Pendle climbs 14% as Pendle Finance recovers from domain hijack attack

Pendle, the native token of decentralized platform Pendle Finance, was the top gainer among the top 100 cryptocurrencies by market capitalization today, up 14 percent.

At the time of writing, PENDLE was still changing hands at $4.38, up 13.5% in the last 24 hours, according to price data from crypto.news. The crypto asset’s daily trading volume has also doubled from the last day, hovering around $77.6 million.

PENDLE 24-hour price chart | Source: crypto.news

Additionally, PENDLE’s market cap has jumped to $683 million, placing it at number 96 among the top 100 cryptocurrencies. Despite the recent price increase, the digital asset is still down 42% from its all-time high of $7.52 reached on April 11.

The latest price hike comes after a security incident over the weekend when the domains of the Pendle community were hijacked. After the domains were transferred from Google to Squarespace, attackers took control of several domains, including Pendle’s, by exploiting a vulnerability.

The Pendle team responded quickly to the attack and shut down their application after detecting a malicious DNS redirect. They were able to regain control of the domain within 40 minutes and assured their followers at X that the protocol and funds remained safe throughout the incident.

Autopsy

For context – Squarespace purchased all domain name registrations and related customer accounts from Google Domains in June 2023, which forced the domain names to be moved.

Recently, attackers exploited a vulnerability in Squarespace to create their own… 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 tokenizing and trading future returns in the defi space. Later that year, the platform expanded its reach to other networks, including BNB Chain, Arbitrum, and Optimism.

The goal of this cross-chain expansion is to facilitate seamless access to Pendle’s services and trading functions across different blockchain platforms, thereby increasing its usability and accessibility for users.

Additionally, Pendle has implemented a points distribution system designed to encourage user engagement through various campaigns and support more active community participation.

Additionally, Pendle has enhanced its yield tokenization and trading capabilities by integrating with various DeFi protocols. This enables users to efficiently tokenize and trade yield-generating assets, optimizing yield management strategies.