Krutika Adani
The Penpie protocol crashed after hackers lost $27 million worth of staked ETH, USDE, and wrapped USDC.
The hacker reportedly used Tornado Cash to launder the money and erase any connection to the hack.
After the news of its hack came out, Penpie, the protocol's native token, crashed 40%. It had slightly recovered at press time and traded at $0.98, with an intraday loss of around 33.4%.
In August 2024 alone, crypto losses due to hacks and scams reached $313 million. This figure rises to $1.5 billion for the first half of 2024.
The hack's impact has also scared Pendle users, as the Penpie.xyz was built on top of it. Assuring its users, the platform said that its funds were secure.