Penpie Protocol Breach: $27 Million Lost in Latest Crypto Heist

In 2024, the number of hacking attacks targeting cryptocurrency projects continues to surge, with the total amount of stolen funds exceeding $1.2 billion, marking a 15.5% increase compared to 2023.

One of the most recent victims was the Penpie protocol, built on the Pendle platform. On September 3rd, it suffered a breach resulting in the theft of $27 million in client funds. Blockchain security experts discovered that the hackers employed multiple crypto addresses to execute the attack. In response, the platform temporarily suspended all deposit and withdrawal operations.

Pendle representatives assured that client funds on their platform remain secure. To prevent further incidents, all contracts were paused until the issue was resolved.

The breach of the Penpie protocol is not an isolated case. In 2024, hacking attacks on cryptocurrency projects have continued with increasing frequency. According to a report by Immunfi, over $1.2 billion has been stolen in 154 attacks throughout the year.

While most incidents involve decentralized finance (DeFi) platforms, the greatest losses have come from breaches of centralized systems, where substantial capital is concentrated, noted Mitchell Amador, founder and CEO of Immunfi.

According to PeckShield, losses from hacks in August 2024 alone exceeded $313 million. Two of the largest incidents led to the theft of approximately $238 million in Bitcoin and $55 million in Dai cryptocurrency.

August also saw a spike in phishing attacks. According to a Scam Sniffer report, damage from such attacks rose by 215%. Despite a decline in the total number of phishing incidents compared to July, the amount of stolen funds sharply increased, with one of the largest incidents resulting in a loss of $55 million.