Pendle Team Dismisses Hack Rumors Amid Market Reaction Translation: Pendle Team Dismisses Hack Rumors Amid Market Reaction

On September 30, rumors surfaced regarding a hack of the DeFi protocol Pendle. The team has since denied these claims.

According to the developers, the platform’s smart contracts are functioning normally, and users’ funds remain secure. However, a specific whale’s wallet was compromised.

From this address, the attacker minted PT principal amount tokens and YT yield tokens, subsequently selling them on the market. As reported by DeBank, the stolen tokens were exchanged for Ethereum.

Following the incident, the native token of the protocol, PENDLE, saw a 10% drop in price, falling from $4.56 to $4.34. At the time of writing, the price has rebounded to $4.55.

The Pendle protocol, built on Ethereum, was launched in June 2021 and allows for the tokenization of assets and management of future yields. The project’s Total Value Locked (TVL) stands at approximately $6.5 billion.

It is worth noting that at the end of September, the DeFi protocol Hypervault «vanished» with crypto assets amounting to $3.6 million.