The alleged exploiter drained roughly $27 million in crypto from Penpie, converting much of the stolen assets to ETH and sending them to a new address.
Pendle identified a security compromise on Penpie, temporarily pausing contracts to protect investors' funds while assuring that assets remain safe on Pendle.
Following the exploit, Penpie's token (PNP) plummeted 40%, showing the immediate market repercussions that DeFi exploits can create in the crypto ecosystem.
DeFi protocols face consistent threats from hackers, with digital asset victims losing around $2 billion from scams and exploits in 2023 alone.
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