On September 3, Penpie suffered a major exploit, leading to the loss of $27 million in digital assets. In response, the platform immediately halted all deposits and withdrawals. Within 24 hours of the breach, the Penpie hacker transferred $7 million through the crypto mixer Tornado Cash, a service used to anonymize transactions. Though often employed for privacy, such mixers are frequently utilized by hackers to launder stolen funds.

Commendation from the Euler Finance Hacker to Penpie Hacker

Following the heist, the hacker behind the $195 million flash loan attack on Euler Finance in March 2023 sent a congratulatory onchain message to the Penpie hacker, praising their decision to keep the stolen funds. The message read:

“Good job, bro. I haven’t seen a hack like this in a while. I’m glad you kept all the money and didn’t let them recover a single dollar. You won, they lost. Good job.”

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Ironically, the Euler Finance hacker didn’t fare as well. After their attack, Euler Finance offered them a deal on March 15, 2023, to keep $20 million if they returned 90% of the stolen funds. The protocol also placed a $1 million bounty on information leading to the hacker’s arrest.

By April 4, the Euler Finance hacker returned all recoverable funds, amounting to 90% of the total. As a result, the Euler Foundation called off the $1 million bounty.

August Sees Surge in Phishing Attacks

In August alone, over 9,000 victims lost a total of $63 million to crypto phishing scams. Despite a decline in the number of victims compared to July, the total amount stolen skyrocketed by 215%, largely due to a single large-scale incident involving the theft of $55 million.

On August 20, a wallet owner unknowingly signed a malicious transaction, transferring ownership of 55 million Dai, allowing scammers to make off with the funds.

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