Purrlend DeFi Protocol Loses $1.5 Million — What Happened on HyperEVM and MegaETH

 


A DeFi lending protocol called Purrlend lost its entire TVL on April 25, 2026. The total taken was $1,522,037.82 across two separate blockchain networks, HyperEVM and MegaETH. The exploit drained stablecoins, wrapped tokens, and native ecosystem assets from both chains within hours.

The biggest red flag in this case is not the exploit itself. It is the eight-hour window before the drain. On-chain records show that Purrlend's admin multisig, a 2-of-3 configuration with no timelock, added the attacker's wallet address as a "bridge" role hours before any funds moved. That bridge role came from an inherited Aave permission structure still embedded in the protocol's code. It allowed the address to mint tokens without actual collateral backing them. Then the drain happened.

Purrlend paused the protocol after the attack and posted an update saying they had detected irregular activity and were investigating. The community's response was sharp. Multiple users on X pointed to the transaction record and called it an inside job outright. The exploiter's addresses are public on both HyperEVM scan and MegaETH's explorer, and as of reporting, the funds had not moved.

This is happening during what is turning into the worst month for DeFi security in recent memory. April 2026 has already recorded over $600 million in protocol losses across more than a dozen separate incidents. KelpDAO and Drift Protocol account for most of that figure. Purrlend is smaller in scale but harder to explain away structurally. A timelock on that multisig would have given the community at least a window to flag the suspicious transaction before any funds moved.

The full breakdown of the Purrlend exploit, including the exact on-chain transactions, stolen asset list, and community response, is covered in detail at CryptoNewsLive.org.

Visit CryptoNewsLive.org for real-time coverage of DeFi exploits, protocol security failures, and on-chain data breakdowns as they happen.

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