Pendle says it saved $105 million that could have been further drained amid $27 million Penpie hack

DeFi project Pendle claims to have safeguarded around $105 million in funds that could have been drained from Penpie following a hack on Tuesday on the independent Pendle ecosystem yield optimizer.

In a post-mortem following the incident early Wednesday morning, Pendle said the funds were protected following a prompt pause in its contracts. "Thanks to coordinated efforts from multiple parties, further breaches were mitigated, and Pendle contracts have now been unpaused. Normal operations have resumed," the project wrote on X. "We want to reassure Pendies that funds on Pendle remain safe and unaffected, and we will continue to prioritize the safety and security of our platform above all else."

However, the attacker still managed to exploit Penpie's protocol for around $27.3 million, with various stolen assets exchanged for 11,109 ETH, according to blockchain analytics provider Lookonchain.