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Why do DeFi projects remain a prime target for digital criminals?
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 latest victims was the Penpie protocol, built on the Pendle platform. On September 3, it was hacked, as a result of which $27 million of client funds were stolen. Blockchain security experts found out that hackers used several crypto addresses at once to carry out their plan. In response to the incident, the platform temporarily suspended all deposit and withdrawal operations.
Pendle representatives assured that customer funds on their platform remain safe. To prevent further attacks, all contracts have been suspended until the issue is fixed.
Penpie protocol hacking is not an isolated incident. In 2024, hacker attacks on cryptocurrency projects continue with increasing frequency. According to the Immunfi report, over $1.2 billion was stolen in 154 attacks during the year.
The bulk of the incidents are related to decentralized finance platforms (DeFi), but the largest losses are caused by hacks of centralized systems, where significant capital is concentrated, said Mitchell Amador, founder and CEO of Immunfi.
According to PeckShield, in August 2024 alone, the amount of losses from hacks exceeded $313 million, the two largest incidents led to the theft of about $238 million in bitcoin and $55 million in Dai cryptocurrency.
August also saw a surge in phishing attacks. According to the Scam Sniffer report, the damage from such attacks increased by 215%. Despite the decrease in the total number of phishing attacks compared to July, the amount of stolen funds has increased dramatically. One of the largest incidents resulted in the loss of $55 million.
Source
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 latest victims was the Penpie protocol, built on the Pendle platform. On September 3, it was hacked, as a result of which $27 million of client funds were stolen. Blockchain security experts found out that hackers used several crypto addresses at once to carry out their plan. In response to the incident, the platform temporarily suspended all deposit and withdrawal operations.
Pendle representatives assured that customer funds on their platform remain safe. To prevent further attacks, all contracts have been suspended until the issue is fixed.
Penpie protocol hacking is not an isolated incident. In 2024, hacker attacks on cryptocurrency projects continue with increasing frequency. According to the Immunfi report, over $1.2 billion was stolen in 154 attacks during the year.
The bulk of the incidents are related to decentralized finance platforms (DeFi), but the largest losses are caused by hacks of centralized systems, where significant capital is concentrated, said Mitchell Amador, founder and CEO of Immunfi.
According to PeckShield, in August 2024 alone, the amount of losses from hacks exceeded $313 million, the two largest incidents led to the theft of about $238 million in bitcoin and $55 million in Dai cryptocurrency.
August also saw a surge in phishing attacks. According to the Scam Sniffer report, the damage from such attacks increased by 215%. Despite the decrease in the total number of phishing attacks compared to July, the amount of stolen funds has increased dramatically. One of the largest incidents resulted in the loss of $55 million.
Source
