As a seasoned researcher with a keen interest in blockchain technology and cryptocurrencies, I’ve seen my fair share of ups and downs in this wild west of digital finance. The hack on Penpie on September 3rd was quite a shocker, to put it mildly. With over $27 million worth of different digital currencies, including Ether (ETH) and stablecoins like wrapped USDC and sUSDE, disappearing into thin air is not something you’d expect from a promising DeFi project like Penpie.
On September 3rd, the cryptocurrency protocol known as Penpie, which is based on Pendle, suffered a hacking incident and lost approximately $27 million across various digital currencies like Ether (ETH) and stablecoins such as Wrapped USDC and sUSDE.
Immediately transfer all funds from Penpie, as its front end is currently non-functional. I had to withdraw my funds using a contract previously.
— AzFlin (@AzFlin) September 3, 2024
Based on the information available, it’s said that a hacker identified a flaw in Penpie’s security system. They capitalized on this weakness, converted the majority of the stolen funds into ETH, and subsequently moved the digital currencies to a fresh Ethereum wallet, making it challenging to track their whereabouts.
As a reaction to the issue, Penpie temporarily halted all deposits and withdrawals on their system to minimize additional financial risks.
Following a comprehensive examination, we are certain that the money in Pendle is safe. Nevertheless, it has been discovered that there was a security breach with regards to @Penpiexyz_io, an independent system developed on top of Pendle.
— Pendle (@pendle_fi) September 3, 2024
The main organization behind Penpie, known as Pendle, made an announcement to assure users that their money with Pendle remains secure. As a safety measure, they’ve paused all contracts until things get sorted out completely.
Due to the hack, the value of Penpie’s token (PNP) decreased by about 40%, whereas Pendle’s token experienced a drop of approximately 8.7%.
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2024-09-04 02:28