Pendle-Based DeFi Protocol Penpie Exploited, $27 Million Lost
CryptoNewsTerminal Staff03 Sep, 2024
Pendle-Based DeFi Protocol Penpie Exploited, $27 Million Lost
Penpie, a decentralized finance (DeFi) protocol built on Pendle, has fallen victim to an exploit that resulted in the theft of approximately $27 million worth of cryptocurrencies. The compromised funds included wstETH, sUSDe, agETH, and rswETH, which were then swapped for ETH via LI.FI and transferred to a new address. In response to the exploit, the Pendle team has paused all contracts as a precautionary measure, while assuring users that their funds remain secure. The incident has had a significant impact on the value of Penpie's native tokens, PNP and PENDLE, with PNP experiencing a 40% drop and PENDLE declining by roughly 8%. The Penpie exploit serves as a stark reminder of the risks associated with DeFi protocols and highlights the importance of robust security measures. As the DeFi ecosystem continues to evolve, it is crucial for developers to prioritize the safety of users' funds and implement stringent measures to prevent such incidents from occurring in the future.
