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The Penpie decentralized finance (DeFi) platform has suffered a significant security breach, with attackers making off with an estimated $27 million. This incident underscores the ongoing challenges within the DeFi ecosystem, as smart contract vulnerabilities and security flaws remain a potent threat. The stolen funds add to a concerning trend of increased cryptocurrency theft throughout 2024, exceeding $1.2 billion in total losses. Researchers are actively investigating the specifics of the exploit, which likely involved vulnerabilities in Penpie’s smart contracts. DeFi platforms and users should take note of this event and implement stringent security measures to mitigate the risk of similar attacks.