$27 Million Security Breach Reportedly Hit Penpie DeFi Platform 😲

Stay Informed About the Recent Penpie DeFi Hack 🕵️‍♂️

A decentralized finance platform called Penpie, operating on the Pendle network, was recently hit by a significant exploit on September 3, 2024. Reports suggest that the hack resulted in the loss of around $26 million in various wrapped and synthetic crypto assets. Here are the details of what transpired:

Emergence of Attack Details 🚨

The security monitoring firm Cyvers Alert revealed that the attack on Penpie began with a smart contract that received an initial funding of 10 ether (ETH) through Tornado Cash. Once the breach was identified, Penpie confirmed the security compromise and halted all transactions while working on a solution. Pendle, the network hosting Penpie, also responded by pausing contracts and providing assistance to address the issue.

Penpie hack led to a loss of $26 million in crypto assets
Cyvers Alert identified the attack’s origin through a funded smart contract
Pendle network supported Penpie in managing the aftermath

Protective Measures and Analysis Post-Attack 🔒

Following the incident, Penpie released an in-depth report outlining the events leading to and following the breach. The team acted swiftly upon detecting suspicious activities and collaborated with security experts to strengthen the network’s defenses. Porvided below are steps taken post-attack:

Initial investigation report highlighted crucial timelines
Penpie took prompt action upon detecting security threats
Pendle network resumed normal operations after verifying its security
Penpie engaged in dialogue with the hacker for a positive resolution

Moving Forward: Seeking Resolution 🛠️

Penpie extended an olive branch to the hacker, proposing a potential bounty for the safe return of the stolen funds and offering to refrain from legal actions if the hacker cooperated as a white-hat actor. At present, it remains uncertain whether the hacker has responded to these overtures. Penpie’s operations are currently on hold as they strive to restore full functionality for their users.