Pendle Phishing Case Losses Since March Reach $23.2 Million

Bittime - Pendle, a decentralized finance protocol designed to enable token trading and yield management, has suffered a series of attacks that have caused major losses to its users.  

Pendle Phishing Case 

ZachXBT, a renowned on-chain sleuth, revealed that Pendle users have lost more than $23.2 million since March 2024. One of the most recent cases reported was a loss of $4.69 million experienced by a user due to a phishing attack. 

The user lost PT-ezETH and PT-sz-rsETH tokens, two types of tokens traded on the Pendle platform. This phishing attack occurred just hours before this article was written.

Data of Pendle User Losses

ZachXBT also revealed details of Pendle user losses since March 2024 are as follows.

Source: ZachXBT

Impact of the Pendle Phishing Case

Losses of this magnitude not only had a direct impact on users losing their assets, but also created distrust of the Pendle protocol. Users may feel unsafe to transact on these platforms, which may ultimately reduce the trading volume and liquidity of the Pendle protocol.

Prevent Phishing Attacks

To avoid phishing attacks and similar losses, users of Pendle and other DeFi protocols can take the following precautionary steps.

1. Self Education: As DeFi users, we must understand how phishing attacks work and how to identify suspicious emails or messages.
2. Source Verification: Always be sure to verify the source of information before clicking on a link or providing personal information.
3. Use Two-Factor Authentication (2FA): Enable 2FA on all accounts that support it for an added layer of security.
4. Regular Updates: Always update your software and digital wallet to ensure it has the latest protection against security threats.

Cases of asset loss on Pendle show how important security is in the DeFi ecosystem. Users and developers must work together to ensure that the platform remains safe and reliable.  

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way through Bittime. I'm done is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

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