Pendle, a protocol built on the Pendle framework, recently faced a significant security breach that threatened user funds. The incident, which began with suspicious contract activity, prompted swift action from the Pendle team to protect approximately $105 million from potential loss.
The breach was first detected at 1745 UTC when the team's monitoring system flagged a contract linked to Tornado Cash. By 1746 UTC, the team was investigating the threat, and the first attack on Penpie occurred at 1823 UTC. Within two minutes, the Pendle team mobilized to defend against further threats.
By 1834 UTC, they enlisted the help of security experts Seal 911 to assess the situation. At 1845 UTC, Pendle successfully paused all contracts, effectively halting any further asset drainage. This decisive action secured $105 million that could have been lost.
After confirming the safety of their contracts by 1852 UTC, Pendle resumed normal operations. The vulnerability was traced to a unique feature in Penpie that allowed permissionless listing of Pendle markets. The team is now preparing a detailed post-mortem report to provide insights into the incident and future preventative measures.
Pendle's rapid response underscores their commitment to security and the safeguarding of user assets.