Penpie protocol hacked, tens of millions of dollars lost
Decentralized finance (DeFi) protocol Penpie, built on top of tokenized yield platform Pendle, was hacked on Wednesday. According to blockchain data, the hacking incident resulted in the theft of approximately $27 million in crypto assets, including a variety of pledged Ethereum (ETH), Ethena’s sUSDe, etc.
Hackers have transferred assets to a new address
According to Etherscan data, the hackers converted the stolen assets into ETH mainly through Li.fi, and eventually transferred the assets to new addresses. The hacker's address initially injected 10 ETH (approximately $25,000) via the crypto mixer Tornado Cash, launching the attack hours later.
Pendle temporarily suspended the contract to ensure safety
Pendle Platform confirmed that the security of the Penpie protocol was breached and said it would be in close contact with the Penpie team. Pendle emphasizes that investors’ funds on its platform are safe, but out of caution, all contract operations have been temporarily suspended. It returned to normal at about 9 a.m. Taiwan time, confirming that risks are controlled within the Penpie protocol.
PNP tokens plummeted, and Pendle prices were also affected
Penpie’s native token PNP was severely affected by the attack, with its price plummeting 40% that day. Data shows that Pendle token (PENDLE) has also fallen by more than 8% in the past 24 hours.
DeFi protocols are often targeted by hackers and vulnerabilities, and the Penpie attack highlights this issue again. According to a De.fi report, digital asset users have lost approximately $2 billion to hackers, scams, and vulnerabilities since 2023. These incidents highlight the security challenges of DeFi protocols and call on the industry to strengthen protective measures to protect the security of user funds.
This article Pendle derivative protocol Penpie was hacked, losing 27 million mg, and PNP tokens plummeted 40% first appeared on Chain News ABMedia.
