The post Penpie DeFi Protocol Exposed to $27M Exploit, Tokens See Sharp Decline appeared on BitcoinEthereumNews.com.

Penpie DeFi exploit $27M has sent shockwaves through the decentralized finance (DeFi) space after an attacker successfully siphoned approximately $27 million worth of cryptocurrencies from the Pendle-based protocol. According to a report by CoinDesk, the stolen assets included wstETH, sUSDe, agETH, and rswETH. The hacker used the LI.FI protocol to convert the funds to ETH and transferred them to a new address. In response, Penpie has temporarily suspended all contracts as a precaution, while reassuring investors that their funds remain safe. Details of the Exploit The Penpie DeFi exploit $27M incident occurred when the attacker managed to exploit a vulnerability within the Penpie protocol, which is built on the Pendle DeFi platform. The attacker stole various digital assets, including: wstETH (Wrapped stETH) sUSDe agETH rswETH Following the breach, the attacker used LI.FI to convert the stolen assets into Ethereum (ETH) and transferred the funds to a new address, making it difficult to trace or recover the assets. Pendle Project’s Response In a statement released shortly after the exploit, the Pendle project confirmed the hacking issue within the Penpie protocol. However, the team reassured investors that their funds are secure, suggesting that the breach primarily affected Penpie’s own funds rather than user deposits. Contract Suspension: As a precautionary measure, Pendle has temporarily suspended all contracts associated with Penpie to prevent further exploits while they investigate the vulnerability and work on a resolution. Investor Assurance: Pendle’s announcement emphasized that no investor funds were compromised during the exploit. This assurance has helped to mitigate concerns, although market reactions have shown a significant impact on token prices. Market Impact The Penpie DeFi exploit $27M has had an immediate impact on the market, with the price of Penpie’s native token, PNP, dropping by approximately 40% following the news of the breach. Meanwhile, Pendle’s token, PENDLE,…

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Filed under: News - @ September 4, 2024 3:17 am