On September 3, 2024, the Penpie protocol, a decentralized finance (DeFi) platform built on Pendle, fell victim to a significant security breach, resulting in a substantial loss of $27 million in client funds. The exploit involved a hacker utilizing multiple addresses, including one ending in “bb7,” to drain the funds. In response to the attack, Penpie has taken immediate action by suspending all deposits and withdrawals, ensuring that no further transactions can be processed while the issue is investigated.
Penpie’s parent organization, Pendle, has reassured users that all customer funds remain secure and has paused all related contracts until the breach is fully resolved. The swift action taken by Penpie aims to prevent additional losses and restore confidence in the protocol. The company is working diligently with cybersecurity experts to address the vulnerability and recover the stolen funds.
This incident is part of a larger pattern of escalating cryptocurrency-related hacks in 2024. According to recent data from Immunefi, over $1.2 billion has been stolen through crypto hacks and exploits so far this year, spread across 154 separate incidents. The rising trend highlights the increasing sophistication of cyber threats targeting the DeFi space, which continues to attract significant attention from malicious actors.
Security firm PeckShield reported that monetary losses from hacks exceeded $313 million in August 2024 alone. Major attacks during the month included the theft of approximately $238 million in Bitcoin and $55 million in Dai. Additionally, Scam Sniffer highlighted a dramatic 215% surge in losses from phishing attacks, with a single attack alone stealing $55 million. This growing trend underscores the urgent need for enhanced security measures across the cryptocurrency sector to protect against such vulnerabilities.
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