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Punk Protocol

avoid.net/punk-protocol→22/100·82% conf.
[AI-DRAFTED · AWAITING VERIFICATION][src:defillama]

Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.

anchored·5qh7yi…wf6e

Summary

Punk Protocol was an Ethereum-based DeFi project that positioned itself as a decentralized annuity and pension service. On August 10, 2021, it suffered a critical smart contract exploit due to a missing access-control modifier in its CompoundModel contract, resulting in approximately $8.95 million in stablecoin losses; roughly $5 million was partially recovered via a white-hat frontrunner who retained a $1 million bounty. The project launched without a security audit, has published no meaningful updates since late 2021, and its PUNK token currently trades at effectively zero volume, indicating the project is dormant or abandoned.

Connected Entities

4 entities · 60 linked investigations
Organizations
□Ethereum64□Binance45□ZachXBT82
Protocols
⌂Punk Protocol
Relationships
  • Punk Protocol→mentioned with→Ethereum(80%)
  • Punk Protocol→mentioned with→Binance(60%)
  • Punk Protocol→mentioned with→ZachXBT(70%)
  • Binance→mentioned with→Ethereum(65%)
  • ZachXBT→mentioned with→Ethereum(70%)
  • ZachXBT→mentioned with→Binance(60%)
Also appears in
Ethereum·64Lendf.me·30Levyathan·18Jump Trading·42StableMagnet·2Shibarium·28Dean Daghita / CMDSS (Command Services and Support)·0Bankr·18Nexera·32SafePal·42+ 50 more
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Timeline(8 events)

June 2021

Punk Protocol announces fair launch; team led by pseudonymous contributors 0xJohnny and 0xMateo; contracts described as pending audit

10 August 2021

Smart contract exploit occurs; attacker uses delegateCall to exploit unprotected initialize() function in CompoundModel, draining approximately $8.95 million in USDC, USDT, and DAI

10 August 2021

White-hat frontrunner bot intercepts approximately $6 million of the drain before the attacker can secure it; stolen USDC routed through 1inch and Tornado Cash

11 August 2021

Punk Protocol publishes incident report; suspends deposits and withdrawals; commits to unconditional compensation of all affected users

13 August 2021

White-hat actor returns approximately $4,954,250 in USDT and DAI after retaining approximately $1 million DAI as a finder's fee

September 2021

Punk Protocol publishes compensation plan; issues 4,041,504 peUSD tokens to affected users; freezes 3,150,000 PUNK contributor tokens pending full recovery; announces NFT drop and protocol revenue as funding mechanisms

2022

Last known substantive public communications from Punk Protocol; Medium blog activity ceases

27 May 2026

PUNK token reports $0 price and zero trading volume; project appears dormant; Recovery Fund completion status unconfirmed

Provenance & Audit Trail
Anchored on SolanaVerify on-chain10 Wayback Archivessrc:defillama

Decision Log

This investigation is cryptographically anchored to the Solana blockchain (1 event). 10 of 13 cited source URLs have an Internet Archive snapshot.

full audit log →version history →

model: claude-sonnet-4-6

generated: 5/4/2026, 2:54:55 AM

last updated: 8/30/2026, 8:47:34 PM

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