On July 12-13, 2021, DeFiPie (now pieLABS) was exploited via a reentrancy vulnerability combined with an overborrowing flaw. The attacker created a malicious token contract with a modified transfer function and used reentrancy in the doTransferOut function to borrow more than their collateral, extracting approximately $125K in liquidity.

DeFiPie (PIE), the lending protocol on the Ethereum and Binance smart chains, was hacked. It is recommended that all liquidity providers extract all liquidity from the application. PIE tokens fell by more than 66% in 24 hours. The attacker used a re-entry attack to over-borrow and lent a portion of valuable assets. Later, the counterfeit currency was used for liquidation operations and took away the mortgaged valuable assets, which led to the DeFiPie agreement not only lent assets, but also lost all mortgage assets, and liquidity was lost.