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.
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.
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.
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