Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ADOPTION NEWS»Pendle said the Penpie hack saved the company an additional $105 million that could have been spent.
ADOPTION NEWS

Pendle said the Penpie hack saved the company an additional $105 million that could have been spent.

By Crypto FlexsSeptember 4, 20242 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Pendle said the Penpie hack saved the company an additional 5 million that could have been spent.
Share
Facebook Twitter LinkedIn Pinterest Email

DeFi project Pendle claimed on Tuesday that it had secured approximately $105 million in funds that could have been lost from Penpie after an independent Pendle Ecosystem yield optimization tool was hacked.

In a post-mortem following the early morning incident on Wednesday, Pendle said the funds were protected after the contract was immediately suspended. “Thanks to the coordinated efforts of multiple parties, further breaches were mitigated and the Pendle contract is now uninterrupted. Normal operations have resumed,” the project wrote to X. “We would like to reassure Pendies that their funds on Pendle are safe and unaffected, and we will continue to prioritize the safety and security of our platform above all else.”

However, according to blockchain analytics provider Lookonchain, attackers exploited Penpie’s protocol to steal around $27.3 million, exchanging various assets for 11,109 ETH.

Blockchain security firm PeckShield said the root cause was the introduction of “evil markets,” malicious contracts used to inflate Penpie’s staking balances to claim unfair rewards.

Pendle confirmed that the vulnerability was related to a unique feature of Penpie that allowed it to register Pendle Market without permission. It claimed that its own monitoring system immediately detected the suspicious contracts funded by Tornado Cash. However, it did not prevent the initial attack.

According to CoinGecko data, Penpie’s PNP token fell more than 33% immediately following the incident, while Pendle’s native token fell about 9% in the last 24 hours, according to The Block’s Pendle price page.

Penpie paused for a moment, later revealing that he was willing to negotiate with the hacker. In exchange for his cooperation, he offered not to take legal action, the attacker’s identity would remain secret, and he would receive a percentage of the funds as a bounty reward.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Current financial disclosures are as follows:

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Sei Development Foundation: Use of US Innovation for Global Block Chain

June 6, 2025

Solana’s Journey: Promotion of Challenge, Innovation and Speed

June 6, 2025

Bitcoin’s $ 100k drop in caught many merchants for many merchants.

June 6, 2025
Add A Comment

Comments are closed.

Recent Posts

2025 Best Free Cloud Mining

June 6, 2025

Sei Development Foundation: Use of US Innovation for Global Block Chain

June 6, 2025

Analyst Michaël Van de Poppe says Bitcoin is getting higher.

June 6, 2025

Does Ethereum start their business? MorningStar Candlestick Pattern tells the story

June 6, 2025

Solana’s Journey: Promotion of Challenge, Innovation and Speed

June 6, 2025

Ether Leeum’s imminent brake out in major chart patterns

June 6, 2025

Bittensor increases rapidly after 118 subnets in the $ 1,000 TAO price guess.

June 6, 2025

Bitcoin’s $ 100k drop in caught many merchants for many merchants.

June 6, 2025

As the ETF rises, Bitcoin Eye Major Rally -but this can ruin the party.

June 6, 2025

Secure the Treasury in the BNB chain and launch VANECK

June 6, 2025

Use Sunny Mining Cloud Mining to earn $ 12,000 a day

June 6, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

2025 Best Free Cloud Mining

June 6, 2025

Sei Development Foundation: Use of US Innovation for Global Block Chain

June 6, 2025

Analyst Michaël Van de Poppe says Bitcoin is getting higher.

June 6, 2025
Most Popular

Ethereum Faces 30% Drop After Spot ETF Launch

August 21, 2024

Bitcoin Miner Selling Pressure ‘Weaken’ as BTC Withdrawals Drop 85%

June 28, 2024

The Mystery Behind $289 Million Worth of ETH Traded for the First Time in 7 Years

July 26, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.