Responding swiftly to the attack, the Pendle Finance team shut down their app after detecting a malicious DNS redirect. The PENDLE price is currently trading 14% up at $4.40 with a market cap of $681 million.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
2 mins read
Over the last weekend, DeFi protocol Pendle Finance faced a major security breach incident with their domains compromised. After Pendle migrated their domains from Google to Squarespace, the attacker exploited the vulnerability taking control of the domain.
However, responding swiftly to the attack, the Pendle Finance team shut down their app after detecting a malicious DNS redirect. The team managed to get control over the domain in just 40 minutes while assuring all its users that the funds were safe and secure throughout the incident.
Post Mortem
For context – Squarespace purchased all domain registrations and related customer accounts from Google Domains in June 2023, which forced the migration of domains.
Recently, attackers exploited a vulnerability in Squarespace, hijacking domains hosted on their… https://t.co/0lgcvzss2r
— Pendle (@pendle_fi) July 12, 2024
As things remain largely under control, Pendle Finance’s native token PENDLE has bounced back strongly with the broader market recovery. The PENDLE price is currently trading 14% up at $4.40 with a market cap of $681 million. Also, the daily trading volume for PENDLE has surged by a staggering 120% currently around $85 million.
PENLDE is currently the 97th largest cryptocurrency by market cap, but it still trades 42% down its all-time high level of $7.52, reached earlier this year in April.
Founded in 2022, Pendle Finance initially concentrated on the Ethereum network, offering a platform for tokenizing and trading future yields within the DeFi sector. Later that year, the platform extended its operations to include other networks such as BNB Chain, Arbitrum, and Optimism.
This expansion across multiple chains aims to enhance user access to Pendle’s services and trading features across diverse blockchain platforms, boosting utility and convenience for its clientele.
Additionally, Pendle Finance has implemented a point distribution system with the goal of incentivizing user engagement through different campaigns and thus boosting active community participation. Furthermore, Pendle Finance has enhanced its trading and yield tokenization capabilities by integrating with various DeFi protocols. This will allow users to effectively tokenize and trade yield-bearing assets, thereby optimizing their yield management strategies.
It will be interesting to see whether or not this PENDLE price rally can continue further moving all the way to its all-time high levels and surging even beyond.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
