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News

Pendle Hack Saved $105 Million From Further Draining Amid Attack

September 4, 2024 - Around 2 mins mins to read

Key points:

  • DeFi protocol Pendle says it saved around $105 million from being further drained following a $27 million hack of Pendle-based yield optimizer Penpie.
  • In a post-mortem, the project said funds on Pendle were not at risk, and normal operations have since resumed, though Penpie remains paused.
Pendle hack safeguarded $105M in funds after Penpie exploit, though $27.3M was stolen. Pendle resumed normal operations and offered negotiations with the hacker.
Pendle Hack Saved $105 Million From Further Draining Amid Attack

Pendle Hack: $105 Million Safeguarded

DeFi project Pendle has secured around $105 million in funds following a hack of the ecosystem’s yield optimizer Penpie. In a postmortem report, Pendle explained that a quick contract pause prevented further breaches.

The project stressed that normal operations have been restored and reassured users that their funds are safe. The security breach stemmed from a unique feature that allows permissionless listings, which the attacker exploited.

Read more: Pendle Domain Hijacking Be Warned, User Funds Are Safe

$27.3 Million Stolen in Penpie Exploit

Despite securing most of the funds, the hacker managed to steal $27.3 million by launching a malicious “evil market” contract that inflated the staking balance on Penpie. This allowed the attacker to claim rewards fraudulently.

In response, Penpie paused its protocol and was willing to negotiate with the hacker, offering security, no legal action, and bounty rewards in exchange for cooperation.

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.

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Author

William

In the fast-paced world of day trading, I've honed my skills for over six years using technical analysis tools and crafting short-term strategies. My expertise isn't from textbooks but from the trenches of online trading communities. I excel at reading chart patterns, applying technical analysis, and mastering risk management. "The market is about probabilities," I declare. As Editor at Coincu, I empower readers with the insights and strategies to conquer the dynamic world of day trading.