Pendle Saves $105 Million in DeFi Exploit, Halts Penpie Hack

• Pendle swiftly halted contracts, averting a $105M loss as a result of a breach at Penpie protocol.
• Collaboration with Seal 911 and safety specialists confined the breach, securing Pendle’s ecosystem.
• Pendle ensured ecosystem integrity by participating with protocols utilizing PTs as collateral.

DeFi platform Pendle efficiently thwarted a possible lack of roughly $105 million stemming from an alleged safety breach at Penpie, an unbiased protocol constructed on Pendle’s infrastructure.

The incident, which unfolded over a number of hours, triggered a swift and coordinated response, culminating within the momentary pausing of contracts to stop additional unauthorized withdrawals.

In line with Pendle, the primary indicators of the breach have been detected at 17:46 UTC, resulting in elevated vigilance by the Pendle group. The primary assault occurred at 18:23 UTC at Penpie, prompting quick defensive actions.

By 18:45 UTC, all Pendle contracts have been paused, an important transfer that helped stop further asset losses from Penpie.

Moreover, safety specialists from Seal 911 have been introduced in at 18:34 UTC to evaluate and strategize one of the best strategy to handle the unfolding state of affairs. This collaborative effort ensured that the safety breach remained remoted to Penpie with out affecting the broader ecosystem that makes use of Pendle’s platform.

Following the pausing of contracts, Pendle Pendle reached out to different protocols utilizing its PTs as collateral to make sure they weren’t susceptible to comparable exploits. This protecting measure was essential in sustaining the integrity of the broader ecosystem.

By 00:50 UTC, after thorough verification and coordination with all related events, together with safety groups and protocols doubtlessly affected by the identical vulnerability, Pendle’s operations have been safely restarted.

On the time of this report, the Penpie group is presently making ready an in depth incident evaluation to supply insights and doubtlessly help different protocols to strengthen their defenses in opposition to comparable incidents. In the meantime, Pendle has confirmed that their contracts are safe, and regular operations have resumed with none threat to consumer funds.

Pendle concluded by expressing gratitude to the cybersecurity group with a shoutout to Dan Caspi of Hypernative Labs and others like @pcaversaccio, for his or her fast assist and experience in the course of the disaster.