A $27 million loss in crypto assets occurred as a result of the hacking of the DeFi protocol Penpie.
Penpie, a decentralized finance (DeFi) protocol, was the target of a significant exploit on Wednesday. The assailant was able to steal approximately $27 million in crypto assets. Looted digital assets consist of staked ETH and wrapped USDC.
The exploit was acknowledged by Penpie, which was constructed on Pendle. Penpie expressed a willingness to negotiate a bounty in exchange for the money’s safe return. Pendle also acknowledged a security breach, but they reassured investors that their funds are secure on their platform.
Penpie acknowledged in an X post that the platform had encountered a security compromise and proceeded to suspend all deposits and withdrawals. Penpie’s case is merely the most recent example of the numerous breaches that DeFi protocols have experienced. The developers of Penpie, Magpie, suggested that they had identified the fundamental cause of the breach and that all other protocols within the Magpie ecosystem remained secure and unaffected.
The price of Penpie’s token, PNP, has fallen by 40% in the past 24 hours. Its 24-hour trading volume increased by 1300% to $458K. At the time of publication, PNP is trading at an average price of $0.987.
Pendle’s price was not immune to the decline; it experienced an 11% decrease in the past day. At the time of publication, PENDLE is trading at an average price of $2.78. Its 24-hour trading volume has decreased by 25% to $55.3 million.
Penpie was exploited for $27.3 million, as indicated by the data provided by Lookonchain. The stealing of this breach included 2,695 Restaked Swell Ethereum (approximately worth $6.62 million), 4,101 agETH (approximately worth $10.17 million), 2,723 bundled stETH (approximately worth $7.77 million), and 2.52 million Ethena Staked USDe (approximately worth $2.77 million).
The infiltrator deposited 1000 Ether into Tornado Cash and exchanged all assets for 11,109 Ether. Penpie addressed the intruder in its report and is optimistic that a positive resolution is possible, which would be advantageous to all parties. The protocol stated that the initiative is community-driven, and the funds are of great significance to our users.
The platform has expressed its willingness to negotiate a bounty for the safe return of the funds, providing the hacker with the opportunity to transition into a white-hat role, where their skills will be recognized and awarded.
Penpie guarantees that the hacker’s identity will remain confidential, and she will pursue legal action in return.
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