Altcoin

Pendle Token Theft Surges, $5.62M Lost From Recent Permit Phishing

Published

11 months ago

May 18, 2024

Coin2049 Newsletter

In recent months, the Pendle token ecosystem has experienced a significant surge in thefts, with over $10 million worth of Pendle yield tokens stolen due to security breaches. This alarming trend underscores the pressing need for heightened vigilance among cryptocurrency users. The majority of these thefts have been facilitated through fraudulent means, where users unintentionally grant permissions to malicious entities. These incidents highlight the critical importance of meticulously scrutinizing any approval requests related to yield tokens.

Escalating Theft Incidents Highlight Security Vulnerabilities

The most recent incident in this troubling series of thefts involved a victim who lost $5.62 million worth of Pendle yield tokens. This loss occurred when the user, identified by the address 0xe..f05, inadvertently signed a phishing signature disguised as a legitimate permit. This deceptive act enabled the scammer, identified by the address 0xa…a6f, to gain unauthorized access to the victim’s tokens.

This particular case is part of a broader pattern of thefts that has intensified over the past week, with four significant phishing incidents each resulting in losses exceeding $1 million. These events have collectively led to a staggering total loss of $9.04 million. Most of these thefts involved Pendle yield tokens, and the predominant method of attack has been through fraudulent permit phishing signatures. This disturbing trend underscores the urgent need for robust security measures and increased user awareness within the cryptocurrency community to combat these sophisticated phishing schemes.

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Market Resilience and Influential Endorsements

Despite the ongoing security challenges, Pendle (PENDLE) has shown remarkable resilience in the market. As of today, Pendle is priced at $4.99, reflecting an 8.15% increase in the last 24 hours and an 11.26% increase over the past week. The token boasts a 24-hour trading volume of $124,016,558.79 and a circulating supply of 150 million PENDLE, resulting in a market cap of $768,389,937. This positive market performance indicates strong investor confidence, which has been further bolstered by high-profile endorsements and strategic investments.

One such influential figure is Arthur Hayes, co-founder of BitMEX, who has recently drawn significant attention with his strategic investment in Pendle. In his article titled “Mayday,” Hayes outlined his cryptocurrency investment strategy for May, revealing his purchase of $500,000 worth of PENDLE tokens. Hayes’ bold move has sparked widespread discussion within the crypto community, as he is renowned for his market insights and accurate predictions.

His investment in Pendle is perceived as a strong vote of confidence, contributing to the recent price surge and reinforcing the token’s potential in the market. Investors and market analysts are closely monitoring Hayes’ actions, which continue to shape market perceptions and trends. His involvement not only highlights the potential of Pendle but also serves as a barometer for broader market sentiment, attracting both scrutiny and admiration from the crypto community.

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