precaution, Penpie has suspended all deposits and withdrawals at this time.
Rise in Crypto Hacks in 2024
Unfortunately, the Penpie exploit is not a unique incident. Crypto hacks and exploits have been on the rise in 2024. A recent report from Immunfi revealed that over $1.2 billion in funds have been stolen through 154 separate incidents so far this year.
Assessing the Impact
Mitchell Amador, founder and CEO of Immunfi, also told Cointelegraph that while the vast majority of these exploits occurred in the decentralized finance space, the exploitation of centralized finance infrastructure caused most of the monetary damage due to the large amounts of capital contained there. According to a report from security firm PeckShield, monetary losses from hacks exceeded $313 million during August 2024. Two of the most significant attacks during the month resulted in the theft of approximately $238 million in Bitcoin and $55 million in Dai.
As the threat of crypto hacks continues to grow in 2024, users should remain highly vigilant and take additional security measures to protect their assets.
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