Connect with us

Business

Penpie protocol exploited, suffers $27M loss

Published

on

The Penpie Protocol, a decentralized finance (DeFi) platform, has been hit by a major security breach, resulting in a staggering loss of $27 million. The exploit, which occurred earlier this week, has sent shockwaves through the DeFi community and raised serious concerns about the security of decentralized platforms.

According to initial reports, the breach involved a vulnerability in the protocol’s smart contract system, which hackers exploited to siphon off a significant amount of cryptocurrency assets. The exact nature of the vulnerability is still under investigation, but it appears to have allowed unauthorized access to funds stored within the protocol.

Penpie Protocol’s team has been working around the clock to address the issue and mitigate further damage. The company has paused all transactions on the platform and is cooperating with cybersecurity experts and law enforcement agencies to track down the perpetrators and recover the stolen funds.

The incident has prompted a wave of scrutiny from the broader DeFi and cryptocurrency communities. Experts are calling for increased security measures and audits for smart contracts to prevent such breaches in the future. The Penpie Protocol’s exploit underscores the ongoing risks associated with DeFi platforms, which, despite their innovative features, are not immune to security vulnerabilities.

In response to the attack, Penpie Protocol has announced plans to enhance its security infrastructure and conduct a comprehensive review of its smart contract code. The company is also engaging with affected users to offer support and updates on the situation.

The loss represents one of the largest breaches in the DeFi space this year, further highlighting the need for robust security practices in the rapidly evolving world of decentralized finance. The Penpie Protocol incident serves as a stark reminder of the vulnerabilities that can impact even well-established platforms in the cryptocurrency ecosystem.

News

Binance launches in Syria after Trump lifts sanctions

Published

on

Binance has signaled interest in expanding its services to Syria following a recent move by former U.S. President Donald Trump to lift certain economic sanctions. The easing of restrictions has opened the door for global businesses, including cryptocurrency platforms, to re-evaluate their presence in the region.

A Binance spokesperson confirmed that the company is exploring opportunities in Syria and may extend support to local users. The development marks a potential shift in crypto accessibility for a country that has long faced economic isolation due to international sanctions.

Although no formal launch has been announced, the move suggests that Binance is preparing to tap into an underserved market. The company emphasized that it will continue to monitor regulatory guidelines while assessing how best to engage Syrian users within legal frameworks.

The renewed interest in Syria reflects broader efforts by crypto firms to expand globally amid shifting geopolitical and regulatory dynamics. If Binance proceeds, it could become one of the first major crypto platforms to reenter the Syrian market in years.

Continue Reading

Business

GameStop plunges 12% after proposing new $1.75B debt offering

Published

on

GameStop’s stock dropped 11% after the company revealed plans to offer $2.14 billion in convertible notes, sparking investor concerns about potential dilution. The market reacted sharply to the move, which could lead to an increased share count if noteholders opt to convert their holdings into equity.

The company stated that the proceeds will be used for general corporate purposes, which may include acquisitions and investments. Convertible notes provide flexibility for companies, but often trigger negative investor sentiment due to the future possibility of share dilution.

The timing of the announcement came just as GameStop was enjoying renewed attention from retail investors, particularly following the reappearance of “Roaring Kitty,” a central figure in the 2021 meme stock frenzy. That momentum was quickly undercut by fears surrounding the fundraising effort.

GameStop’s latest financial strategy highlights its continued attempts to adapt and remain relevant in a changing retail landscape. However, the negative market reaction reflects ongoing uncertainty over the company’s ability to convert hype into sustained performance.

Continue Reading

Business

Peaq and UAE bet on tokenized machines to power future economy

Published

on

The United Arab Emirates has introduced a new regulatory sandbox dedicated to advancing the machine economy, in collaboration with blockchain network peaq and Web3 data platform Pulsar. The initiative is backed by the country’s Artificial Intelligence, Digital Economy and Remote Work Applications Office and is aimed at supporting decentralized physical infrastructure networks (DePINs).

The sandbox offers a controlled environment where projects involving autonomous vehicles, delivery drones, and smart city applications can be tested and scaled. Developers will be able to deploy real-world use cases involving connected devices while benefiting from regulatory guidance and technical support.

Participants in the program will receive resources such as funding opportunities, mentorship, and access to strategic partners, enabling them to refine and expand their technologies. The initiative reflects the UAE’s continued efforts to lead in Web3 innovation, artificial intelligence, and future-driven economic models.

By fostering projects that combine AI, blockchain, and IoT, the UAE seeks to attract global startups to build the foundations of a decentralized machine economy. The sandbox is expected to drive real-world adoption of DePIN technologies across transport, infrastructure, and smart services sectors.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk