The Penpie protocol, an independent decentralized finance (DeFi) platform built on Pendle, was exploited on September 3, 2024, resulting in the theft of $27 million in client funds. On-chain investigators traced the malicious transaction to an address ending in “bb7,” one of several addresses used by the hacker. As a result, Penpie has suspended all deposits and withdrawals to prevent further losses.
In response to the breach, spokespeople from Pendle reassured users that all customer funds within their platform are safe. They have also paused all contracts while they work to resolve the issue.
Crypto Hacks Continue to Rise in 2024
Unfortunately, the Penpie exploit is part of a larger trend in cryptocurrency hacks this year. A report from Immunefi revealed that over $1.21 billion has been stolen in 2024 through hacks and exploits, marking a 15.5% increase compared to 2023. The 154 incidents recorded so far this year have mainly targeted DeFi platforms, which are particularly vulnerable due to their decentralized nature.
Mitchell Amador, CEO of Immunefi, explained that while DeFi platforms account for most of the attacks, the largest financial losses come from breaches of centralized finance infrastructure due to the larger pools of capital involved.
August’s Significant Crypto Breaches
August 2024 saw particularly high losses from crypto attacks. PeckShield, a security firm, reported that over $313 million was lost to hacks during the month. The most significant incidents involved the theft of $238 million in Bitcoin and $55 million in Dai.
Meanwhile, phishing attacks—where hackers use deceptive links to steal sensitive information—saw a dramatic rise in monetary losses. According to Scam Sniffer, phishing-related losses surged by 215% in August, even though the overall number of phishing attacks decreased. One particularly damaging phishing incident resulted in the theft of $55 million.
The growing frequency of these attacks highlights the increasing need for enhanced security measures across the cryptocurrency ecosystem as hackers continue to target vulnerable DeFi platforms and centralized exchanges alike.
