Penpie DeFi Platform Suffers Major Exploit, Loses $26 Million

On September 3, 2024, the decentralized finance (DeFi) platform Penpie, operating on the Pendle network, experienced a significant security breach. According to Cyvers Alert, the exploit resulted in the loss of at least $26 million in various wrapped and synthetic crypto assets. The attack was initiated by a smart contract funded with 10 ether (ETH) via Tornado Cash.

Pendle, the underlying network, confirmed the breach and paused all contracts as a precaution. Both Pendle and Penpie are actively working to resolve the issue and ensure user funds' safety. Despite the setback, the DeFi market remains resilient and optimistic about future security improvements.