Hackers Steal $27M from Penpie Protocol

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On Sept. 3, 2024, The Penpie Protocol, a decentralized finance platform built on top of Pendle, fell victim to an exploit and lost $27 million of client funds as of the time of writing.

Through investigation, it was discovered that the hack originated from one of the hacker’s addresses ending in “bb7,” among others.

As a precautionary measure, all deposits and withdrawals have been suspended by Penpie. Pendle representatives have also ensured users that their funds are safe and have halted all contracts until the issue is resolved.

Sadly, the Penpie exploit is just one of many in a rising trend of crypto hacks and exploits in 2024. According to Immunfi’s recent report, over $1.2 billion has been stolen through 154 different incidents this year.