The Penpie DeFi Hack of $27 Million in Cryptocurrency
On September 3, 2024, the Penpie decentralized finance (DeFi) protocol experienced a significant security breach, resulting in the theft of approximately $27 million worth of cryptocurrency. This incident is part of a larger trend of cyber attacks targeting the crypto industry, with total losses from hacks reaching $1.21 billion so far this year.
Suspension of Deposits and Withdrawals
- Penpie, an independent DeFi protocol on the Pendle platform, confirmed that $27,348,259 worth of Ethereum was stolen.
- The protocol has suspended all deposits and withdrawals to prevent further losses.
Response and Actions Taken
- The Penpie team filed reports with the Singapore police and the FBI’s Internet Crime Complaint Center (IC3).
- In an attempt to recover the stolen funds, Penpie offered a negotiated bounty payment to the hacker.
- The hacker continued to move the stolen cryptocurrency to different blockchain addresses despite these efforts.
Response from Another Notorious Crypto Thief
- The Penpie hack caught the attention of the individual behind the $195 million Euler Finance exploit from 2023.
- The Euler hacker praised the Penpie attacker for their successful hack.
Security Measures by Pendle
- Pendle’s internal security system detected the attack almost immediately.
- Pendle prevented the hackers from taking an additional $105 million from other protocols on their platform.
Vulnerability Exploited and Future Plans
- The vulnerability exploited was related to a new feature introduced in May 2024.
- Penpie acknowledged the need for a full audit before restarting operations.
Trend of Increasing Crypto Thefts in 2024
- The $1.21 billion stolen in 2024 represents a 15.5% increase from 2023.
- Losses are spread across 154 separate incidents, mostly in the DeFi space.
August 2024 Statistics
- There was a significant increase in monetary losses from hacks in August, exceeding $313 million.
- Two major attacks resulted in the theft of approximately $238 million in Bitcoin and $55 million in Dai.
Surge in Phishing Attacks
- Phishing attacks saw a 215% increase in stolen funds compared to July.
- Over 9,000 victims lost about $63 million to crypto phishing scams, with one large-scale attack leading to a $55 million loss.
Hot Take: Stay Informed and Secure Your Crypto Assets
It’s essential to stay vigilant and informed about the security risks in the crypto space to protect your assets. Take necessary precautions to secure your holdings and be cautious of potential threats.
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