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Punk Protocol

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

1 entities
Protocols
⌂Punk Protocol
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    Timeline(8 events)

    2021-06-01

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

    2021-08-10

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

    2021-08-10

    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

    2021-08-11

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

    2021-08-13

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

    2021-09-01

    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

    2022-01-01

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

    2026-05-27

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

    Provenance & Audit Trail
    Anchored on SolanaVerify on-chainsrc:defillama

    Decision Log

    This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.

    full audit log →version history →

    model: claude-sonnet-4-6

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

    last updated: 5/27/2026, 6:18:17 PM

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