Pendle to Resume Operation in 3 Weeks; Compensation for Victims Being Discussed
CryptoNewsTerminal Staff10 Sep, 2024
Pendle to Resume Operation in 3 Weeks; Compensation for Victims Being Discussed
Pendle Resumes Operations After $27 Million Exploit Pendle, a decentralized finance (DeFi) protocol, has announced plans to resume operations after completing a comprehensive security audit following a recent exploit that resulted in losses of $27 million. Security Audits Underway Pendle has engaged the services of BlockSec, Peckshield, and Astra Security to conduct thorough security audits. The audits aim to identify and address any vulnerabilities that may have contributed to the exploit. Resumption Timeline and Compensation Pendle anticipates re-enabling deposits and withdrawals within two to three weeks. The platform also plans to discuss a compensation plan for victims who suffered losses during the exploit. Community Engagement Pendle has emphasized its commitment to transparency and collaboration with its community. The platform intends to keep stakeholders informed throughout the audit and recovery process. Caution Urged While Pendle takes steps to resume operations, users are advised to remain vigilant and exercise caution when interacting with DeFi platforms. Regular security updates and best practices should be followed to minimize the risk of future exploits.
