Penpie, a decentralized finance (DeFi) platform, suffered a major security breach on Wednesday, resulting in the theft of approximately $27 million in cryptocurrency.
The stolen assets included staked ETH and wrapped USDC.
Following the attack, Penpie, which operates on the Pendle network, has acknowledged the incident and expressed a willingness to negotiate a bounty for the return of the stolen funds. Pendle has confirmed that while they also experienced a security issue, investor assets on their platform remain secure.
The hack prompted Penpie to suspend all deposits and withdrawals. Despite identifying the source of the breach, Penpie’s token, PNP, saw a drastic 40% decline in value over the past day, with trading volume surging by 1300% to $458,000. The token is currently valued at around $0.987.
Pendle’s token also took a hit, falling 11% to $2.78, with a 25% drop in its 24-hour trading volume to $55.3 million.
The breach involved the theft of assets including Restaked Swell Ethereum, agETH, wrapped stETH, and Ethena Staked USDe.
Penpie is now in discussions with the hacker, offering a potential bounty for the return of the funds. The protocol hopes to resolve the situation positively, with assurances of confidentiality and legal immunity for the hacker in exchange for a portion of the funds.
An international arrest warrant has been requested for Hayden Davis, co-creator of the LIBRA token, which became the center of a major political scandal in Argentina.
Chris Larsen, the co-founder of Ripple, suffered a significant financial blow in 2024 when he lost over $661 million worth of XRP due to a security breach in the password management system LastPass.
Venture capitalist and Mission Gate founder George Bachiashvili is now facing imprisonment in Georgia after a court revoked his bail.
Hackers have exploited a vulnerability in DeFi aggregator 1inch’s resolver smart contract, leading to losses of over $5 million, according to blockchain security firm SlowMist.