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Pendle releases Penpie attack analysis report: After discovering the vulnerability, it immediately suspends the contract, preventing further loss to $105 million in assets

Pendle releases Penpie attack analysis report: After discovering the vulnerability, it immediately suspends the contract, preventing further loss to $105 million in assets

Bitget2024/09/04 03:54

On September 4th, Pendle released a Penpie attack analysis report. "After discovering a security vulnerability, Pendle immediately suspended our contracts, protecting approximately $105 million in assets that could have been further lost from Penpie. At 01:45 today, the attacker deployed the first contract for the attack. Our real-time internal monitoring system detected it as a suspicious contract funded by Tornado Cash and interacting with Pendle's contracts. By 01:46, our team was aware of this danger signal and remained vigilant while initiating an investigation to check if this posed a real security threat to Pendle. The first attack on Penpie occurred at 02:23; Penpie is an independent protocol built on top of Pendle. At around two minutes after the security breach in Penpie (at 02:25), the Pendle team made every effort to protect both Pendle and Pencosystem from any subsequent attacks. At 02:34, we also contacted Seal911 - a security expert - for help assessing the situation, evaluating options and formulating appropriate strategies to prevent any related follow-up attacks. By 02:45 we managed to suspend all contracts on Pendle." Subsequently, they reached out to protocols using Pendle PT as collateral informing them about the suspension of their contracts.
"At 02:52," continued their statement "our development team confirmed that our contracts were safe; it was due to unique issues specific to Penpie that caused these attacks." They found out that this vulnerability had something do with allowing unauthorised listing of markets on Penpie without permission.
"By 08:50," concluded their report "after rigorous checks and coordination steps one and two with all relevant parties involved were completed successfully; thus confirming safety measures taken were effective enough for us resume normal operations by lifting suspensions placed earlier on our contracts."

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