News
Pendle climbs 14% as Pendle Finance recovers from domain hijacking attack
Pendle, the native token of the decentralized platform Pendle Fundingjumped 14% today to become the biggest gainer among the top 100 cryptocurrencies by market cap.
At the time of writing, PENDLE was still up 13.5% over the past 24 hours, trading hands at $4.38 per share. data from crypto.news. The crypto asset also saw its daily trading volume double from the last day, hovering around $77.6 million.
PENDLE 24-hour price chart | Source: crypto.news
Additionally, PENDLE’s market cap also jumped to $683 million, ranking it 96th among the top 100 cryptocurrencies. Despite the recent price rally, the digital asset is still down 42% from its all-time high of $7.52, which was reached on April 11.
The recent price spike follows a security incident in the Pendle community over the weekend when their the domain has been hackedAfter migrating domains from Google to Squarespace, attackers exploited a vulnerability, taking control of several domains, including Pendle’s.
Pendle’s team responded quickly to the attack, shutting down their app after detecting a malicious DNS redirect. They were able to regain control of the domain within 40 minutes, assuring their X subscribers that the protocol and funds remained secure throughout the incident.
Post mortem
As a reminder, Squarespace purchased all domain registrations and customer accounts associated with 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
Founded in 2022, Pendle Finance initially focused on the Ethereum network, providing a platform for tokenization and trading of future yields in the Defi space. Later that year, the platform expanded its reach to other networks, including BNB Chain, Arbitrum, and Optimism.
This cross-chain expansion aims to facilitate seamless access to Pendle’s trading services and features across different blockchain platforms, thereby increasing its utility and accessibility for users.
Additionally, Pendle has implemented a points distribution system designed to encourage user engagement through various campaigns, thereby promoting more active community participation.
Additionally, Pendle has enhanced its tokenization and yield trading capabilities by integrating with various DeFi protocols. This allows users to efficiently tokenize and trade yield-generating assets, optimizing their yield management strategies.