Web3 is Going Just Great

The team behind Pendle (the platform on which Pendie is built) detected the attack and paused Pendle an hour after the attack began, which they claim prevented another $105 million from being stolen.

Members of the Penpie team filed complaints with Singaporean police and the US FBI. They also attempted to negotiate a "bug bounty" via on-chain and social media messages to the attacker, but the hacker seems uninterested and has continued to transfer funds between various crypto wallets and launder funds through Tornado Cash.

An exploiter was able to take advantage of an arbitrary call error that allowed them to steal funds from these various contracts, amounting to around $56,000. Various people associated with Aave emphasized that there was no risk to user funds or flaw in the core Aave protocol, and one described the hack as "raiding the tip jar".

Bitcoin mining has been an extremely challenging business in recent times, partly due to volatile crypto prices over the last few years, and due to diminishing miner rewards following the April halving event.

Rhodium Enterprises had been showing signs of trouble, including failing to make scheduled loan payments earlier this month. In December 2023, a dispute between them and a subsidiary of the Riot Platforms bitcoin mining group culminated in armed security removing Rhodium employees from a bitcoin mining facility in Rockdale, Texas, where Rhodium was leasing bitcoin miners. The case was later sent to arbitration.

Abra settled the charges from the SEC by agreeing to an obey-the-law injunction, and agreeing to pay as-yet-undetermined civil penalties.

In January 2024, Abra settled claims from the Texas State Securities Board by agreeing to refund customers. As a part of the complaint, the TSSB had alleged that Abra was "insolvent or nearly insolvent", and had been making misleading statements. In June 2024, Abra settled with 25 state regulatory agencies, agreeing to refund up to $82.1 million to its US customers. Abra had begun winding down operations in the United States in mid-2023, after facing multiple state regulatory actions.