Penpie DeFi Protocol Hacked for $27 Million, PNP Token Drops 40%, Pendle Pauses Smart Contracts

Sep 3, 2024, 08:49 PM

Penpie, a DeFi protocol built on the tokenized yield platform Pendle, was exploited on September 3, 2024, resulting in a significant loss of approximately $27 million. The hack involved various assets, including $7,879,029.18 in wstETH, $2,517,458.57 in sUSDe, $3,409,021.04 in agETH, and $2,226,244.80 in rswETH. The hacker exchanged these assets for 11,109 ETH, valued at about $27 million, and subsequently laundered 1,000 ETH through Tornado Cash. Forta alerted on the incoming attack 40 minutes before exploitation. In response, Pendle has paused all smart contracts, and Penpie has locked deposits and withdrawals to mitigate further damage. Penpie's PNP token has plummeted by 40% following the incident.