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The Pendle-based DeFi protocol Penpie has become the latest target in the ongoing string of hacks plaguing the cryptocurrency market, suffering a loss of $27 million.
As hacking incidents in the crypto space continue to mount, Penpie is the most recent victim, losing approximately $27 million in various staked Ethereum (ETH) assets during the attack.
The stolen assets include various types of Ethereum such as wstETH, agETH, and rswETH, as well as Ethena’s sUSDE and wrapped USDC.
Following the breach, Pendle issued a statement confirming that a security vulnerability had been identified within the Penpie protocol. The team assured that they are maintaining close communication with all parties involved and emphasized that investor funds within Pendle remain secure. As a precautionary measure, all contracts have been temporarily paused.
The impact of the hack was immediately felt, with Penpie (PNP) experiencing a sharp drop of up to 40% in its value. Pendle (PENDLE) was also affected, with its price falling by approximately 8.5% over the last 24 hours.
Hacker Moves Stolen Funds to Tornado Cash
Blockchain security firm PeckShieldAlert reported that the hacker responsible for the Penpie breach initially transferred 1,000 ETH, worth roughly $2.44 million, to Tornado Cash. Subsequently, an additional 1,900 ETH, valued at $4.5 million, was moved to the same platform.
In a final move, the attacker transferred another 1,000 ETH, approximately $2.4 million, to Tornado Cash. According to PeckShieldAlert, the hacker still holds an estimated 7.1K ETH.
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