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Penpie loses USD 27 million in hack
Decentralized Finance (DeFi)
Sep 3, 2024
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Decentralized Finance (DeFi)

Decentralized Finance (DeFi)

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Sep 3, 2024

Penpie loses USD 27 million in hack

Industry news

  • Penpie, a SubDAO of a yield aggregation platform, Pendle Protocol, has lost approximately USD 27 million in crypto assets in a hack.

  • The stolen assets include staked ether tokens, Ethena's sUSDE, and wrapped USDC stablecoin from the protocol. Pendle stated that while investors' funds on its protocol have been secured, it will temporarily pause all contracts as a precautionary measure. 

  • Analyst QuickTake: This attack adds to the growing list of DeFi lending protocols targeted by hackers within the past few months. Penpie joins the likes of LI.FI , Loopring , Sonne Finance , Dolomite , and Unizen , which have suffered hacks that led to losses of USD 11 million,   USD 5 million , USD 20 million , USD 1.8 million , and USD 2.1 million , respectively. Notably, crypto protocols have lost over twice as much in the first half of 2024 (USD 1.38 billion) as last year's (USD 657 million).

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