Penpie Hacked, $27 Million Drained in ETH and Stablecoins

Penpie, a protocol built on Pendle, was hacked on Sept 3rd and drained of $27 million in different cryptocurrencies including Ether (ETH) and stablecoins

Penpie, a protocol built on Pendle, was hacked on Sept 3rd and drained of $27 million in different cryptocurrencies including Ether (ETH) and stablecoins such as wrapped USDC and sUSDE.

Withdraw ALL funds from penpie ASAP. Their front end is broken rn so i withdrew my funds via contract.

To withdraw via contract: Go to https://t.co/LDc5tg4PZv. Call `withdrawMarketWithClaim()` with appropriate params. You can get your market and amount params by examining your… https://t.co/g85xG6vlgs

According to reports, the hacker found a weakness in Penpie’s security. They exploited the vulnerability, converted most of the stolen funds into ETH, and then transferred the fund to a new Ethereum address, making it difficult to trace.

In response to the breach, Penpie has paused all deposits and withdrawals on its platform to prevent further losses.

After a thorough investigation, we can confirm that funds on Pendle remain secure. However, we have identified a security compromise in @Penpiexyz_io, an independent protocol built on top of Pendle.As a precaution, we have temporarily paused all contracts, and shall maintain…

Pendle, the parent company of Penpie, has issued a statement on X reassuring users that their funds on Pendle were still safe. However, as a precaution, Pendle also temporarily suspended all contracts until the situation is fully under control.

As a result of the hack, Penpie’s token (PNP) dropped 40% in value, while Pendle’s token saw an 8.7% decline.

Also Read: Wazirx Hacker Completed KYC Verification Weeks Before Hack!!