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Pendle Finance X Account Lost Control, Scammers Post Fraudulent Airdrop

Key Points:

Pendle Finance’s founder, TN Lee, warns of potential misinformation but assures no fund risk.
Users question Pendle Finance X account’s normalcy claim amid fraud concerns over PENDLE airdrop.

The founder of Pendle TN Lee issued a tweet confirming that the team encountered difficulties accessing the Pendle Finance X account (@pendle_fi) and is actively investigating the issue.

Pendle Finance X Account Access Issue

Lee advised users to remain cautious of potential misinformation disseminated through the account, reassuring them that no funds are at risk.

Shortly after Lee’s announcement, the Pendle Finance X account posted a status asserting normal operations and denying loss of control. However, users flagged suspicious activity related to a PENDLE airdrop linked by the account, raising concerns of potential fraud. As of now, the Pendle team has not released further updates regarding this incident.

Pendle Finance, a decentralized finance (DeFi) protocol built on Ethereum, facilitates the tokenization and trading of future asset staking profits via an automated market maker (AMM) mechanism. It empowers users with diverse strategies to optimize asset returns.

Account Hacking Incidents on the Rise

Instances of account hacking are prevalent not only in the crypto sector but also across various industries. The U.S. Securities and Exchange Commission (SEC) recently addressed a similar incident involving its X account, which resulted in the dissemination of a false announcement regarding the approval of a spot bitcoin exchange-traded fund earlier this year.

Moreover, scammers targeted the X account of late actor Matthew Perry, known for his role in the TV series “Friends.” The fraudulent activity involved posting fake links directing users to contribute to Perry’s foundation via cryptocurrency, leading them to deceptive websites.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.