Penpie Resumes Trading After Exploit
CryptoNewsTerminal Staff03 Sep, 2024
Penpie Resumes Trading After Exploit
DeFi protocol Penpie, based on Pendle, has resumed trading after being exposed to an exploit. Pendle announced via Pendle-X that "the exploit was isolated to Penpie and that Pendle is safe." The exploit targeted Penpie's staking contract, which allowed the attacker to mint an unlimited number of synthetic PENDLE tokens. The attacker then used these tokens to manipulate the price of PENDLE on decentralized exchanges. Pendle has since patched the vulnerability and resumed trading on Penpie. The company has also launched an investigation into the incident and is working with law enforcement to track down the attacker. Penpie is a decentralized finance protocol that allows users to create and trade synthetic assets. The protocol is based on Pendle, which is a blockchain-based platform for creating and managing synthetic assets. The resumption of trading on Penpie is a positive sign for the DeFi ecosystem. It shows that even after a major exploit, protocols can recover and continue to operate. It also shows that the DeFi ecosystem is resilient and is able to adapt to new challenges.
