DeFi Protocol Purrlend Loses $1.5M in Multi-Network Exploit

Decentralized lending protocol Purrlend has been hit by a major exploit across the MegaETH and HyperEVM networks, with losses estimated at $1.5 million. The breach was first identified by Kirby Ong of HypurrCollective.

Funds were drained from both networks, including approximately $1.2 million from HyperEVM and nearly $325,000 from MegaETH. Purrlend has confirmed the irregular activity and has paused all operations while an investigation is underway. The stolen assets include significant amounts of USDC, USDT0, and USDH, along with smaller quantities of wrapped Bitcoin and ecosystem-specific tokens.

This incident contributes to a sharp rise in crypto losses for April, with over $600 million stolen from protocols in the first 18 days of the month. Major hacks on protocols like KelpDAO and Drift Protocol earlier in the month have also put decentralized finance security under intense scrutiny.