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Penpie hacked for $27.3 million

The defi Penpie protocol was mined for 11,113.6 ETH (~$27.3 million) by an attacker who exploited a flaw that allowed them to withdraw their unearned “rewards”. Although the protocol claimed to have been audited by two blockchain security firms, they later revealed that the smart contracts containing the errors were not fully audited.

The team behind Pendle (the platform Pendie is built on) detected the attack and shut down Pendle an hour after the attack began, which they claim prevented another $105 million from being stolen.

Penpie team members filed complaints with the Singaporean police and the US FBI. They also tried to negotiate a “bug bounty” via chain messages and social media to the attacker, but the hacker seems uninterested and continued to transfer funds between different crypto wallets and launder funds through Tornado Cash.

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