Pendle’s price is on the rise despite a surge in thefts targeting its yield tokens, with over $10 million stolen through phishing scams in recent months. This worrying trend emphasizes the critical need for crypto users to be extra vigilant when granting approvals related to yield tokens.
A series of phishing attacks have exploited unsuspecting users. T
The most recent incident involved a victim losing $5.62 million worth of tokens after unknowingly approving a malicious permit disguised as a legitimate one. This highlights a broader pattern – four major phishing incidents in the past week alone, each exceeding $1 million in losses, totaling a staggering $9.04 million.
However, Pendle (PENDLE) is demonstrating market resilience. As of today, the token price has risen 8.15% in the last 24 hours and 11.26% over the past week, currently sitting at $4.99. This positive performance indicates continued investor confidence, potentially bolstered by high-profile endorsements.
One such influential figure is Arthur Hayes, co-founder of BitMEX, who recently invested $500,000 in Pendle. Hayes’ strategic move, outlined in his “Mayday” article, has sparked significant discussion due to his reputation for accurate market predictions. His investment is seen as a strong vote of confidence, contributing to the recent price surge.
Hayes’ actions are closely monitored by investors and analysts.
His involvement not only highlights Pendle’s potential but also serves as a barometer for broader market sentiment within the cryptocurrency community.
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Pendle’s situation offers a cautionary tale. While the token shows market strength, the ongoing theft spree emphasizes the importance of user vigilance against phishing scams. By remaining informed and exercising caution, crypto users can help safeguard their assets in this evolving digital landscape.
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