20 May 2024 Arjun Agarwal
Pendle Prices Skyrocket Despite Security Concerns
Pendle (PENDLE) has proven remarkably resilient despite the ongoing security challenges. Pendle's current price of $5.32 represents an increase of 11.88% over the last day and 34.13% over the last week. With 153 million PENDLE in circulation and a 24-hour trading volume of $145 million, the token reached a $818,665,123 market cap. Strong investor confidence is indicated by the market's positive performance, which has been reinforced by well-known endorsements and calculated investments.
Source: CoinMarketCap
One such powerful person is Arthur Hayes, the co-founder of BitMEX, who gained a lot of notice lately for his well-timed investment in Pendle. Hayes detailed his May cryptocurrency investment plan in his piece "Mayday," disclosing that he had bought $500,000 worth of PENDLE tokens. Given his reputation for precise forecasts and market insights, Hayes' audacious move has generated a great deal of discussion within the cryptocurrency community.
The recent price surge and the token's potential in the market are reinforced by his investment in Pendle, which is seen as a strong vote of confidence. Hayes' actions, which continue to influence market perceptions and trends, are being closely observed by investors and market analysts. His participation not only draws attention to Pendle's potential but also acts as a gauge of the mood of the market as a whole, drawing praise and criticism from the cryptocurrency community.
Thunders in paradise for PENDLE
The Pendle token ecosystem, despite blooming in the past 90 days, has seen a sharp increase in thefts in recent months; as a result of security breaches, over $10 million worth of Pendle yield tokens have been taken. This concerning trend emphasizes how urgent it is for cryptocurrency users to exercise increased caution. Most of these thefts have been made possible by dishonest methods, in which users unwittingly permit malicious entities to access their data. These incidents demonstrate how crucial it is to carefully review all requests for yield token approval.
In the latest theft in this alarming sequence, a victim lost Pendle yield tokens valued at $5.62 million. This loss happened as a result of the user unintentionally signing a phishing signature that looked like a valid permit. The scammer was able to obtain unauthorized access to the victim's tokens thanks to this dishonest act.
This specific theft is part of a larger trend that has been more frequent over the past week, with four notable phishing incidents that have each resulted in losses greater than $1 million. The astounding total loss resulting from these occurrences is $9.04 million. The majority of these thefts involved Pendle yield tokens, and phishing signatures on permits were used as the main attack vectors.
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