In 2024, the number of hacker attacks on cryptocurrency projects continues to grow – the total amount of stolen funds has already exceeded $1.2 billion, which is 15.5% more than in 2023.
One of the last victims was the Penpie protocol built on the Pendle platform. On September 3 the protocol was hacked, resulting in $27 million being stolen from clients. Blockchain security experts discovered that hackers used several methods to carry out the attack. In response, the platform temporarily suspended all operations for depositing and withdrawing funds.
Representatives of Pendle reassured customers that funds on their platform were safe. To prevent further attacks, all contracts were suspended until the issue was resolved.
The Penpie protocol hack is not an isolated incident. In 2024, hacker attacks on cryptocurrency projects are occurring more frequently. According to a report by Immunfi, over $1.2 billion was stolen in the past year through 154 attacks.
The majority of these incidents are linked to decentralized financial platforms (Defi), which utilize decentralized systems like smart contracts to offer financial services without traditional financial institutions, such as banks or exchanges.