🔍 Deconstructing the $1.3M $PENDLE Whale Incident
The crypto community witnessed a sophisticated, yet preventable, exploit. Here’s the breakdown from SlowMist and the official PENDLE team.
The Bottom Line:
This wasNOT a protocol hack. PENDLE and AAVE systems remained secure. The vulnerability was a self-inflicted error in a custom contract.
What Actually Happened?
1. The Flawed Setup: A PENDLE whale created a custom contract for a Morpho flash loan.
2. The Critical Error: This contract's onMorphoFlashLoan function was mistakenly left publicly callable by anyone.
3. The Domino Effect: The whale then entrusted their entire position to this vulnerable contract.
4. The Exploit: A hacker simply called this public function, initiating a sequence that allowed them to drain the whale's collateralized AAVE and PENDLE holdings.
Key Takeaway for Every Trader:
Smart contracts are powerful,but their configuration is paramount. A single permission error can lead to a total loss.
Always remember:
✅Audit your contracts.
✅Limit permissions strictly.
✅Understand the code you deploy.
The chain doesn't lie, and it shows no mercy to configuration oversights.
DYOR No Financial advice!